PS Business Parks Inc (PSB) Given $124.00 Consensus Price Target by Brokerages
Shares of PS Business Parks Inc (NYSE:PSB) have been given a consensus broker rating score of 3.50 (Sell) from the four brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong sell rating and three have assigned a hold rating to the company.
Brokerages have set a one year consensus price target of $124.00 for the company and are anticipating that the company will post $1.61 earnings per share for the current quarter, according to Zacks. Zacks has also assigned PS Business Parks an industry rank of 168 out of 255 based on the ratings given to related companies.
A number of equities research analysts have issued reports on PSB shares. Zacks Investment Research cut PS Business Parks from a “buy” rating to a “hold” rating in a research report on Tuesday, September 11th. JPMorgan Chase & Co. raised PS Business Parks from an “underweight” rating to a “neutral” rating and set a $122.00 target price for the company in a research report on Friday, June 15th. Finally, Wells Fargo & Co upped their target price on PS Business Parks from $121.00 to $131.00 and gave the stock a “market perform” rating in a research report on Thursday, August 9th.
Hedge funds have recently modified their holdings of the company. Quantbot Technologies LP lifted its holdings in shares of PS Business Parks by 84.7% during the first quarter. Quantbot Technologies LP now owns 1,522 shares of the real estate investment trust’s stock worth $172,000 after buying an additional 698 shares during the last quarter. Everence Capital Management Inc. acquired a new position in shares of PS Business Parks during the second quarter worth approximately $204,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of PS Business Parks during the second quarter worth approximately $209,000. Quantum Capital Management acquired a new position in shares of PS Business Parks during the second quarter worth approximately $218,000. Finally, CIBC Asset Management Inc acquired a new position in shares of PS Business Parks during the second quarter worth approximately $221,000. Institutional investors own 71.22% of the company’s stock.
Shares of NYSE PSB traded down $0.34 during trading hours on Friday, hitting $121.16. The stock had a trading volume of 126,861 shares, compared to its average volume of 92,584. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 3.99 and a beta of 0.47. PS Business Parks has a 52 week low of $107.91 and a 52 week high of $137.45. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.50 and a current ratio of 0.50.
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 firm had revenue of $101.82 million during the quarter, compared to the consensus estimate of $103.05 million. PS Business Parks had a net margin of 54.22% and a return on equity of 23.01%. On average, analysts predict that PS Business Parks will post 6.37 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 27th. Shareholders of record on Wednesday, September 12th were given a dividend of $1.05 per share. The ex-dividend date was Tuesday, September 11th. This represents a $4.20 dividend on an annualized basis and a yield of 3.47%. 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%.
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. 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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