Eaton Vance Management increased its position in PS Business Parks Inc. (NYSE:PSB) by 6.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,438 shares of the company’s stock after buying an additional 252 shares during the period. Eaton Vance Management’s holdings in PS Business Parks were worth $471,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. 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 shares of PS Business Parks by 10.5% in the first quarter. Prudential Financial Inc. now owns 53,362 shares of the company’s stock valued at $5,364,000 after buying an additional 5,053 shares during the last quarter. Wellington Management Group LLP raised its position in shares of 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 valued at $105,046,000 after buying an additional 60,780 shares during the last quarter. BlackRock Japan Co. Ltd raised its position in shares of PS Business Parks by 0.3% in the first quarter. BlackRock Japan Co. Ltd now owns 1,276 shares of the company’s stock valued at $128,000 after buying an additional 4 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of PS Business Parks by 13.1% in the first quarter. Legal & General Group Plc now owns 41,560 shares of the company’s stock valued at $4,179,000 after buying an additional 4,814 shares during the last quarter. Hedge funds and other institutional investors own 72.14% of the company’s stock.
Shares of PS Business Parks Inc. (NYSE:PSB) traded down 0.26% during midday trading on Friday, reaching $113.57. The company had a trading volume of 179,206 shares. The company has a market capitalization of $3.08 billion, a PE ratio of 45.45 and a beta of 0.69. PS Business Parks Inc. has a one year low of $78.81 and a one year high of $117.00. The company has a 50 day moving average of $110.77 and a 200 day moving average of $104.70.
PS Business Parks (NYSE:PSB) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $1.30 earnings per share (EPS) for the quarter, missing the Zacks’ 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 analysts’ expectations of $95 million. During the same quarter last year, the business posted $1.20 EPS. The company’s quarterly revenue was up 4.5% on a year-over-year basis. Analysts predict that PS Business Parks Inc. will post $5.36 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were given a $0.75 dividend. The ex-dividend date was Monday, September 12th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.64%. PS Business Parks’s dividend payout ratio (DPR) is presently 120.00%.
Several equities analysts have recently issued reports on PSB shares. Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $124.00 price target on the stock in a research note on Monday, August 1st. Citigroup Inc. lifted their price target on PS Business Parks from $93.00 to $107.00 and gave the company a “neutral” rating in a research note on Thursday, July 7th.
In related news, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James H. Kropp sold 1,668 shares of the stock in a transaction on Wednesday, August 3rd. The shares were 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 directly owns 10,502 shares in the company, valued at approximately $1,151,019.20. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate 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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