Zacks Investment Research Downgrades PS Business Parks, Inc. (PSB) to Hold
PS Business Parks, Inc. (NYSE:PSB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Shares of PS Business Parks have outperformed the industry it belongs to, year to date. The stock has seen the Zacks Consensus Estimate for third-quarter 2017 and 2017 funds from operations (FFO) per share remaining unchanged in a month’s time. The company’s diversified portfolio and ample liquidity augur well for long-term growth. While healthy fundamentals in the multi-tenant flex, office and industrial asset categories are anticipated to stoke growth, portfolio repositioning strategies will likely help the company emerge stronger. However, unfavorable leasing environment in certain markets and hike in interest rates remain key concerns. Moreover, stiff competition from other players in the market adversely affects the company’s ability to attract and retain tenant at higher rents.”
Other analysts have also recently issued reports about the stock. KeyCorp reissued a “hold” rating on shares of PS Business Parks in a research note on Friday, August 25th. BidaskClub downgraded shares of PS Business Parks from a “buy” rating to a “hold” rating in a research report on Monday, July 24th.
PS Business Parks (PSB) traded down 0.01% during midday trading on Tuesday, reaching $135.72. The company had a trading volume of 28,766 shares. PS Business Parks has a 52 week low of $102.32 and a 52 week high of $137.60. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 44.32 and a beta of 0.60. The firm has a 50-day moving average price of $134.13 and a 200-day moving average price of $127.62.
PS Business Parks (NYSE:PSB) last released its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.88. PS Business Parks had a net margin of 39.05% and a return on equity of 16.50%. The company had revenue of $99.80 million for the quarter, compared to analysts’ expectations of $100.81 million. During the same quarter last year, the business earned $1.36 EPS. The firm’s revenue was up 3.9% compared to the same quarter last year. Analysts expect that PS Business Parks will post $3.13 EPS for the current fiscal year.
In related news, Director Robert S. Rollo sold 8,613 shares of PS Business Parks stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $136.24, for a total transaction of $1,173,435.12. Following the sale, the director now owns 7,515 shares of the company’s stock, valued at approximately $1,023,843.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John W. Petersen sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $132.22, for a total value of $396,660.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,186 shares of company stock valued at $4,319,064. Corporate insiders own 1.63% of the company’s stock.
A number of hedge funds have recently bought and sold shares of PSB. BlackRock Inc. grew its holdings in PS Business Parks by 3,580.8% during the 1st quarter. BlackRock Inc. now owns 3,311,472 shares of the real estate investment trust’s stock valued at $380,026,000 after buying an additional 3,221,505 shares in the last quarter. Vanguard Group Inc. raised its position in shares of PS Business Parks by 0.6% during the second quarter. Vanguard Group Inc. now owns 3,300,402 shares of the real estate investment trust’s stock valued at $436,940,000 after buying an additional 20,434 shares during the last quarter. State Street Corp raised its position in shares of PS Business Parks by 3.2% during the second quarter. State Street Corp now owns 802,768 shares of the real estate investment trust’s stock valued at $106,276,000 after buying an additional 25,046 shares during the last quarter. Northern Trust Corp raised its position in shares of PS Business Parks by 3.7% during the second quarter. Northern Trust Corp now owns 524,636 shares of the real estate investment trust’s stock valued at $69,457,000 after buying an additional 18,570 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of PS Business Parks by 21.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 343,810 shares of the real estate investment trust’s stock valued at $45,518,000 after buying an additional 60,805 shares during the last quarter. Institutional investors and hedge funds own 72.33% of the company’s stock.
PS Business Parks Company Profile
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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