Dean Investment Associates LLC purchased a new position in shares of PS Business Parks (NYSE:PSB) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 46,950 shares of the real estate investment trust’s stock, valued at approximately $5,307,000. Dean Investment Associates LLC owned approximately 0.17% of PS Business Parks at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Wells Fargo & Company MN boosted its stake in PS Business Parks by 17.8% during the fourth quarter. Wells Fargo & Company MN now owns 108,073 shares of the real estate investment trust’s stock worth $13,518,000 after buying an additional 16,323 shares in the last quarter. Mackay Shields LLC bought a new position in shares of PS Business Parks during the first quarter valued at $1,948,000. Millennium Management LLC bought a new position in shares of PS Business Parks during the fourth quarter valued at $3,494,000. Rhumbline Advisers lifted its holdings in shares of PS Business Parks by 7.9% during the fourth quarter. Rhumbline Advisers now owns 65,273 shares of the real estate investment trust’s stock valued at $8,165,000 after acquiring an additional 4,792 shares during the period. Finally, Swiss National Bank lifted its holdings in shares of PS Business Parks by 2.1% during the fourth quarter. Swiss National Bank now owns 34,808 shares of the real estate investment trust’s stock valued at $4,354,000 after acquiring an additional 700 shares during the period. Hedge funds and other institutional investors own 71.27% of the company’s stock.
Shares of NYSE PSB opened at $116.24 on Monday. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 18.96 and a beta of 0.47. PS Business Parks has a 52-week low of $107.91 and a 52-week high of $137.60.
PS Business Parks (NYSE:PSB) last issued its quarterly earnings data on Tuesday, April 24th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.92. The company had revenue of $103.75 million during the quarter, compared to analysts’ expectations of $101.77 million. PS Business Parks had a return on equity of 18.57% and a net margin of 43.04%. The business’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the business earned $0.97 earnings per share. equities research analysts anticipate that PS Business Parks will post 6.32 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 28th. Investors of record on Wednesday, June 13th will be issued a $0.85 dividend. The ex-dividend date is Tuesday, June 12th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.92%. PS Business Parks’s dividend payout ratio is 55.46%.
In related news, insider John W. Petersen sold 3,000 shares of PS Business Parks stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $116.74, for a total value of $350,220.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James H. Kropp sold 1,768 shares of PS Business Parks stock in a transaction dated Wednesday, May 9th. The shares were sold at an average price of $117.91, for a total value of $208,464.88. The disclosure for this sale can be found here. Insiders sold 16,531 shares of company stock valued at $1,913,559 over the last ninety days. 1.63% of the stock is currently owned by company insiders.
A number of research analysts have issued reports on PSB shares. Zacks Investment Research raised PS Business Parks from a “sell” rating to a “hold” rating in a report on Tuesday, February 27th. Citigroup cut their price objective on PS Business Parks from $111.00 to $107.00 and set a “sell” rating for the company in a report on Tuesday, April 24th. Finally, JPMorgan Chase cut their price objective on PS Business Parks from $135.00 to $123.00 and set an “underweight” rating for the company in a report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. PS Business Parks presently has an average rating of “Hold” and a consensus price target of $127.33.
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 flex, office and industrial space. The Company defines ?flex? space as buildings that are configured with a combination of office and warehouse space and can be designed to fit a number of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space).
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