Zacks: PS Business Parks Inc (PSB) Receives Average Recommendation of “Sell” from Analysts
Shares of PS Business Parks Inc (NYSE:PSB) have been assigned a consensus broker rating score of 3.50 (Sell) from the four brokers that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong sell recommendation and three have issued a hold recommendation on the company. PS Business Parks’ rating score has improved by 12.5% in the last 90 days as a result of a number of analysts’ ratings changes.
Brokers have set a one year consensus price target of $123.33 for the company and are forecasting that the company will post $1.62 earnings per share for the current quarter, according to Zacks. Zacks has also assigned PS Business Parks an industry rank of 164 out of 255 based on the ratings given to its competitors.
Several brokerages recently commented on PSB. Wells Fargo & Co boosted their price target on PS Business Parks from $121.00 to $131.00 and gave the company a “market perform” rating in a research note on Thursday. JPMorgan Chase & Co. raised PS Business Parks from an “underweight” rating to a “neutral” rating and set a $122.00 price target on the stock in a research note on Friday, June 15th. Zacks Investment Research raised PS Business Parks from a “hold” rating to a “buy” rating and set a $139.00 price target on the stock in a research note on Tuesday, June 12th. Finally, Citigroup decreased their price target on PS Business Parks from $111.00 to $107.00 and set a “sell” rating on the stock in a research note on Tuesday, April 24th.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings results on Tuesday, July 24th. The real estate investment trust reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.13). The company had revenue of $101.82 million during the quarter, compared to analyst estimates of $103.05 million. PS Business Parks had a net margin of 54.22% and a return on equity of 23.01%. research analysts anticipate that PS Business Parks will post 6.39 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 27th. Shareholders of record on Wednesday, September 12th will be paid a $1.05 dividend. The ex-dividend date is Tuesday, September 11th. This represents a $4.20 dividend on an annualized basis and a yield of 3.26%. This is a positive change from PS Business Parks’s previous quarterly dividend of $0.85. PS Business Parks’s payout ratio is currently 55.46%.
In other PS Business Parks news, insider John W. Petersen sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $116.74, for a total value of $350,220.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jennifer Holden Dunbar sold 2,789 shares of the business’s stock in a transaction on Thursday, August 2nd. The stock was 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 directly owns 1,721 shares in the company, valued at approximately $220,597.78. The disclosure for this sale can be found here. In the last three months, insiders sold 18,016 shares of company stock worth $2,190,752. Insiders own 1.63% of the company’s stock.
A number of institutional investors have recently bought and sold shares of PSB. FMR LLC boosted its stake in PS Business Parks by 87.2% in the second quarter. FMR LLC now owns 341,134 shares of the real estate investment trust’s stock worth $43,836,000 after purchasing an additional 158,910 shares in the last quarter. Millennium Management LLC boosted its stake in PS Business Parks by 544.3% in the first quarter. Millennium Management LLC now owns 179,992 shares of the real estate investment trust’s stock worth $20,346,000 after purchasing an additional 152,058 shares in the last quarter. American Century Companies Inc. boosted its stake in PS Business Parks by 151.7% in the second quarter. American Century Companies Inc. now owns 216,980 shares of the real estate investment trust’s stock worth $27,882,000 after purchasing an additional 130,787 shares in the last quarter. BlackRock Inc. boosted its stake in PS Business Parks by 3.5% in the second quarter. BlackRock Inc. now owns 3,532,903 shares of the real estate investment trust’s stock worth $453,977,000 after purchasing an additional 117,876 shares in the last quarter. Finally, Echo Street Capital Management LLC raised its position in shares of PS Business Parks by 92.8% during the first quarter. Echo Street Capital Management LLC now owns 164,805 shares of the real estate investment trust’s stock worth $18,630,000 after acquiring an additional 79,310 shares during the last quarter. 71.14% of the stock is currently owned by institutional investors.
About PS Business Parks
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. The Company defines ?flex? space as buildings that are configured with a combination of office and warehouse space and can be designed to fit a number of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space).
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