PS Business Parks (NYSE:PSB) was downgraded by analysts at J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a note issued to investors on Friday, Marketbeat Ratings reports. They currently have a $135.00 price target on the real estate investment trust’s stock. J P Morgan Chase & Co’s price objective suggests a potential upside of 5.80% from the stock’s current price.
A number of other research analysts also recently commented on the company. Zacks Investment Research downgraded PS Business Parks from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. KeyCorp reaffirmed a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th.
Shares of PS Business Parks (PSB) traded down $0.64 during midday trading on Friday, hitting $127.60. The stock had a trading volume of 169,000 shares, compared to its average volume of 93,422. PS Business Parks has a 52 week low of $108.97 and a 52 week high of $137.60. The stock has a market capitalization of $3,494.67, a P/E ratio of 21.37, a price-to-earnings-growth ratio of 4.20 and a beta of 0.56.
In other news, Director Robert S. Rollo sold 2,070 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $135.19, for a total transaction of $279,843.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ronald L. Havner, Jr. sold 4,000 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $136.61, for a total value of $546,440.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,570 shares of company stock worth $1,155,033. 1.63% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in PSB. Russell Investments Group Ltd. raised its position in shares of PS Business Parks by 25.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 32,413 shares of the real estate investment trust’s stock worth $4,291,000 after purchasing an additional 6,508 shares during the period. Municipal Employees Retirement System of Michigan increased its position in PS Business Parks by 3.4% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 4,610 shares of the real estate investment trust’s stock valued at $610,000 after acquiring an additional 150 shares during the period. Daiwa Securities Group Inc. increased its position in PS Business Parks by 20.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,800 shares of the real estate investment trust’s stock valued at $238,000 after acquiring an additional 300 shares during the period. Sei Investments Co. increased its position in PS Business Parks by 19.0% in the 2nd quarter. Sei Investments Co. now owns 35,695 shares of the real estate investment trust’s stock valued at $4,726,000 after acquiring an additional 5,705 shares during the period. Finally, TD Asset Management Inc. increased its position in PS Business Parks by 9.6% in the 2nd quarter. TD Asset Management Inc. now owns 21,640 shares of the real estate investment trust’s stock valued at $2,865,000 after acquiring an additional 1,900 shares during the period. Institutional investors and hedge funds own 71.97% of the company’s stock.
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.
