PS Business Parks (NYSE: PSB) was upgraded by analysts at JPMorgan Chase & Co. (NYSE: JPM) to an “overweight” rating in a research report issued to clients and investors on Thursday.
Separately, analysts at BMO Capital Markets upgraded shares of PS Business Parks from a “market perform” rating to an “outperform” rating in a research note to investors on Tuesday, January 3rd. They now have a $63.00 price target on the stock. Also, analysts at Zacks Investment Research reiterated an “outperform” rating on shares of PS Business Parks in a research note to investors on Wednesday, December 7th. They now have a $66.00 price target on the stock.
PS Business Parks, Inc. (PSB) is a fully integrated, self-advised and self-managed real estate investment trust (REIT) that acquires, owns, operates and develops commercial properties, primarily multi-tenant flex, office and industrial space. The Company owns approximately 12.2 million square feet of flex space, 3.9 million square feet of industrial space and 3.4 million square feet of office space concentrated primarily in 10 regions consisting of Southern and Northern California, Southern and Northern Texas, South Florida, Virginia, Maryland, Oregon, Arizona and Washington. As of December 31, 2009, PSB owned 77% of the common partnership units of PS Business Parks, L.P. The remaining common partnership units were owned by Public Storage (PS). As of December 31, 2009, the Company owned and operated approximately 19.6 million rentable square feet of commercial space located in eight states: Arizona, California, Florida, Maryland, Oregon, Texas, Virginia and Washington.
Shares of PS Business Parks opened at 57.72 on Thursday. PS Business Parks has a 52 week low of $46.19 and a 52 week high of $63.16. The stock’s 50-day moving average is $54.4 and its 200-day moving average is $53.17. The company has a market cap of $1.393 billion and a price-to-earnings ratio of 27.59.