PS Business Parks (PSB) Lifted to Buy at ValuEngine

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ValuEngine upgraded shares of PS Business Parks (NYSE:PSB) from a hold rating to a buy rating in a report issued on Tuesday morning.

Other equities analysts have also recently issued reports about the stock. 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 research report on Thursday, August 9th. Zacks Investment Research cut shares of PS Business Parks from a hold rating to a sell rating in a research report on Tuesday, October 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $124.75.

NYSE PSB traded down $1.72 on Tuesday, hitting $137.20. The company’s stock had a trading volume of 60,056 shares, compared to its average volume of 82,669. PS Business Parks has a 1-year low of $107.91 and a 1-year high of $139.12. The stock has a market cap of $3.75 billion, a P/E 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 announced its quarterly earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.56. PS Business Parks had a net margin of 53.92% and a return on equity of 22.57%. The firm had revenue of $103.81 million during the quarter, compared to analysts’ expectations of $100.03 million. On average, analysts expect that PS Business Parks will post 6.42 EPS for the current year.

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

In other PS Business Parks news, insider John W. Petersen sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $129.40, for a total value of $323,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.63% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of PSB. Royal Bank of Canada increased its position in shares of PS Business Parks by 5.4% during the first quarter. Royal Bank of Canada now owns 9,557 shares of the real estate investment trust’s stock worth $1,080,000 after buying an additional 487 shares during the period. Principal Financial Group Inc. increased its position in shares of PS Business Parks by 1.1% during the first quarter. Principal Financial Group Inc. now owns 164,358 shares of the real estate investment trust’s stock worth $18,579,000 after buying an additional 1,730 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of PS Business Parks during the first quarter worth $230,000. State of Alaska Department of Revenue increased its position in shares of PS Business Parks by 7.3% during the second quarter. State of Alaska Department of Revenue now owns 10,167 shares of the real estate investment trust’s stock worth $1,305,000 after buying an additional 692 shares during the period. Finally, Bank of Montreal Can acquired a new stake in shares of PS Business Parks during the second quarter worth $6,499,000. Institutional investors own 71.32% of the company’s stock.

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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