PS Business Parks, Inc. (NYSE:PSB) posted its quarterly earnings results on Tuesday. The real estate investment trust reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.88, RTT News reports. The firm had revenue of $99.80 million for the quarter, compared to analyst estimates of $100.81 million. PS Business Parks had a net margin of 37.42% and a return on equity of 15.69%. PS Business Parks’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.36 earnings per share.
Shares of PS Business Parks (PSB) traded up 0.45% during trading on Tuesday, reaching $129.30. 71,890 shares of the company’s stock were exchanged. PS Business Parks has a 52 week low of $102.32 and a 52 week high of $134.49. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 47.19 and a beta of 0.59. The stock has a 50 day moving average price of $130.80 and a 200-day moving average price of $120.96.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 29th. Investors of record on Wednesday, June 14th were given a dividend of $0.85 per share. The ex-dividend date was Monday, June 12th. This represents a $3.40 dividend on an annualized basis and a yield of 2.63%. PS Business Parks’s payout ratio is presently 124.09%.
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In other PS Business Parks news, Director James H. Kropp sold 1,768 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $124.23, for a total transaction of $219,638.64. Following the sale, the director now directly owns 10,902 shares of the company’s stock, valued at approximately $1,354,355.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John W. Petersen sold 3,500 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $129.83, for a total transaction of $454,405.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,768 shares of company stock worth $2,205,924. 1.63% of the stock is owned by corporate insiders.
A number of research firms recently weighed in on PSB. BidaskClub lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a research report on Monday. Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research report on Tuesday, May 30th.
About PS Business Parks
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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