Zacks: Brokerages Anticipate PS Business Parks Inc (NYSE:PSB) to Announce $1.67 EPS

Brokerages expect that PS Business Parks Inc (NYSE:PSB) will post earnings per share of $1.67 for the current quarter, according to Zacks. Two analysts have made estimates for PS Business Parks’ earnings, with estimates ranging from $1.65 to $1.68. PS Business Parks posted earnings of $1.59 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 5%. The firm is scheduled to announce its next earnings results on Tuesday, July 23rd.

On average, analysts expect that PS Business Parks will report full year earnings of $6.67 per share for the current year, with EPS estimates ranging from $6.59 to $6.74. For the next fiscal year, analysts expect that the company will post earnings of $6.85 per share, with EPS estimates ranging from $6.79 to $6.94. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that follow PS Business Parks.

PS Business Parks (NYSE:PSB) last issued its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.96 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.29. PS Business Parks had a net margin of 46.31% and a return on equity of 18.97%. The company had revenue of $107.83 million during the quarter, compared to the consensus estimate of $103.07 million.

Separately, Citigroup upped their price target on shares of PS Business Parks from $107.00 to $133.00 and gave the company a “sell” rating in a report on Friday, March 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. PS Business Parks currently has a consensus rating of “Hold” and a consensus price target of $128.67.

In other PS Business Parks news, COO John W. Petersen sold 1,666 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $156.78, for a total value of $261,195.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph D. Russell, Jr. sold 2,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $162.68, for a total transaction of $325,360.00. Following the completion of the sale, the director now directly owns 11,434 shares of the company’s stock, valued at $1,860,083.12. The disclosure for this sale can be found here. Insiders sold a total of 8,513 shares of company stock valued at $1,372,120 over the last three months. 1.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PSB. Bruderman Asset Management LLC purchased a new stake in PS Business Parks during the fourth quarter valued at about $98,000. Mackay Shields LLC purchased a new stake in PS Business Parks during the fourth quarter valued at about $210,000. Menta Capital LLC purchased a new stake in PS Business Parks during the fourth quarter valued at about $217,000. Magnus Financial Group LLC purchased a new stake in PS Business Parks during the fourth quarter valued at about $238,000. Finally, Coldstream Capital Management Inc. lifted its stake in PS Business Parks by 4.6% during the fourth quarter. Coldstream Capital Management Inc. now owns 1,846 shares of the real estate investment trust’s stock valued at $242,000 after buying an additional 82 shares in the last quarter. 71.19% of the stock is owned by institutional investors.

NYSE PSB traded down $0.26 on Friday, reaching $170.54. The company’s stock had a trading volume of 3,942 shares, compared to its average volume of 101,634. PS Business Parks has a twelve month low of $120.21 and a twelve month high of $170.80. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 26.35, a PEG ratio of 5.08 and a beta of 0.44.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be issued a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Tuesday, June 11th. PS Business Parks’s payout ratio is 64.91%.

PS Business Parks Company Profile

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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