Analysts Set $124.00 Price Target for PS Business Parks, Inc. (PSB)
Shares of PS Business Parks, Inc. (NYSE:PSB) have been assigned a consensus broker rating score of 3.00 (Hold) from the three brokers that provide coverage for the stock, Zacks Investment Research reports. Three analysts have rated the stock with a hold rating.
Analysts have set a 1 year consensus target price of $124.00 for the company and are anticipating that the company will post $1.52 earnings per share for the current quarter, according to Zacks. Zacks has also assigned PS Business Parks an industry rank of 170 out of 265 based on the ratings given to related companies.
Several research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $132.00 price target on the stock in a report on Friday, April 7th. BidaskClub cut shares of PS Business Parks from a “strong-buy” rating to a “buy” rating in a report on Tuesday.
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In related news, insider John W. Petersen sold 3,500 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $129.83, for a total value of $454,405.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James H. Kropp sold 1,768 shares of the stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $124.23, for a total value of $219,638.64. Following the completion of the transaction, the director now directly owns 10,902 shares in the company, valued at approximately $1,354,355.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,768 shares of company stock worth $2,205,924. Insiders own 1.63% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSB. Russell Investments Group Ltd. purchased a new position in PS Business Parks during the fourth quarter worth approximately $3,166,000. Envestnet Asset Management Inc. boosted its position in PS Business Parks by 9.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,730 shares of the real estate investment trust’s stock worth $201,000 after buying an additional 148 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its position in PS Business Parks by 0.3% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 15,054 shares of the real estate investment trust’s stock worth $1,754,000 after buying an additional 43 shares in the last quarter. Numeric Investors LLC purchased a new position in PS Business Parks during the fourth quarter worth approximately $268,000. Finally, Putnam Investments LLC boosted its position in PS Business Parks by 3.5% in the fourth quarter. Putnam Investments LLC now owns 5,216 shares of the real estate investment trust’s stock worth $608,000 after buying an additional 178 shares in the last quarter. 71.26% of the stock is currently owned by institutional investors and hedge funds.
PS Business Parks (NYSE:PSB) opened at 130.50 on Thursday. The stock has a 50 day moving average price of $127.94 and a 200 day moving average price of $119.28. PS Business Parks has a 52 week low of $102.32 and a 52 week high of $134.49. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 47.63 and a beta of 0.59.
PS Business Parks (NYSE:PSB) last posted its earnings results on Tuesday, April 25th. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.11. The firm had revenue of $100.19 million for the quarter, compared to the consensus estimate of $95.85 million. PS Business Parks had a return on equity of 15.69% and a net margin of 37.42%. During the same quarter in the prior year, the business posted $1.26 earnings per share. On average, equities analysts forecast that PS Business Parks will post $3.16 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 29th. Stockholders of record on Wednesday, June 14th were issued a $0.85 dividend. The ex-dividend date of this dividend was Monday, June 12th. This represents a $3.40 annualized dividend and a dividend yield of 2.61%. PS Business Parks’s payout ratio is currently 124.09%.
About PS Business Parks
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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