Vanguard Group Inc. boosted its position in PS Business Parks Inc (NYSE:PSB) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,194,613 shares of the real estate investment trust’s stock after buying an additional 36,229 shares during the quarter. Vanguard Group Inc. owned approximately 11.62% of PS Business Parks worth $422,967,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in PSB. Nuveen Asset Management LLC boosted its holdings in PS Business Parks by 41.6% during the first quarter. Nuveen Asset Management LLC now owns 606,565 shares of the real estate investment trust’s stock valued at $82,201,000 after acquiring an additional 178,228 shares during the period. Centersquare Investment Management LLC boosted its stake in PS Business Parks by 504.2% during the 1st quarter. Centersquare Investment Management LLC now owns 155,883 shares of the real estate investment trust’s stock valued at $21,125,000 after purchasing an additional 130,083 shares during the period. Principal Financial Group Inc. grew its holdings in PS Business Parks by 122.3% in the 2nd quarter. Principal Financial Group Inc. now owns 137,987 shares of the real estate investment trust’s stock valued at $18,269,000 after buying an additional 75,911 shares during the last quarter. Echo Street Capital Management LLC grew its holdings in PS Business Parks by 170.5% in the 1st quarter. Echo Street Capital Management LLC now owns 115,329 shares of the real estate investment trust’s stock valued at $15,629,000 after buying an additional 72,693 shares during the last quarter. Finally, Green Street Investors LLC bought a new position in PS Business Parks in the 2nd quarter worth approximately $6,342,000. Hedge funds and other institutional investors own 71.16% of the company’s stock.
NYSE PSB opened at $123.11 on Wednesday. PS Business Parks Inc has a 1-year low of $102.48 and a 1-year high of $192.13. The company has a 50 day moving average of $130.71 and a 200-day moving average of $131.26. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 27.98 and a beta of 0.35.
PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.36. PS Business Parks had a return on equity of 18.12% and a net margin of 44.01%. Research analysts expect that PS Business Parks Inc will post 6.67 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, September 14th. PS Business Parks’s payout ratio is 61.95%.
In other PS Business Parks news, Director Joseph D. Russell, Jr. sold 1,200 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $123.71, for a total value of $148,452.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.44% of the company’s stock.
PSB has been the topic of several research analyst reports. Zacks Investment Research downgraded shares of PS Business Parks from a “hold” rating to a “sell” rating and set a $131.00 price objective on the stock. in a research note on Wednesday, September 9th. Citigroup raised their price target on shares of PS Business Parks from $134.00 to $139.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Finally, Wells Fargo & Company dropped their price objective on shares of PS Business Parks from $175.00 to $150.00 and set an “underweight” rating on the stock in a report on Wednesday, June 10th. Three research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock has an average rating of “Sell” and an average target price of $141.25.
PS Business Parks Company Profile
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of December 31, 2018, the Company wholly owned 28.2 million rentable square feet with approximately 5,050 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.
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