Great Lakes Advisors LLC decreased its stake in shares of PS Business Parks Inc (NYSE:PSB) by 21.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,141 shares of the real estate investment trust’s stock after selling 1,666 shares during the quarter. Great Lakes Advisors LLC’s holdings in PS Business Parks were worth $1,117,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 Asset Management L.P. purchased a new stake in PS Business Parks during the 2nd quarter worth about $34,000. Quantamental Technologies LLC purchased a new position in shares of PS Business Parks in the 2nd quarter valued at about $50,000. Point72 Hong Kong Ltd purchased a new position in shares of PS Business Parks in the 2nd quarter valued at about $71,000. Robecosam AG increased its holdings in shares of PS Business Parks by 7.3% in the 3rd quarter. Robecosam AG now owns 805 shares of the real estate investment trust’s stock valued at $147,000 after acquiring an additional 55 shares during the last quarter. Finally, LS Investment Advisors LLC increased its holdings in shares of PS Business Parks by 63.6% in the 2nd quarter. LS Investment Advisors LLC now owns 972 shares of the real estate investment trust’s stock valued at $164,000 after acquiring an additional 378 shares during the last quarter. Institutional investors own 70.51% of the company’s stock.
A number of research analysts have recently commented on the company. Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a report on Friday, August 16th. Citigroup upgraded PS Business Parks from a “sell” rating to a “neutral” rating and increased their price objective for the company from $142.00 to $180.00 in a report on Monday, September 23rd. Finally, ValuEngine downgraded PS Business Parks from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd.
NYSE:PSB opened at $175.77 on Friday. The stock’s 50 day moving average price is $181.04 and its 200 day moving average price is $173.46. The company has a market capitalization of $4.82 billion, a PE ratio of 25.91, a P/E/G ratio of 5.14 and a beta of 0.42. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.05. PS Business Parks Inc has a 52-week low of $125.52 and a 52-week high of $192.13.
PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.15. The firm had revenue of $108.06 million for the quarter, compared to the consensus estimate of $106.77 million. PS Business Parks had a return on equity of 14.96% and a net margin of 35.61%. As a group, sell-side analysts anticipate that PS Business Parks Inc will post 6.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $1.05 per share. The ex-dividend date is Thursday, December 12th. This represents a $4.20 dividend on an annualized basis and a yield of 2.39%. PS Business Parks’s dividend payout ratio is presently 64.91%.
In related news, COO John W. Petersen sold 800 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $175.31, for a total transaction of $140,248.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Ronald L. Havner, Jr. sold 1,792 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $176.84, for a total value of $316,897.28. The disclosure for this sale can be found here. Insiders have sold a total of 8,431 shares of company stock worth $1,511,893 in the last 90 days. 1.50% of the stock is currently owned by company insiders.
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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