PS Business Parks (NYSE:PSB) Upgraded by JPMorgan Chase & Co. to “Overweight”

JPMorgan Chase & Co. upgraded shares of PS Business Parks (NYSE:PSB) from a neutral rating to an overweight rating in a research report report published on Tuesday, Analyst Price Targets reports. JPMorgan Chase & Co. currently has $175.00 price objective on the real estate investment trust’s stock.

Separately, Wells Fargo & Company raised their price objective on shares of PS Business Parks from $145.00 to $155.00 and gave the company an underweight rating in a research report on Monday, June 7th.

PSB opened at $156.89 on Tuesday. The stock has a market capitalization of $4.32 billion, a PE ratio of 33.03 and a beta of 0.47. PS Business Parks has a 1-year low of $109.26 and a 1-year high of $165.85. The firm has a 50-day moving average price of $154.28 and a two-hundred day moving average price of $155.01.

PS Business Parks (NYSE:PSB) last posted its quarterly earnings data on Monday, August 2nd. The real estate investment trust reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.12. PS Business Parks had a net margin of 42.22% and a return on equity of 17.37%. On average, sell-side analysts expect that PS Business Parks will post 6.9 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Wednesday, September 15th will be given a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Tuesday, September 14th. PS Business Parks’s dividend payout ratio is 63.93%.

Several large investors have recently modified their holdings of the company. Thrivent Financial for Lutherans grew its position in shares of PS Business Parks by 1.5% during the 1st quarter. Thrivent Financial for Lutherans now owns 5,335 shares of the real estate investment trust’s stock worth $825,000 after buying an additional 81 shares during the period. State of Michigan Retirement System boosted its stake in PS Business Parks by 1.4% during the 1st quarter. State of Michigan Retirement System now owns 7,409 shares of the real estate investment trust’s stock worth $1,145,000 after acquiring an additional 100 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in PS Business Parks by 2.8% during the 2nd quarter. Los Angeles Capital Management LLC now owns 3,983 shares of the real estate investment trust’s stock worth $590,000 after acquiring an additional 110 shares during the last quarter. RB Capital Management LLC boosted its stake in PS Business Parks by 5.7% during the 1st quarter. RB Capital Management LLC now owns 2,396 shares of the real estate investment trust’s stock worth $370,000 after acquiring an additional 129 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its stake in PS Business Parks by 0.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 36,683 shares of the real estate investment trust’s stock worth $5,432,000 after acquiring an additional 160 shares during the last quarter. Institutional investors own 69.63% of the company’s stock.

About PS Business Parks

PS Business Parks, Inc is a real estate investment trust. The firm engages in the ownership, operation, acquisition, and development of commercial properties, primarily multi-tenant flex, office, and industrial space. Its commercial real estate properties include warehouse and office space. The company was founded in 1986 and is headquartered in Glendale, CA.

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