PS Business Parks Inc (PSB) Holdings Raised by Legal & General Group Plc
Legal & General Group Plc raised its stake in shares of PS Business Parks Inc (NYSE:PSB) by 3.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 100,960 shares of the real estate investment trust’s stock after acquiring an additional 3,454 shares during the period. Legal & General Group Plc’s holdings in PS Business Parks were worth $12,962,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Quantbot Technologies LP increased its position in shares of PS Business Parks by 84.7% during the first quarter. Quantbot Technologies LP now owns 1,522 shares of the real estate investment trust’s stock valued at $172,000 after acquiring an additional 698 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of PS Business Parks during the second quarter valued at about $204,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of PS Business Parks during the second quarter valued at about $209,000. Natixis acquired a new stake in shares of PS Business Parks during the first quarter valued at about $213,000. Finally, CIBC Asset Management Inc acquired a new stake in shares of PS Business Parks during the second quarter valued at about $221,000. Institutional investors and hedge funds own 71.22% of the company’s stock.
NYSE PSB opened at $130.10 on Friday. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.01. PS Business Parks Inc has a one year low of $107.91 and a one year high of $137.60. The company has a market capitalization of $3.55 billion, a PE ratio of 21.08, a price-to-earnings-growth ratio of 4.07 and a beta of 0.47.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 27th. Stockholders of record on Wednesday, September 12th will be paid a $1.05 dividend. This is a positive change from PS Business Parks’s previous quarterly dividend of $0.85. The ex-dividend date is Tuesday, September 11th. This represents a $4.20 annualized dividend and a dividend yield of 3.23%. PS Business Parks’s dividend payout ratio (DPR) is presently 68.52%.
In other news, insider John W. Petersen sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $129.13, for a total value of $451,955.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer Holden Dunbar sold 2,789 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $128.18, for a total transaction of $357,494.02. Following the completion of the transaction, the director now directly owns 1,721 shares of the company’s stock, valued at approximately $220,597.78. The disclosure for this sale can be found here. In the last three months, insiders sold 8,789 shares of company stock valued at $1,132,949. Insiders own 1.63% of the company’s stock.
PSB has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of PS Business Parks from $121.00 to $122.00 and gave the company an “underweight” rating in a research report on Tuesday, May 29th. Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $139.00 price target for the company in a research report on Tuesday, June 12th. Finally, Wells Fargo & Co lifted their price target on shares of PS Business Parks from $121.00 to $131.00 and gave the company a “market perform” rating in a research report on Thursday, August 9th.
PS Business Parks Profile
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a real estate investment trust (?REIT?) that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of June 30, 2018, the Company wholly owned 28.3 million rentable square feet with approximately 5,000 commercial customers in six states and a 95.0% interest in a 395-unit apartment complex.
Featured Article: Understanding Analyst Ratings
Want to see what other hedge funds are holding PSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PS Business Parks Inc (NYSE:PSB).
Receive News & Ratings for PS Business Parks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PS Business Parks and related companies with MarketBeat.com's FREE daily email newsletter.