PS Business Parks, Inc. (NYSE:PSB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “PS Business Parks’ third-quarter 2017 core funds from operations (FFO) of $1.54 per share surpassed the Zacks Consensus Estimate by a penny. Results indicate higher rental income and net operating income, as well as lower general and administration expense. Healthy fundamental in majority of the company’s operating markets helped the company improve its operating results. Moreover, portfolio repositioning strategies will likely help the company emerge stronger. Also, shares of PS Business Parks have outperformed the industry it belongs to, year to date. However, unfavorable leasing environment in certain markets and hike in interest rates remain key concerns. Also, stiff competition from other players in the market adversely affects the company’s ability to attract and retain tenant at higher rents.”

PSB has been the subject of a number of other research reports. BidaskClub downgraded shares of PS Business Parks from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. KeyCorp reaffirmed a “hold” rating on shares of PS Business Parks in a research note on Friday, August 25th.

Shares of PS Business Parks (NYSE:PSB) traded up 1.447% during mid-day trading on Wednesday, reaching $134.245. The company had a trading volume of 38,096 shares. The company has a market capitalization of $3.65 billion, a P/E ratio of 43.842 and a beta of 0.60. The firm has a 50-day moving average of $134.73 and a 200-day moving average of $130.41. PS Business Parks has a 12-month low of $102.32 and a 12-month high of $137.60.

PS Business Parks (NYSE:PSB) last announced its earnings results on Tuesday, October 24th. The real estate investment trust reported $1.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.87. PS Business Parks had a net margin of 39.78% and a return on equity of 16.95%. The business had revenue of $100.48 million during the quarter, compared to the consensus estimate of $99.55 million. During the same quarter last year, the firm earned $1.43 earnings per share. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, equities analysts anticipate that PS Business Parks will post $3.17 earnings per share for the current fiscal year.

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In related news, Director Joseph D. Russell, Jr. sold 800 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $133.00, for a total transaction of $106,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer Holden Dunbar sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $130.69, for a total transaction of $522,760.00. Following the sale, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $522,760. The disclosure for this sale can be found here. Insiders have sold 32,186 shares of company stock valued at $4,319,064 in the last three months. 1.63% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in PSB. OppenheimerFunds Inc. increased its position in shares of PS Business Parks by 41.0% during the first quarter. OppenheimerFunds Inc. now owns 3,055 shares of the real estate investment trust’s stock valued at $351,000 after acquiring an additional 888 shares in the last quarter. Geode Capital Management LLC increased its position in shares of PS Business Parks by 3.2% during the first quarter. Geode Capital Management LLC now owns 242,003 shares of the real estate investment trust’s stock valued at $27,772,000 after acquiring an additional 7,439 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of PS Business Parks by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 289,738 shares of the real estate investment trust’s stock valued at $33,249,000 after acquiring an additional 12,705 shares in the last quarter. UBS Group AG increased its position in shares of PS Business Parks by 353.8% during the first quarter. UBS Group AG now owns 21,241 shares of the real estate investment trust’s stock valued at $2,438,000 after acquiring an additional 16,560 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of PS Business Parks by 20.5% during the first quarter. Bank of America Corp DE now owns 166,952 shares of the real estate investment trust’s stock valued at $19,159,000 after acquiring an additional 28,438 shares in the last quarter. 72.66% of the stock is owned by institutional investors.

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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