PS Business Parks (PSB) Reaches New 1-Year High at $137.93

Shares of PS Business Parks Inc (NYSE:PSB) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $137.93 and last traded at $137.43, with a volume of 3438 shares trading hands. The stock had previously closed at $137.08.

Several analysts recently issued reports on PSB shares. Zacks Investment Research cut shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Tuesday, September 11th. Wells Fargo & Co upped their price target on shares of PS Business Parks from $121.00 to $131.00 and gave the company a “market perform” rating in a report on Thursday, August 9th. Finally, ValuEngine raised shares of PS Business Parks from a “hold” rating to a “buy” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. PS Business Parks has a consensus rating of “Hold” and an average target price of $124.75.

The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 22.38, a price-to-earnings-growth ratio of 4.27 and a beta of 0.34.

PS Business Parks (NYSE:PSB) last issued its earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.56. The company had revenue of $103.81 million for the quarter, compared to analysts’ expectations of $100.03 million. PS Business Parks had a net margin of 53.92% and a return on equity of 22.57%. Analysts forecast that PS Business Parks Inc will post 6.42 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 27th. Shareholders of record on Wednesday, December 12th will be issued a dividend of $1.05 per share. The ex-dividend date is Tuesday, December 11th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.06%. PS Business Parks’s dividend payout ratio (DPR) is 68.52%.

In other PS Business Parks news, insider John W. Petersen sold 2,500 shares of the stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $129.40, for a total transaction of $323,500.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.63% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Everence Capital Management Inc. bought a new position in shares of PS Business Parks during the second quarter worth about $204,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in PS Business Parks in the second quarter worth $209,000. Quantum Capital Management bought a new position in PS Business Parks in the second quarter worth $218,000. CIBC Asset Management Inc bought a new position in PS Business Parks in the second quarter worth $221,000. Finally, Redpoint Investment Management Pty Ltd bought a new position in PS Business Parks in the third quarter worth $254,000. Institutional investors and hedge funds own 71.32% of the company’s stock.

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PS Business Parks Company Profile (NYSE:PSB)

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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