PS Business Parks, Inc. to Issue Quarterly Dividend of $0.85 (NYSE:PSB)
PS Business Parks, Inc. (NYSE:PSB) declared a quarterly dividend on Wednesday, July 26th, Wall Street Journal reports. Stockholders of record on Wednesday, September 13th will be given a dividend of 0.85 per share by the real estate investment trust on Thursday, September 28th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Tuesday, September 12th.
PS Business Parks has raised its dividend payment by an average of 19.5% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. PS Business Parks has a payout ratio of 55.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect PS Business Parks to earn $6.35 per share next year, which means the company should continue to be able to cover its $3.40 annual dividend with an expected future payout ratio of 53.5%.
PS Business Parks (PSB) traded up 1.55% during mid-day trading on Wednesday, reaching $131.30. The company’s stock had a trading volume of 89,527 shares. PS Business Parks has a 12-month low of $102.32 and a 12-month high of $134.49. The firm’s 50 day moving average price is $130.80 and its 200 day moving average price is $120.96. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of 47.92 and a beta of 0.59.
PS Business Parks (NYSE:PSB) last posted its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $1.55 EPS for the quarter, beating the consensus estimate of $0.67 by $0.88. PS Business Parks had a return on equity of 15.69% and a net margin of 37.42%. The business had revenue of $99.80 million during the quarter, compared to analysts’ expectations of $100.81 million. During the same period last year, the firm earned $1.36 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, equities analysts predict that PS Business Parks will post $3.16 earnings per share for the current year.
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In other PS Business Parks news, insider John W. Petersen sold 3,500 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $129.83, for a total transaction of $454,405.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Edward A. Stokx sold 7,000 shares of the business’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $122.13, for a total transaction of $854,910.00. The disclosure for this sale can be found here. Insiders sold 17,768 shares of company stock worth $2,205,924 in the last ninety days. 1.63% of the stock is owned by corporate insiders.
A number of research analysts recently weighed in on the company. Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $132.00 price objective on the stock in a research note on Friday, April 7th. BidaskClub lowered PS Business Parks from a “buy” rating to a “hold” rating in a research report on Monday.
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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