JPMorgan Chase & Co. Cuts PS Business Parks (PSB) Price Target to $123.00

PS Business Parks (NYSE:PSB) had its target price cut by investment analysts at JPMorgan Chase & Co. from $135.00 to $123.00 in a research note issued to investors on Wednesday. The brokerage currently has an “underweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.’s price objective suggests a potential upside of 11.18% from the stock’s previous close.

Separately, Zacks Investment Research lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st.

PS Business Parks (NYSE PSB) traded down $2.37 during mid-day trading on Wednesday, hitting $110.63. 65,286 shares of the stock traded hands, compared to its average volume of 94,010. The firm has a market capitalization of $3,047.21, a price-to-earnings ratio of 37.67, a PEG ratio of 3.48 and a beta of 0.44. PS Business Parks has a twelve month low of $107.91 and a twelve month high of $137.60.

In other news, Director Ronald L. Havner, Jr. sold 4,000 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $136.61, for a total value of $546,440.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joseph D. Russell, Jr. sold 2,500 shares of the stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $131.50, for a total transaction of $328,750.00. The disclosure for this sale can be found here. Insiders sold 7,300 shares of company stock worth $978,006 over the last quarter. Company insiders own 1.63% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Comerica Bank boosted its position in PS Business Parks by 1.9% during the third quarter. Comerica Bank now owns 20,895 shares of the real estate investment trust’s stock worth $2,739,000 after acquiring an additional 392 shares during the last quarter. Aperio Group LLC boosted its position in PS Business Parks by 4.5% during the fourth quarter. Aperio Group LLC now owns 10,113 shares of the real estate investment trust’s stock worth $1,265,000 after acquiring an additional 439 shares during the last quarter. Principal Financial Group Inc. boosted its position in PS Business Parks by 0.3% during the third quarter. Principal Financial Group Inc. now owns 163,636 shares of the real estate investment trust’s stock worth $21,846,000 after acquiring an additional 468 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in PS Business Parks by 6.2% during the fourth quarter. Louisiana State Employees Retirement System now owns 8,600 shares of the real estate investment trust’s stock worth $1,076,000 after acquiring an additional 500 shares during the last quarter. Finally, Algert Global LLC boosted its position in PS Business Parks by 19.0% during the fourth quarter. Algert Global LLC now owns 3,320 shares of the real estate investment trust’s stock worth $415,000 after acquiring an additional 530 shares during the last quarter. Institutional investors and hedge funds own 71.35% of the company’s stock.

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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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