PS Business Parks (PSB) Announces Quarterly Earnings Results

PS Business Parks (NYSE:PSB) released its quarterly earnings data on Tuesday. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.01), Briefing.com reports. PS Business Parks had a return on equity of 16.95% and a net margin of 39.78%. The company had revenue of $101.84 million for the quarter, compared to analyst estimates of $101.56 million. During the same quarter in the prior year, the company earned $1.39 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year.

PS Business Parks (NYSE:PSB) traded down $2.43 during trading on Tuesday, reaching $111.92. The company’s stock had a trading volume of 11,736 shares, compared to its average volume of 94,338. PS Business Parks has a 1 year low of $107.91 and a 1 year high of $137.60. The firm has a market capitalization of $3,116.16, a price-to-earnings ratio of 37.43, a P/E/G ratio of 3.58 and a beta of 0.44.

In other news, Director Joseph D. Russell, Jr. sold 2,500 shares of the stock in a transaction on Monday, December 4th. The stock was sold at an average price of $131.50, for a total transaction of $328,750.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph D. Russell, Jr. sold 800 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $128.52, for a total value of $102,816.00. The disclosure for this sale can be found here. Corporate insiders own 1.63% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. MetLife Investment Advisors LLC bought a new stake in shares of PS Business Parks during the fourth quarter worth $1,113,000. Metropolitan Life Insurance Co. NY bought a new stake in shares of PS Business Parks during the fourth quarter worth $918,000. LPL Financial LLC bought a new stake in shares of PS Business Parks during the fourth quarter worth $1,972,000. Millennium Management LLC bought a new stake in shares of PS Business Parks during the fourth quarter worth $3,494,000. Finally, Meadow Creek Investment Management LLC grew its holdings in shares of PS Business Parks by 32.8% during the fourth quarter. Meadow Creek Investment Management LLC now owns 1,958 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 484 shares during the last quarter. Institutional investors own 70.06% of the company’s stock.

Several research analysts have issued reports on PSB shares. Zacks Investment Research lowered PS Business Parks from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. JPMorgan Chase & Co. lowered PS Business Parks from a “neutral” rating to an “underweight” rating and set a $135.00 price objective for the company. in a research note on Friday, December 15th.

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PS Business Parks Company Profile

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.

Earnings History for PS Business Parks (NYSE:PSB)

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