Russell Investments Group Ltd. trimmed its stake in PS Business Parks Inc (NYSE:PSB) by 7.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 29,924 shares of the real estate investment trust’s stock after selling 2,489 shares during the period. Russell Investments Group Ltd. owned 0.11% of PS Business Parks worth $3,995,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in PS Business Parks by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 3,300,402 shares of the real estate investment trust’s stock valued at $436,940,000 after buying an additional 20,434 shares during the last quarter. State Street Corp grew its holdings in PS Business Parks by 3.2% in the 2nd quarter. State Street Corp now owns 802,768 shares of the real estate investment trust’s stock valued at $106,276,000 after buying an additional 25,046 shares during the last quarter. Northern Trust Corp grew its holdings in PS Business Parks by 3.7% in the 2nd quarter. Northern Trust Corp now owns 524,636 shares of the real estate investment trust’s stock valued at $69,457,000 after buying an additional 18,570 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in PS Business Parks by 21.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 343,810 shares of the real estate investment trust’s stock valued at $45,518,000 after buying an additional 60,805 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in PS Business Parks by 3.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 300,398 shares of the real estate investment trust’s stock valued at $39,769,000 after buying an additional 10,660 shares during the last quarter. 71.97% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Robert S. Rollo sold 2,070 shares of PS Business Parks stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $135.19, for a total transaction of $279,843.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph D. Russell, Jr. sold 2,500 shares of PS Business Parks stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $131.50, for a total value of $328,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 8,570 shares of company stock worth $1,155,033 in the last three months. 1.63% of the stock is owned by insiders.
A number of analysts have issued reports on PSB shares. Zacks Investment Research raised PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 target price on the stock in a report on Monday, October 16th. KeyCorp reaffirmed a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th. Finally, J P Morgan Chase & Co lowered PS Business Parks from a “neutral” rating to an “underweight” rating in a report on Friday.
PS Business Parks Inc (PSB) traded down $0.64 on Friday, reaching $127.60. The company’s stock had a trading volume of 169,000 shares, compared to its average volume of 93,422. The firm has a market cap of $3,494.67, a price-to-earnings ratio of 21.37, a P/E/G ratio of 4.20 and a beta of 0.56. PS Business Parks Inc has a 12-month low of $108.97 and a 12-month high of $137.60.
PS Business Parks (NYSE:PSB) last released its earnings results on Tuesday, October 24th. The real estate investment trust reported $1.54 earnings per share (EPS) for the quarter, beating the Zacks’ 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 for the quarter, compared to analyst estimates of $99.55 million. During the same quarter last year, the firm posted $1.43 EPS. The company’s revenue was up 3.2% on a year-over-year basis. sell-side analysts forecast that PS Business Parks Inc will post 6.11 earnings per share for the current fiscal year.
The company 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. This represents a $3.40 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Tuesday, December 12th. PS Business Parks’s payout ratio is presently 113.33%.
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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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