PS Business Parks Inc. (PSB) Sees Unusually-High Trading Volume
PS Business Parks Inc. (NYSE:PSB) saw unusually-strong trading volume on Friday . Approximately 172,670 shares changed hands during trading, an increase of 77% from the previous session’s volume of 97,328 shares.The stock last traded at $110.90 and had previously closed at $110.05.
PSB has been the subject of several recent analyst reports. Zacks Investment Research lowered PS Business Parks from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Citigroup Inc. lifted their price target on PS Business Parks from $93.00 to $107.00 and gave the stock a “neutral” rating in a research report on Thursday, July 7th.
The company has a market capitalization of $3.00 billion and a PE ratio of 44.38. The stock has a 50-day moving average of $109.93 and a 200-day moving average of $100.81.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by $0.02. During the same quarter in the previous year, the company earned $1.20 earnings per share. The firm earned $96.20 million during the quarter, compared to analyst estimates of $95 million. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, equities research analysts expect that PS Business Parks Inc. will post $5.34 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend is Monday, September 12th.
In related news, Director James H. Kropp sold 1,668 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $109.60, for a total transaction of $182,812.80. Following the sale, the director now directly owns 10,502 shares of the company’s stock, valued at $1,151,019.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph D. Russell, Jr. sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $109.74, for a total value of $329,220.00. The disclosure for this sale can be found here.
An institutional investor recently raised its position in PS Business Parks stock. Principal Financial Group Inc. increased its stake in PS Business Parks Inc. (NYSE:PSB) by 5.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 133,200 shares of the company’s stock after buying an additional 7,285 shares during the period. Principal Financial Group Inc. owned 0.49% of PS Business Parks worth $11,646,000 at the end of the most recent reporting period.
PS Business Parks, Inc (PSB) is a self-advised and self-managed real estate investment trust. The Company owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office and industrial parks. PS Business Parks, L.P. is a California limited partnership, which owns directly or indirectly all of its assets and through, which the Company conducts its businesses.
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