Wells Fargo & Company MN lifted its stake in shares of PS Business Parks Inc (NYSE:PSB) by 0.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 105,919 shares of the real estate investment trust’s stock after acquiring an additional 946 shares during the period. Wells Fargo & Company MN’s holdings in PS Business Parks were worth $13,461,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of PS Business Parks during the 2nd quarter valued at $209,000. Quantum Capital Management acquired a new position in shares of PS Business Parks during the 2nd quarter valued at $218,000. CIBC Asset Management Inc acquired a new position in shares of PS Business Parks during the 2nd quarter valued at $221,000. Creative Planning acquired a new position in shares of PS Business Parks during the 3rd quarter valued at $336,000. Finally, Paloma Partners Management Co acquired a new position in shares of PS Business Parks during the 2nd quarter valued at $408,000. Institutional investors own 71.47% of the company’s stock.
A number of research firms recently issued reports on PSB. ValuEngine upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating in a research report on Tuesday, November 6th. Zacks Investment Research lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. PS Business Parks presently has an average rating of “Hold” and a consensus target price of $124.75.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.56. The business had revenue of $103.81 million during the quarter, compared to analyst estimates of $100.03 million. PS Business Parks had a net margin of 53.92% and a return on equity of 22.57%. On average, equities research analysts forecast that PS Business Parks Inc will post 6.45 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 27th. Shareholders of record on Wednesday, December 12th will be paid a dividend of $1.05 per share. The ex-dividend date is Tuesday, December 11th. This represents a $4.20 dividend on an annualized basis and a yield of 2.99%. PS Business Parks’s dividend payout ratio (DPR) is presently 68.52%.
In other PS Business Parks news, insider John W. Petersen sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 6th. The shares were sold at an average price of $134.92, for a total transaction of $404,760.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronald L. Havner, Jr. sold 5,000 shares of the business’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $141.50, for a total transaction of $707,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,420 shares of company stock valued at $6,144,605 in the last 90 days. 1.63% of the stock is currently owned by company insiders.
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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 September 30, 2018, the Company wholly owned 28.3 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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