Shares of PS Business Parks Inc (NYSE:PSB) have earned a consensus broker rating score of 3.67 (Sell) from the three brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong sell rating and two have given a hold rating to the company. PS Business Parks’ rating score has declined by 22.3% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.
Brokers have set a 1-year consensus target price of $135.00 for the company and are forecasting that the company will post $1.54 earnings per share for the current quarter, according to Zacks. Zacks has also given PS Business Parks an industry rank of 229 out of 265 based on the ratings given to related companies.
A number of brokerages have recently issued reports on PSB. JPMorgan Chase & Co. downgraded PS Business Parks from a “neutral” rating to an “underweight” rating and set a $135.00 price objective on the stock. in a research note on Friday, December 15th. Zacks Investment Research downgraded PS Business Parks from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st.
In related news, Director Ronald L. Havner, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $136.61, for a total transaction of $546,440.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph D. Russell, Jr. sold 800 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $128.52, for a total value of $102,816.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,370 shares of company stock worth $1,257,849. 1.63% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Flinton Capital Management LLC increased its holdings in PS Business Parks by 85.7% during the 2nd quarter. Flinton Capital Management LLC now owns 1,040 shares of the real estate investment trust’s stock worth $138,000 after purchasing an additional 480 shares in the last quarter. CIBC Asset Management Inc bought a new stake in PS Business Parks during the 3rd quarter worth approximately $206,000. Coldstream Capital Management Inc. bought a new stake in PS Business Parks during the 2nd quarter worth approximately $237,000. Shelton Capital Management bought a new stake in PS Business Parks during the 2nd quarter worth approximately $257,000. Finally, Cubist Systematic Strategies LLC bought a new stake in PS Business Parks during the 3rd quarter worth approximately $264,000. 71.80% of the stock is currently owned by institutional investors and hedge funds.
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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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