PS Business Parks (PSB) Price Target Lowered to $123.00 at JPMorgan Chase & Co.

PS Business Parks (NYSE:PSB) had its price objective cut by JPMorgan Chase & Co. from $135.00 to $123.00 in a report issued on Wednesday morning. They currently have an underweight rating on the real estate investment trust’s stock.

Separately, Zacks Investment Research lowered PS Business Parks from a buy rating to a hold rating in a research note on Wednesday, November 1st.

Shares of PS Business Parks (NYSE:PSB) opened at $111.74 on Wednesday. PS Business Parks has a 52 week low of $107.91 and a 52 week high of $137.60. The firm has a market capitalization of $3,079.37, a PE ratio of 18.83, a PEG ratio of 3.52 and a beta of 0.44.

In related news, Director Joseph D. Russell, Jr. sold 800 shares of PS Business Parks stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $128.52, for a total transaction of $102,816.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph D. Russell, Jr. sold 2,500 shares of PS Business Parks stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $131.50, for a total value of $328,750.00. The disclosure for this sale can be found here. Insiders have sold 7,300 shares of company stock valued at $978,006 in the last ninety days. Corporate insiders own 1.63% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank lifted its holdings in shares of PS Business Parks by 1.9% during the third quarter. Comerica Bank now owns 20,895 shares of the real estate investment trust’s stock worth $2,739,000 after purchasing an additional 392 shares during the period. Aperio Group LLC lifted its holdings in shares of PS Business Parks by 4.5% during the fourth quarter. Aperio Group LLC now owns 10,113 shares of the real estate investment trust’s stock worth $1,265,000 after purchasing an additional 439 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of PS Business Parks by 0.3% during the third quarter. Principal Financial Group Inc. now owns 163,636 shares of the real estate investment trust’s stock worth $21,846,000 after purchasing an additional 468 shares during the period. Meadow Creek Investment Management LLC lifted 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 period. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of PS Business Parks by 6.2% during the fourth quarter. Louisiana State Employees Retirement System now owns 8,600 shares of the real estate investment trust’s stock worth $1,076,000 after purchasing an additional 500 shares during the period. 71.35% of the stock is owned by hedge funds and other institutional investors.

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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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