Schwab Charles Investment Management Inc. lifted its stake in PS Business Parks Inc (NYSE:PSB) by 6.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 366,710 shares of the real estate investment trust’s stock after purchasing an additional 22,900 shares during the quarter. Schwab Charles Investment Management Inc. owned about 1.35% of PS Business Parks worth $48,956,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in PS Business Parks by 0.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,236 shares of the real estate investment trust’s stock valued at $164,000 after acquiring an additional 8 shares during the period. Pinebridge Investments L.P. boosted its holdings in PS Business Parks by 1.1% during the 2nd quarter. Pinebridge Investments L.P. now owns 2,578 shares of the real estate investment trust’s stock valued at $342,000 after acquiring an additional 29 shares during the period. National Planning Corp boosted its holdings in PS Business Parks by 0.3% during the 2nd quarter. National Planning Corp now owns 16,531 shares of the real estate investment trust’s stock valued at $2,195,000 after acquiring an additional 53 shares during the period. Amalgamated Bank boosted its holdings in PS Business Parks by 5.1% during the 2nd quarter. Amalgamated Bank now owns 2,738 shares of the real estate investment trust’s stock valued at $362,000 after acquiring an additional 132 shares during the period. Finally, Texas Permanent School Fund lifted its holdings in shares of PS Business Parks by 1.0% in the 2nd quarter. Texas Permanent School Fund now owns 14,291 shares of the real estate investment trust’s stock worth $1,892,000 after buying an additional 145 shares during the period. Hedge funds and other institutional investors own 71.97% of the company’s stock.
Several equities research analysts have weighed in on the company. 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 report on Tuesday, September 5th. KeyCorp reiterated a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th.
PS Business Parks (NYSE:PSB) last issued its earnings results on Tuesday, October 24th. The real estate investment trust reported $1.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.87. PS Business Parks had a return on equity of 16.95% and a net margin of 39.78%. The business had revenue of $100.48 million during the quarter, compared to analysts’ expectations of $99.55 million. During the same period in the prior year, the business earned $1.43 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. equities analysts anticipate that PS Business Parks Inc will post 6.11 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Tuesday, December 12th. PS Business Parks’s dividend payout ratio is 113.33%.
In other news, Director Robert S. Rollo sold 8,613 shares of the business’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $136.24, for a total value of $1,173,435.12. Following the completion of the transaction, the director now directly owns 7,515 shares of the company’s stock, valued at approximately $1,023,843.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph D. Russell, Jr. sold 800 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $133.00, for a total value of $106,400.00. The disclosure for this sale can be found here. Insiders sold a total of 23,120 shares of company stock valued at $3,123,381 over the last quarter. Company insiders own 1.63% of the company’s stock.
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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