Zacks: Brokerages Set $149.33 Target Price for PS Business Parks Inc (NYSE:PSB)

PS Business Parks Inc (NYSE:PSB) has been assigned a consensus broker rating score of 3.50 (Sell) from the four brokers that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong sell recommendation and three have assigned a hold recommendation to the company. PS Business Parks’ rating score has improved by 4.6% from 90 days ago as a result of various analysts’ upgrades and downgrades.

Brokers have set a 1-year consensus price objective of $149.33 for the company and are anticipating that the company will post $1.67 EPS for the current quarter, according to Zacks. Zacks has also assigned PS Business Parks an industry rank of 95 out of 256 based on the ratings given to its competitors.

Separately, Citigroup raised their target price on PS Business Parks from $107.00 to $133.00 and gave the company a “sell” rating in a research note on Friday, March 29th.

PSB traded up $1.86 during trading on Monday, reaching $172.26. 401 shares of the company were exchanged, compared to its average volume of 80,702. PS Business Parks has a 12-month low of $120.21 and a 12-month high of $171.35. The stock has a market capitalization of $4.67 billion, a price-to-earnings ratio of 26.41, a price-to-earnings-growth ratio of 5.11 and a beta of 0.44.

PS Business Parks (NYSE:PSB) last announced its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $0.96 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.29. The company had revenue of $107.83 million for the quarter, compared to analysts’ expectations of $103.07 million. PS Business Parks had a return on equity of 18.97% and a net margin of 46.31%. As a group, research analysts predict that PS Business Parks will post 6.67 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Tuesday, June 11th. PS Business Parks’s dividend payout ratio is presently 64.91%.

In related news, CAO Trenton Groves sold 2,000 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $160.01, for a total value of $320,020.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO John W. Petersen sold 1,666 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $156.78, for a total value of $261,195.48. The disclosure for this sale can be found here. Insiders have sold 8,513 shares of company stock valued at $1,372,120 in the last three months. 1.50% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in PSB. BlackRock Inc. boosted its position in PS Business Parks by 1.3% during the 4th quarter. BlackRock Inc. now owns 3,533,326 shares of the real estate investment trust’s stock valued at $462,866,000 after acquiring an additional 45,023 shares in the last quarter. Vanguard Group Inc raised its stake in shares of PS Business Parks by 1.7% during the 3rd quarter. Vanguard Group Inc now owns 3,132,045 shares of the real estate investment trust’s stock valued at $398,051,000 after buying an additional 51,851 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of PS Business Parks by 2.1% during the 4th quarter. Bank of New York Mellon Corp now owns 301,452 shares of the real estate investment trust’s stock valued at $39,490,000 after acquiring an additional 6,302 shares during the period. Geode Capital Management LLC grew its position in shares of PS Business Parks by 9.0% during the 4th quarter. Geode Capital Management LLC now owns 276,231 shares of the real estate investment trust’s stock valued at $36,186,000 after acquiring an additional 22,877 shares during the period. Finally, Norges Bank acquired a new stake in shares of PS Business Parks during the 4th quarter valued at about $32,705,000. 71.19% of the stock is currently owned by institutional investors.

About PS Business Parks

PS Business Parks, Inc, a member of the S&P SmallCap 600, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of December 31, 2018, the Company wholly owned 28.2 million rentable square feet with approximately 5,050 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.

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