Tower Research Capital LLC TRC Purchases Shares of 1,014 PS Business Parks Inc. (PSB)
Tower Research Capital LLC TRC purchased a new stake in PS Business Parks Inc. (NYSE:PSB) during the second quarter, Holdings Channel reports. The firm purchased 1,014 shares of the company’s stock, valued at approximately $108,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in PS Business Parks by 8.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,096 shares of the company’s stock valued at $116,000 after buying an additional 81 shares in the last quarter. BlackRock Japan Co. Ltd raised its position in PS Business Parks by 0.3% in the first quarter. BlackRock Japan Co. Ltd now owns 1,276 shares of the company’s stock valued at $128,000 after buying an additional 4 shares in the last quarter. Parametrica Management Ltd bought a new position in PS Business Parks during the second quarter valued at about $200,000. M&T Bank Corp bought a new position in PS Business Parks during the second quarter valued at about $204,000. Finally, Eqis Capital Management Inc. raised its position in PS Business Parks by 3.7% in the second quarter. Eqis Capital Management Inc. now owns 2,478 shares of the company’s stock valued at $263,000 after buying an additional 88 shares in the last quarter. Institutional investors and hedge funds own 72.13% of the company’s stock.
PS Business Parks Inc. (NYSE:PSB) opened at 107.16 on Friday. PS Business Parks Inc. has a 12-month low of $81.27 and a 12-month high of $117.00. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 42.88 and a beta of 0.63. The firm’s 50-day moving average price is $110.12 and its 200 day moving average price is $105.31.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by $0.02. The company had revenue of $96.20 million for the quarter, compared to analyst estimates of $95 million. PS Business Parks had a return on equity of 14.22% and a net margin of 34.54%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company posted $1.20 earnings per share. On average, analysts expect that PS Business Parks Inc. will post $5.36 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, September 12th. This represents a $3.00 annualized dividend and a dividend yield of 2.80%. PS Business Parks’s dividend payout ratio (DPR) is presently 120.00%.
Several research firms have recently issued reports on PSB. Zacks Investment Research lowered PS Business Parks from a “buy” rating to a “hold” rating in a research report on Tuesday, August 2nd. Citigroup Inc. lifted their target price on PS Business Parks from $93.00 to $107.00 and gave the stock a “neutral” rating in a report on Thursday, July 7th.
In related news, Director James H. Kropp sold 1,668 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $109.60, for a total value of $182,812.80. Following the completion of the sale, the director now directly owns 10,502 shares in the company, valued at $1,151,019.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph D. Russell, Jr. sold 2,000 shares of the stock in a transaction on Friday, August 19th. The shares were sold at an average price of $108.45, for a total value of $216,900.00. 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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