PS Business Parks Given “Neutral” Rating at Zacks (PSB)
PS Business Parks (NYSE:PSB)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Tuesday, Analyst Ratings.Net reports. They currently have a $79.00 price target on the stock. Zacks‘ price objective would indicate a potential upside of 5.25% from the stock’s previous close.
Zacks‘ analyst wrote, “PS Business Parks’ second-quarter 2013 core FFO per share came above the prior-year quarter figure, aided by a rise in rental income in both the Same Park and Non-Same Park facilities. But, core FFO per share missed the Zacks Consensus Estimate as an increase in cost of operations and preferred equity distribution acted as dampeners. Nonetheless, the company’s portfolio in diversified markets enables it to tap opportunities and defuse operating risks associated with the economic down cycles. Also, it has a strong balance sheet with adequate liquidity. Yet, the volatility in the office sector with job cuts and a decline in market fundamentals remain headwinds. Also, stiff competition, rising interest rates and dependency on few tenants for revenue generation somewhat undermines the company’s near-term profitability. Hence, our Neutral recommendation on the stock remains in place.”
Shares of PS Business Parks (NYSE:PSB) traded down 0.23% on Tuesday, hitting $75.06. 119,958 shares of the company’s stock traded hands. PS Business Parks has a one year low of $63.24 and a one year high of $86.94. The stock’s 50-day moving average is $73. and its 200-day moving average is $75.79. The company has a market cap of $1.830 billion and a price-to-earnings ratio of 56.82.
PS Business Parks (NYSE:PSB) last issued its quarterly earnings data on Monday, July 29th. The company reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by $0.02. The company had revenue of $87.93 million for the quarter, compared to the consensus estimate of $87.89 million. During the same quarter in the previous year, the company posted $1.18 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. Analysts expect that PS Business Parks will post $4.83 EPS for the current fiscal year.
Real estate developers.
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