Principal Financial Group Inc. Acquires 134 Shares of PS Business Parks, Inc. (PSB)

Principal Financial Group Inc. raised its holdings in PS Business Parks, Inc. (NYSE:PSB) by 0.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 163,168 shares of the real estate investment trust’s stock after acquiring an additional 134 shares during the quarter. Principal Financial Group Inc. owned approximately 0.60% of PS Business Parks worth $21,602,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSB. BlackRock Inc. increased its position in PS Business Parks by 3,580.8% in the 1st quarter. BlackRock Inc. now owns 3,311,472 shares of the real estate investment trust’s stock valued at $380,026,000 after acquiring an additional 3,221,505 shares during the period. Vanguard Group Inc. increased its position in shares of PS Business Parks by 3.6% during the first quarter. Vanguard Group Inc. now owns 3,279,968 shares of the real estate investment trust’s stock worth $376,409,000 after buying an additional 113,922 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of PS Business Parks by 44.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 283,005 shares of the real estate investment trust’s stock worth $32,478,000 after buying an additional 87,442 shares during the period. Wellington Management Group LLP increased its position in shares of PS Business Parks by 5.9% during the first quarter. Wellington Management Group LLP now owns 1,226,997 shares of the real estate investment trust’s stock worth $140,811,000 after buying an additional 67,875 shares during the period. Finally, State Street Corp increased its position in shares of PS Business Parks by 7.1% during the first quarter. State Street Corp now owns 777,722 shares of the real estate investment trust’s stock worth $89,248,000 after buying an additional 51,305 shares during the period. Hedge funds and other institutional investors own 72.36% of the company’s stock.

In related news, Director Jennifer Holden Dunbar sold 4,000 shares of PS Business Parks stock in a transaction on Friday, August 18th. The shares were sold at an average price of $130.69, for a total value of $522,760.00. Following the transaction, the director now directly owns 4,000 shares of the company’s stock, valued at $522,760. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John W. Petersen sold 3,000 shares of PS Business Parks stock in a transaction on Monday, August 21st. The stock was sold at an average price of $132.22, for a total transaction of $396,660.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,249 shares of company stock worth $3,524,152. 1.63% of the stock is owned by insiders.

Several research firms have recently weighed in on PSB. BidaskClub cut shares of PS Business Parks from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $140.00 price objective for the company in a research report on Tuesday, May 30th. Finally, KeyCorp reiterated a “hold” rating on shares of PS Business Parks in a research report on Friday, August 25th.

Shares of PS Business Parks, Inc. (NYSE:PSB) opened at 133.88 on Wednesday. PS Business Parks, Inc. has a 52-week low of $102.32 and a 52-week high of $137.34. The stock’s 50 day moving average is $133.00 and its 200 day moving average is $125.43. The firm has a market capitalization of $3.64 billion, a PE ratio of 43.72 and a beta of 0.60.

PS Business Parks (NYSE:PSB) last issued its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.55 EPS for the quarter, topping the consensus estimate of $0.67 by $0.88. PS Business Parks had a net margin of 39.05% and a return on equity of 16.50%. The company had revenue of $99.80 million for the quarter, compared to the consensus estimate of $100.81 million. During the same period in the previous year, the firm earned $1.36 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, equities research analysts forecast that PS Business Parks, Inc. will post $3.12 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Tuesday, September 12th. PS Business Parks’s payout ratio is 111.11%.

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PS Business Parks 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.

Institutional Ownership by Quarter for PS Business Parks (NYSE:PSB)

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