Zacks Investment Research lowered shares of PS Business Parks, Inc. (NYSE:PSB) from a buy rating to a hold rating in a report published on Wednesday.
According to Zacks, “PS Business Parks’ third-quarter 2017 core funds from operations (FFO) of $1.54 per share surpassed the Zacks Consensus Estimate by a penny. Results indicate higher rental income and net operating income, as well as lower general and administration expense. Healthy fundamental in majority of the company’s operating markets helped the company improve its operating results. Moreover, portfolio repositioning strategies will likely help the company emerge stronger. Also, shares of PS Business Parks have outperformed the industry it belongs to, year to date. However, unfavorable leasing environment in certain markets and hike in interest rates remain key concerns. Also, stiff competition from other players in the market adversely affects the company’s ability to attract and retain tenant at higher rents.”
Other equities analysts also recently issued reports about the company. BidaskClub downgraded PS Business Parks from a strong-buy rating to a buy rating in a research report on Tuesday, July 11th. KeyCorp restated a hold rating on shares of PS Business Parks in a research report on Friday, August 25th.
PS Business Parks (NYSE:PSB) traded down $0.14 during trading hours on Wednesday, reaching $133.90. The company’s stock had a trading volume of 150,472 shares, compared to its average volume of 83,828. PS Business Parks has a twelve month low of $102.32 and a twelve month high of $137.60. The company has a market capitalization of $3,648.91, a price-to-earnings ratio of 22.32, a PEG ratio of 4.39 and a beta of 0.57.
PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Tuesday, October 24th. The real estate investment trust reported $1.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.87. PS Business Parks had a return on equity of 16.95% and a net margin of 39.78%. The business had revenue of $100.48 million during the quarter, compared to analyst estimates of $99.55 million. During the same quarter in the previous year, the company posted $1.43 earnings per share. PS Business Parks’s revenue for the quarter was up 3.2% on a year-over-year basis. research analysts forecast that PS Business Parks will post 6.11 EPS for the current year.
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In related news, insider John W. Petersen sold 3,000 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $132.22, for a total value of $396,660.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jennifer Holden Dunbar sold 4,000 shares of the business’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $130.69, for a total value of $522,760.00. Following the completion of the sale, the director now owns 4,000 shares in the company, valued at $522,760. The disclosure for this sale can be found here. Insiders sold 32,186 shares of company stock worth $4,319,064 over the last 90 days. Company insiders own 1.63% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of PS Business Parks by 0.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,236 shares of the real estate investment trust’s stock worth $164,000 after buying an additional 8 shares in the last quarter. Pinebridge Investments L.P. increased its stake in PS Business Parks by 1.1% during the second quarter. Pinebridge Investments L.P. now owns 2,578 shares of the real estate investment trust’s stock worth $342,000 after acquiring an additional 29 shares during the last quarter. National Planning Corp increased its stake in PS Business Parks by 0.3% during the second quarter. National Planning Corp now owns 16,531 shares of the real estate investment trust’s stock worth $2,195,000 after acquiring an additional 53 shares during the last quarter. Amalgamated Bank increased its stake in PS Business Parks by 5.1% during the second quarter. Amalgamated Bank now owns 2,738 shares of the real estate investment trust’s stock worth $362,000 after acquiring an additional 132 shares during the last quarter. Finally, Texas Permanent School Fund increased its stake in PS Business Parks by 1.0% during the second quarter. Texas Permanent School Fund now owns 14,291 shares of the real estate investment trust’s stock worth $1,892,000 after acquiring an additional 145 shares during the last quarter. Institutional investors own 72.66% 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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