BlackRock Advisors LLC boosted its position in shares of PS Business Parks Inc. (NYSE:PSB) by 662.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 180,588 shares of the company’s stock after buying an additional 156,916 shares during the period. BlackRock Advisors LLC owned 0.67% of PS Business Parks worth $19,157,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of PSB. Capstone Asset Management Co. raised its position in PS Business Parks by 7.6% in the second quarter. Capstone Asset Management Co. now owns 6,960 shares of the company’s stock worth $738,000 after buying an additional 490 shares during the period. Prudential Financial Inc. raised its position in PS Business Parks by 10.5% in the first quarter. Prudential Financial Inc. now owns 53,362 shares of the company’s stock worth $5,364,000 after buying an additional 5,053 shares during the period. Wellington Management Group LLP raised its position in PS Business Parks by 6.2% in the first quarter. Wellington Management Group LLP now owns 1,045,125 shares of the company’s stock worth $105,046,000 after buying an additional 60,780 shares during the period. BlackRock Japan Co. Ltd raised its position in PS Business Parks by 0.3% in the first quarter. BlackRock Japan Co. Ltd now owns 1,276 shares of the company’s stock worth $128,000 after buying an additional 4 shares during the period. Finally, Legal & General Group Plc raised its position in PS Business Parks by 13.1% in the first quarter. Legal & General Group Plc now owns 41,560 shares of the company’s stock worth $4,179,000 after buying an additional 4,814 shares during the period. Hedge funds and other institutional investors own 72.14% of the company’s stock.
Shares of PS Business Parks Inc. (NYSE:PSB) opened at 113.77 on Wednesday. The firm has a 50-day moving average price of $110.43 and a 200-day moving average price of $104.44. The firm has a market cap of $3.08 billion, a P/E ratio of 45.53 and a beta of 0.69. PS Business Parks Inc. has a 12-month low of $77.00 and a 12-month high of $117.00.
PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by $0.02. PS Business Parks had a return on equity of 14.22% and a net margin of 34.54%. The business earned $96.20 million during the quarter, compared to the consensus estimate of $95 million. During the same period in the previous year, the company posted $1.20 EPS. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities research analysts expect that PS Business Parks Inc. will post $5.36 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Monday, September 12th. This represents a $3.00 annualized dividend and a dividend yield of 2.64%. PS Business Parks’s payout ratio is 120.00%.
PSB has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Citigroup Inc. raised their target price on PS Business Parks from $93.00 to $107.00 and gave the company a “neutral” rating in a report on Thursday, July 7th.
In other news, Director James H. Kropp sold 1,668 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $109.60, for a total value of $182,812.80. Following the completion of the transaction, the director now owns 10,502 shares of the company’s stock, valued at $1,151,019.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph D. Russell, Jr. sold 2,000 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $108.45, for a total value of $216,900.00. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.
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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