PS Business Parks Inc. (PSB) Stake Boosted by PineBridge Investments L.P.
PineBridge Investments L.P. increased its position in shares of PS Business Parks Inc. (NYSE:PSB) by 4.0% during the second quarter, Holdings Channel reports. The fund owned 2,473 shares of the company’s stock after buying an additional 95 shares during the period. PineBridge Investments L.P.’s holdings in PS Business Parks were worth $263,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of PS Business Parks by 8.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,096 shares of the company’s stock worth $116,000 after buying an additional 81 shares during the last quarter. BlackRock Japan Co. Ltd raised its stake in shares of PS Business Parks by 0.3% in the first quarter. BlackRock Japan Co. Ltd now owns 1,276 shares of the company’s stock worth $128,000 after buying an additional 4 shares during the last quarter. Envestnet Asset Management Inc. bought a new stake in shares of PS Business Parks during the first quarter worth $133,000. Parametrica Management Ltd bought a new stake in shares of PS Business Parks during the second quarter worth $200,000. Finally, M&T Bank Corp bought a new stake in shares of PS Business Parks during the second quarter worth $204,000. 72.14% of the stock is currently owned by hedge funds and other institutional investors.
PS Business Parks Inc. (NYSE:PSB) opened at 112.90 on Friday. The stock has a market capitalization of $3.06 billion, a PE ratio of 45.18 and a beta of 0.69. PS Business Parks Inc. has a one year low of $76.69 and a one year high of $117.00. The firm has a 50-day moving average of $110.17 and a 200 day moving average of $103.92.
PS Business Parks (NYSE:PSB) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by $0.02. PS Business Parks had a return on equity of 14.22% and a net margin of 34.54%. The business had revenue of $96.20 million for the quarter, compared to analysts’ expectations of $95 million. During the same period in the prior year, the business posted $1.20 earnings per share. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities research analysts anticipate that PS Business Parks Inc. will post $5.36 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Monday, September 12th. PS Business Parks’s dividend payout ratio is presently 120.00%.
A number of brokerages recently issued reports on PSB. Zacks Investment Research cut shares of PS Business Parks from a “buy” rating to a “hold” rating in a research report on Tuesday, August 2nd. Citigroup Inc. lifted their price target on shares of PS Business Parks from $93.00 to $107.00 and gave the company a “neutral” rating in a research report on Thursday, July 7th.
In other news, Director James H. Kropp sold 1,668 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $109.60, for a total transaction of $182,812.80. Following the sale, the director now owns 10,502 shares of the company’s stock, valued at approximately $1,151,019.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph D. Russell, Jr. sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $108.45, for a total transaction of $216,900.00. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
PS Business Parks Company 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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