South Dakota Investment Council lowered its stake in shares of PS Business Parks, Inc. (NYSE:PSB) by 61.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,900 shares of the real estate investment trust’s stock after selling 7,900 shares during the quarter. South Dakota Investment Council’s holdings in PS Business Parks were worth $649,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. BlackRock Inc. grew its position in PS Business Parks by 3,580.8% during the first quarter. BlackRock Inc. now owns 3,311,472 shares of the real estate investment trust’s stock worth $380,026,000 after buying an additional 3,221,505 shares in the last quarter. Vanguard Group Inc. grew its position in PS Business Parks by 3.6% during the first quarter. Vanguard Group Inc. now owns 3,279,968 shares of the real estate investment trust’s stock worth $376,409,000 after buying an additional 113,922 shares in the last quarter. Wellington Management Group LLP grew its position in PS Business Parks by 5.9% during the first quarter. Wellington Management Group LLP now owns 1,226,997 shares of the real estate investment trust’s stock worth $140,811,000 after buying an additional 67,875 shares in the last quarter. State Street Corp grew its position in PS Business Parks by 7.1% during the first quarter. State Street Corp now owns 777,722 shares of the real estate investment trust’s stock worth $89,248,000 after buying an additional 51,305 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in PS Business Parks by 21.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 343,810 shares of the real estate investment trust’s stock worth $45,518,000 after buying an additional 60,805 shares in the last quarter. 72.36% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on the company. BidaskClub downgraded PS Business Parks from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 11th. Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 target price for the company in a research note on Tuesday, September 5th. Finally, KeyCorp restated a “hold” rating on shares of PS Business Parks in a research note on Friday, August 25th.
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PS Business Parks, Inc. (NYSE PSB) opened at 135.05 on Friday. The stock has a 50 day moving average price of $133.45 and a 200-day moving average price of $125.79. PS Business Parks, Inc. has a 52 week low of $102.32 and a 52 week high of $137.34. The company has a market capitalization of $3.68 billion, a PE ratio of 44.11 and a beta of 0.60.
PS Business Parks (NYSE:PSB) last announced its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.88. PS Business Parks had a net margin of 39.05% and a return on equity of 16.50%. The company had revenue of $99.80 million during the quarter, compared to analyst estimates of $100.81 million. During the same period in the previous year, the business earned $1.36 earnings per share. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, equities analysts predict that PS Business Parks, Inc. will post $3.13 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Tuesday, September 12th. PS Business Parks’s dividend payout ratio is presently 111.11%.
In related news, Director Jennifer Holden Dunbar sold 4,000 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $130.69, for a total value of $522,760.00. Following the completion of the transaction, the director now directly owns 4,000 shares of the company’s stock, valued at $522,760. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sara Grootwassink Lewis sold 5,137 shares of the stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $134.03, for a total transaction of $688,512.11. Following the completion of the transaction, the director now directly owns 4,377 shares of the company’s stock, valued at $586,649.31. The disclosure for this sale can be found here. Insiders sold 32,186 shares of company stock valued at $4,319,064 over the last three months. 1.63% of the stock is currently owned by insiders.
PS Business Parks 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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