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.
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