Principal Financial Group Inc. boosted its stake in shares of PS Business Parks Inc. (NYSE:PSB) by 2.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,691 shares of the company’s stock after buying an additional 3,163 shares during the period. Principal Financial Group Inc. owned about 0.52% of PS Business Parks worth $15,030,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in PSB. Geode Capital Management LLC raised its position in shares of PS Business Parks by 10.4% in the first quarter. Geode Capital Management LLC now owns 207,832 shares of the company’s stock worth $20,888,000 after buying an additional 19,661 shares during the last quarter. State Street Corp raised its position in shares of PS Business Parks by 3.8% in the first quarter. State Street Corp now owns 676,083 shares of the company’s stock worth $67,951,000 after buying an additional 24,732 shares during the last quarter. Kempen Capital Management N.V. raised its position in shares of PS Business Parks by 18.5% in the first quarter. Kempen Capital Management N.V. now owns 13,332 shares of the company’s stock worth $1,340,000 after buying an additional 2,085 shares during the last quarter. Huntington Asset Advisors Inc. bought a new position in shares of PS Business Parks during the first quarter worth $2,425,000. Finally, Menta Capital LLC raised its position in shares of PS Business Parks by 577.0% in the first quarter. Menta Capital LLC now owns 45,870 shares of the company’s stock worth $4,610,000 after buying an additional 39,095 shares during the last quarter. 72.14% of the stock is owned by institutional investors.
PS Business Parks Inc. (NYSE:PSB) traded down 0.92% during trading on Friday, hitting $106.46. 93,945 shares of the stock were exchanged. The firm has a market cap of $2.88 billion, a PE ratio of 42.60 and a beta of 0.63. PS Business Parks Inc. has a 52 week low of $81.27 and a 52 week high of $117.00. The firm’s 50-day moving average is $110.66 and its 200 day moving average is $105.09.
PS Business Parks (NYSE:PSB) last announced its earnings results on Tuesday, July 26th. The company reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $96.20 million for the quarter, compared to the consensus estimate of $95 million. During the same period in the prior year, the business earned $1.20 EPS. PS Business Parks’s quarterly revenue was up 4.5% on a year-over-year basis. Analysts expect that PS Business Parks Inc. will post $5.36 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date was Monday, September 12th. PS Business Parks’s dividend payout ratio is presently 120.00%.
PSB has been the subject of a number of research analyst reports. Citigroup Inc. upped their target price on shares of PS Business Parks from $93.00 to $107.00 and gave the stock a “neutral” rating in a research note on Thursday, July 7th. Zacks Investment Research raised shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $128.00 target price for the company in a research note on Tuesday, September 27th.
In other PS Business Parks news, Director James H. Kropp sold 1,668 shares of PS Business Parks 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 sale, the director now directly owns 10,502 shares of the company’s stock, valued at $1,151,019.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Joseph D. Russell, Jr. sold 2,000 shares of PS Business Parks stock in a transaction on Friday, August 19th. The shares were sold at an average price of $108.45, for a total transaction of $216,900.00. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
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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