PS Business Parks Inc. (PSB) Stake Boosted by Vanguard Group Inc.
Vanguard Group Inc. raised its position in PS Business Parks Inc. (NYSE:PSB) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,136,520 shares of the company’s stock after buying an additional 89,246 shares during the period. Vanguard Group Inc. owned about 11.58% of PS Business Parks worth $332,722,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of PS Business Parks by 2.3% in the second quarter. Principal Financial Group Inc. now owns 141,691 shares of the company’s stock worth $15,030,000 after buying an additional 3,163 shares during the period. Prudential Financial Inc. raised its position in shares of PS Business Parks by 1.7% in the second quarter. Prudential Financial Inc. now owns 54,282 shares of the company’s stock worth $5,758,000 after buying an additional 920 shares during the period. Dimensional Fund Advisors LP raised its position in shares of PS Business Parks by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 273,708 shares of the company’s stock worth $29,034,000 after buying an additional 5,334 shares during the period. Teacher Retirement System of Texas raised its position in shares of PS Business Parks by 0.5% in the second quarter. Teacher Retirement System of Texas now owns 51,052 shares of the company’s stock worth $5,416,000 after buying an additional 273 shares during the period. Finally, Eaton Vance Management raised its position in shares of PS Business Parks by 6.0% in the second quarter. Eaton Vance Management now owns 4,438 shares of the company’s stock worth $471,000 after buying an additional 252 shares during the period. 72.14% of the stock is owned by institutional investors and hedge funds.
Shares of PS Business Parks Inc. (NYSE:PSB) opened at 106.46 on Friday. PS Business Parks Inc. has a 1-year low of $81.27 and a 1-year high of $117.00. The company has a market capitalization of $2.88 billion, a P/E ratio of 42.60 and a beta of 0.63. The firm’s 50 day moving average price is $110.66 and its 200-day moving average price is $105.09.
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 firm had revenue of $96.20 million for the quarter, compared to the consensus estimate of $95 million. During the same period in the previous year, the company posted $1.20 EPS. PS Business Parks’s quarterly revenue was up 4.5% compared to the same quarter last year. Analysts expect that PS Business Parks Inc. will post $5.36 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend was Monday, September 12th. PS Business Parks’s payout ratio is 120.00%.
A number of brokerages have weighed in on PSB. Zacks Investment Research raised PS Business Parks from a “hold” rating to a “buy” rating and set a $128.00 target price for the company in a research report on Tuesday, September 27th. Citigroup Inc. boosted their target price 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.
In related news, Director Joseph D. Russell, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $108.45, for a total transaction of $216,900.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James H. Kropp sold 1,668 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $109.60, for a total value of $182,812.80. Following the sale, the director now directly owns 10,502 shares in the company, valued at approximately $1,151,019.20. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
About PS Business Parks
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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