PS Business Parks (PSB) Hits New 12-Month High at $137.93

Shares of PS Business Parks Inc (NYSE:PSB) reached a new 52-week high on Thursday . The company traded as high as $137.93 and last traded at $137.43, with a volume of 3438 shares changing hands. The stock had previously closed at $137.08.

PSB has been the subject of several recent analyst reports. Wells Fargo & Co upped their price objective on PS Business Parks from $121.00 to $131.00 and gave the stock a “market perform” rating in a research report on Thursday, August 9th. Zacks Investment Research downgraded PS Business Parks from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. Finally, ValuEngine upgraded PS Business Parks from a “hold” rating to a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. PS Business Parks currently has a consensus rating of “Hold” and a consensus target price of $124.75.

The stock has a market cap of $3.75 billion, a P/E ratio of 22.38, a PEG ratio of 4.27 and a beta of 0.34.

PS Business Parks (NYSE:PSB) last posted its earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.92 EPS for the quarter, beating the consensus estimate of $0.36 by $0.56. The firm had revenue of $103.81 million during the quarter, compared to the consensus estimate of $100.03 million. PS Business Parks had a return on equity of 22.57% and a net margin of 53.92%. As a group, analysts predict that PS Business Parks Inc will post 6.42 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 27th. Shareholders of record on Wednesday, December 12th will be given a $1.05 dividend. The ex-dividend date of this dividend is Tuesday, December 11th. This represents a $4.20 annualized dividend and a yield of 3.06%. PS Business Parks’s dividend payout ratio is presently 68.52%.

In other PS Business Parks news, insider John W. Petersen sold 3,000 shares of the stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $134.92, for a total value of $404,760.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.63% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of PSB. Rhumbline Advisers grew its position in shares of PS Business Parks by 2.2% during the second quarter. Rhumbline Advisers now owns 72,504 shares of the real estate investment trust’s stock valued at $9,317,000 after purchasing an additional 1,529 shares in the last quarter. Northern Trust Corp grew its stake in PS Business Parks by 0.3% during the second quarter. Northern Trust Corp now owns 540,091 shares of the real estate investment trust’s stock worth $69,401,000 after buying an additional 1,830 shares during the period. Aperio Group LLC grew its stake in PS Business Parks by 4.9% during the second quarter. Aperio Group LLC now owns 9,418 shares of the real estate investment trust’s stock worth $1,210,000 after buying an additional 440 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in PS Business Parks by 9.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 20,397 shares of the real estate investment trust’s stock worth $2,621,000 after buying an additional 1,700 shares during the period. Finally, Quantum Capital Management purchased a new stake in PS Business Parks during the second quarter worth approximately $218,000. 71.32% of the stock is owned by institutional investors.

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PS Business Parks Company Profile (NYSE:PSB)

PS Business Parks, Inc, a member of the S&P SmallCap 600, is a real estate investment trust (“REIT”) that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of June 30, 2018, the Company wholly owned 28.3 million rentable square feet with approximately 5,000 commercial customers in six states and a 95.0% interest in a 395-unit apartment complex.

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