Rhumbline Advisers Increases Position in PS Business Parks, Inc. (PSB)
Rhumbline Advisers lifted its position in PS Business Parks, Inc. (NYSE:PSB) by 2.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,481 shares of the real estate investment trust’s stock after purchasing an additional 1,675 shares during the period. Rhumbline Advisers owned 0.22% of PS Business Parks worth $8,074,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Aperio Group LLC lifted its holdings in PS Business Parks by 4.7% during the second quarter. Aperio Group LLC now owns 9,764 shares of the real estate investment trust’s stock worth $1,293,000 after buying an additional 438 shares during the period. Russell Investments Group Ltd. lifted its holdings in PS Business Parks by 25.1% during the second quarter. Russell Investments Group Ltd. now owns 32,413 shares of the real estate investment trust’s stock worth $4,291,000 after buying an additional 6,508 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in PS Business Parks during the second quarter worth $247,000. Municipal Employees Retirement System of Michigan lifted its holdings in PS Business Parks by 3.4% during the second quarter. Municipal Employees Retirement System of Michigan now owns 4,610 shares of the real estate investment trust’s stock worth $610,000 after buying an additional 150 shares during the period. Finally, Bowling Portfolio Management LLC lifted its holdings in PS Business Parks by 46.3% during the second quarter. Bowling Portfolio Management LLC now owns 6,385 shares of the real estate investment trust’s stock worth $845,000 after buying an additional 2,020 shares during the period. Hedge funds and other institutional investors own 71.95% of the company’s stock.
In other news, Director Joseph D. Russell, Jr. sold 800 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $133.00, for a total transaction of $106,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ronald L. Havner, Jr. sold 8,136 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $134.94, for a total value of $1,097,871.84. Following the sale, the director now owns 2,068 shares of the company’s stock, valued at approximately $279,055.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,756 shares of company stock valued at $3,892,502. Company insiders own 1.63% of the company’s stock.
Shares of PS Business Parks, Inc. (NYSE PSB) traded down $1.27 on Wednesday, hitting $133.19. The stock had a trading volume of 84,600 shares, compared to its average volume of 94,261. PS Business Parks, Inc. has a 12-month low of $108.50 and a 12-month high of $137.60. The stock has a market cap of $3,663.63, a price-to-earnings ratio of 22.41, a PEG ratio of 4.40 and a beta of 0.57.
PS Business Parks (NYSE:PSB) last issued its quarterly earnings data on Tuesday, October 24th. The real estate investment trust reported $1.54 EPS for the quarter, beating the consensus estimate of $0.67 by $0.87. PS Business Parks had a return on equity of 16.95% and a net margin of 39.78%. The firm had revenue of $100.48 million during the quarter, compared to analyst estimates of $99.55 million. During the same quarter in the prior year, the business posted $1.43 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. equities research analysts forecast that PS Business Parks, Inc. will post 6.11 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be issued a dividend of $0.85 per share. The ex-dividend date is Tuesday, December 12th. This represents a $3.40 annualized dividend and a dividend yield of 2.55%. PS Business Parks’s dividend payout ratio is presently 113.33%.
A number of analysts have weighed in on the company. Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 target price for the company in a report on Tuesday, September 5th. BidaskClub upgraded PS Business Parks from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, KeyCorp restated a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th.
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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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