PS Business Parks, Inc. (PSB) Posts Quarterly Earnings Results, Beats Expectations By $0.87 EPS
PS Business Parks, Inc. (NYSE:PSB) posted its earnings results on Tuesday. The real estate investment trust reported $1.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.87, Bloomberg Earnings reports. PS Business Parks had a net margin of 39.05% and a return on equity of 16.50%. The business had revenue of $100.48 million for the quarter, compared to analyst estimates of $99.55 million. During the same quarter in the prior year, the firm earned $1.43 EPS. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year.
Shares of PS Business Parks (NYSE PSB) opened at 132.88 on Wednesday. The company has a market cap of $3.62 billion, a price-to-earnings ratio of 43.40 and a beta of 0.60. The stock has a 50 day moving average of $135.02 and a 200 day moving average of $130.01. PS Business Parks has a 12-month low of $102.32 and a 12-month high of $137.60.
Several research firms have recently weighed in on PSB. BidaskClub lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Zacks Investment Research lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Monday, September 18th. Finally, KeyCorp reaffirmed a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th.
In other PS Business Parks news, Director Joseph D. Russell, Jr. sold 800 shares of PS Business Parks stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $133.00, for a total value of $106,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert S. Rollo sold 8,613 shares of PS Business Parks stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $136.24, for a total value of $1,173,435.12. Following the completion of the transaction, the director now owns 7,515 shares in the company, valued at approximately $1,023,843.60. 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. 1.63% of the stock is owned by insiders.
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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