Shares of PS Business Parks Inc (NYSE:PSB) have been given an average broker rating score of 3.50 (Sell) from the four analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong sell recommendation and three have given a hold recommendation to the company.
Brokerages have set a 12-month consensus price target of $124.00 for the company and are forecasting that the company will post $1.61 earnings per share for the current quarter, according to Zacks. Zacks has also given PS Business Parks an industry rank of 168 out of 255 based on the ratings given to its competitors.
Several brokerages have recently commented on PSB. Wells Fargo & Co increased their target price on PS Business Parks from $121.00 to $131.00 and gave the stock a “market perform” rating in a report on Thursday, August 9th. Zacks Investment Research cut PS Business Parks from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. upgraded PS Business Parks from an “underweight” rating to a “neutral” rating and set a $122.00 target price on the stock in a report on Friday, June 15th.
PS Business Parks (NYSE:PSB) last announced its earnings results on Tuesday, July 24th. The real estate investment trust reported $0.43 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.13). The business had revenue of $101.82 million for the quarter, compared to the consensus estimate of $103.05 million. PS Business Parks had a return on equity of 23.01% and a net margin of 54.22%. As a group, analysts forecast that PS Business Parks will post 6.37 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 27th. Stockholders of record on Wednesday, September 12th were issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend was Tuesday, September 11th. This is a boost from PS Business Parks’s previous quarterly dividend of $0.85. PS Business Parks’s dividend payout ratio is presently 68.52%.
In related news, insider John W. Petersen sold 3,500 shares of the firm’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $129.13, for a total value of $451,955.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jennifer Holden Dunbar sold 2,789 shares of the firm’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $128.18, for a total value of $357,494.02. Following the completion of the transaction, the director now owns 1,721 shares in the company, valued at approximately $220,597.78. The disclosure for this sale can be found here. Insiders have sold 8,789 shares of company stock worth $1,132,949 in the last 90 days. Company insiders own 1.50% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers boosted its holdings in PS Business Parks by 2.2% in the second quarter. Rhumbline Advisers now owns 72,504 shares of the real estate investment trust’s stock valued at $9,317,000 after acquiring an additional 1,529 shares during the last quarter. Aperio Group LLC boosted its holdings in PS Business Parks by 4.9% in the second quarter. Aperio Group LLC now owns 9,418 shares of the real estate investment trust’s stock valued at $1,210,000 after acquiring an additional 440 shares during the last quarter. Quantum Capital Management bought a new position in PS Business Parks in the second quarter valued at about $218,000. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in PS Business Parks by 9.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 20,397 shares of the real estate investment trust’s stock valued at $2,621,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in PS Business Parks in the second quarter valued at about $6,499,000. Institutional investors and hedge funds own 71.22% of the company’s stock.
PS Business Parks Company Profile
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a real estate investment trust (?REIT?) that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of June 30, 2018, the Company wholly owned 28.3 million rentable square feet with approximately 5,000 commercial customers in six states and a 95.0% interest in a 395-unit apartment complex.
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