Equities analysts predict that PS Business Parks Inc (NYSE:PSB) will post sales of $106.77 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for PS Business Parks’ earnings, with the highest sales estimate coming in at $108.32 million and the lowest estimate coming in at $105.22 million. PS Business Parks reported sales of $103.81 million during the same quarter last year, which indicates a positive year-over-year growth rate of 2.9%. The business is scheduled to issue its next quarterly earnings results on Tuesday, October 22nd.
On average, analysts expect that PS Business Parks will report full year sales of $427.91 million for the current financial year, with estimates ranging from $422.68 million to $433.05 million. For the next fiscal year, analysts anticipate that the company will report sales of $437.03 million, with estimates ranging from $431.00 million to $442.14 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow PS Business Parks.
PS Business Parks (NYSE:PSB) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.68 by ($0.64). PS Business Parks had a net margin of 35.70% and a return on equity of 14.84%. The company had revenue of $107.78 million for the quarter, compared to analysts’ expectations of $105.10 million.
Separately, Zacks Investment Research raised PS Business Parks from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research report on Friday, August 16th.
Shares of PSB stock traded up $0.49 during trading hours on Tuesday, reaching $176.64. 117,556 shares of the company traded hands, compared to its average volume of 108,958. PS Business Parks has a 12-month low of $120.21 and a 12-month high of $186.14. The company has a market cap of $4.83 billion, a P/E ratio of 27.30, a P/E/G ratio of 5.16 and a beta of 0.46. The firm has a 50-day moving average price of $176.86 and a 200 day moving average price of $164.44.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Thursday, September 12th will be issued a $1.05 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $4.20 dividend on an annualized basis and a yield of 2.38%. PS Business Parks’s dividend payout ratio is presently 64.91%.
In related news, Director Joseph D. Russell, Jr. sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $180.68, for a total value of $325,224.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.50% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its holdings in shares of PS Business Parks by 0.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,173,816 shares of the real estate investment trust’s stock worth $366,353,000 after acquiring an additional 11,207 shares in the last quarter. Northern Trust Corp raised its holdings in shares of PS Business Parks by 12.3% during the 2nd quarter. Northern Trust Corp now owns 557,102 shares of the real estate investment trust’s stock worth $93,888,000 after acquiring an additional 60,831 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of PS Business Parks by 13.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 390,656 shares of the real estate investment trust’s stock worth $65,838,000 after acquiring an additional 47,621 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of PS Business Parks during the 2nd quarter worth approximately $50,996,000. Finally, Invesco Ltd. raised its holdings in shares of PS Business Parks by 67.3% during the 2nd quarter. Invesco Ltd. now owns 294,727 shares of the real estate investment trust’s stock worth $49,670,000 after acquiring an additional 118,606 shares in the last quarter. 70.64% of the stock is currently owned by institutional investors.
About PS Business Parks
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of December 31, 2018, the Company wholly owned 28.2 million rentable square feet with approximately 5,050 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.
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