PS Business Parks (PSB) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

PS Business Parks (NYSE:PSB) announced its earnings results on Tuesday. The real estate investment trust reported $1.52 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.53 by ($0.01), Briefing.com reports. PS Business Parks had a net margin of 39.78% and a return on equity of 16.95%. The firm had revenue of $101.84 million for the quarter, compared to the consensus estimate of $101.56 million. During the same period in the prior year, the business earned $1.39 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year.

Shares of PS Business Parks (NYSE PSB) traded down $2.05 during mid-day trading on Tuesday, reaching $112.30. The company had a trading volume of 10,587 shares, compared to its average volume of 94,334. PS Business Parks has a fifty-two week low of $107.91 and a fifty-two week high of $137.60. The company has a market capitalization of $3,116.16, a PE ratio of 19.06, a P/E/G ratio of 3.58 and a beta of 0.44.

In related news, Director Joseph D. Russell, Jr. sold 800 shares of the firm’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $128.52, for a total transaction of $102,816.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph D. Russell, Jr. sold 2,500 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $131.50, for a total value of $328,750.00. The disclosure for this sale can be found here. Company insiders own 1.63% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in shares of PS Business Parks by 4.1% in the 4th quarter. BlackRock Inc. now owns 3,468,381 shares of the real estate investment trust’s stock valued at $433,859,000 after purchasing an additional 137,466 shares during the period. State Street Corp boosted its position in shares of PS Business Parks by 3.2% in the 2nd quarter. State Street Corp now owns 802,768 shares of the real estate investment trust’s stock valued at $106,276,000 after purchasing an additional 25,046 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of PS Business Parks by 6.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 366,710 shares of the real estate investment trust’s stock valued at $48,956,000 after purchasing an additional 22,900 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of PS Business Parks by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 310,123 shares of the real estate investment trust’s stock valued at $41,401,000 after purchasing an additional 9,725 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of PS Business Parks by 1.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 273,750 shares of the real estate investment trust’s stock valued at $36,518,000 after purchasing an additional 2,991 shares during the period. Institutional investors and hedge funds own 70.06% of the company’s stock.

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their target price on PS Business Parks from $135.00 to $123.00 and set an “underweight” rating for the company in a research note on Wednesday, February 14th. Zacks Investment Research cut PS Business Parks from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st.

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About PS Business Parks

PS Business Parks, Inc is a self-advised and self-managed real estate investment trust (REIT). The Company owns, operates and develops commercial properties, primarily multi-tenant flex, office and industrial parks. It focuses on owning concentrated business parks. PS Business Parks, L.P. (the Operating Partnership) is a California limited partnership, which owns directly or indirectly substantially all of its assets and through, which the Company conducts substantially all of its business.

Earnings History for PS Business Parks (NYSE:PSB)

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