PS Business Parks, Inc. (PSB) Downgraded by Zacks Investment Research
PS Business Parks, Inc. (NYSE:PSB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Shares of PS Business Parks have outperformed the industry it belongs to, year to date. However, the stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being unchanged in a month’s time. Notably, the company’s second-quarter 2017 adjusted FFO per share surpassed the Zacks Consensus Estimate. Particularly, Same Park NOI climbed 5.2% year over year, mainly on the back of improving rental rates and occupancy. The company’s diversified portfolio and its ample liquidity augur well for long-term growth. Further, healthy fundamentals in the multi-tenant flex, office, and industrial asset categories are anticipated to stoke growth, while portfolio repositioning strategies will likely help the company emerge stronger. However, unfavorable leasing environment in certain markets, intense competition from developers, owners and operators, and hike in interest rate remain key concerns.”
PSB has been the subject of several other reports. KeyCorp restated a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th. BidaskClub downgraded PS Business Parks from a “buy” rating to a “hold” rating in a report on Monday, July 24th.
PS Business Parks (NYSE:PSB) traded up 0.67% during mid-day trading on Monday, hitting $136.01. 70,001 shares of the stock traded hands. The company has a 50-day moving average of $132.19 and a 200 day moving average of $124.58. The firm has a market capitalization of $3.70 billion, a P/E ratio of 44.42 and a beta of 0.60. PS Business Parks has a 1-year low of $102.32 and a 1-year high of $136.54.
PS Business Parks (NYSE:PSB) last posted its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.88. The business had revenue of $99.80 million during the quarter, compared to the consensus estimate of $100.81 million. PS Business Parks had a return on equity of 16.50% and a net margin of 39.05%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.36 earnings per share. On average, equities research analysts anticipate that PS Business Parks will post $3.12 EPS for the current year.
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In other news, Director Jennifer Holden Dunbar sold 4,000 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $130.69, for a total transaction of $522,760.00. Following the completion of the transaction, the director now directly owns 4,000 shares in the company, valued at $522,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph D. Russell, Jr. sold 2,500 shares of the firm’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $133.37, for a total value of $333,425.00. The disclosure for this sale can be found here. Insiders have sold 17,636 shares of company stock valued at $2,350,717 over the last 90 days. Corporate insiders own 1.63% of the company’s stock.
Large investors have recently modified their holdings of the company. Great Lakes Advisors LLC increased its holdings in shares of PS Business Parks by 507.9% during the first quarter. Great Lakes Advisors LLC now owns 14,104 shares of the real estate investment trust’s stock valued at $1,619,000 after acquiring an additional 11,784 shares in the last quarter. Comerica Bank increased its holdings in shares of PS Business Parks by 3.7% during the first quarter. Comerica Bank now owns 21,726 shares of the real estate investment trust’s stock valued at $2,655,000 after acquiring an additional 777 shares in the last quarter. Chicago Equity Partners LLC increased its holdings in shares of PS Business Parks by 11.3% during the first quarter. Chicago Equity Partners LLC now owns 20,960 shares of the real estate investment trust’s stock valued at $2,405,000 after acquiring an additional 2,125 shares in the last quarter. Oxford Asset Management bought a new position in shares of PS Business Parks during the first quarter valued at $237,000. Finally, New York State Teachers Retirement System increased its holdings in shares of PS Business Parks by 1.8% during the first quarter. New York State Teachers Retirement System now owns 74,529 shares of the real estate investment trust’s stock valued at $8,553,000 after acquiring an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 72.36% of the company’s stock.
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.
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