First Citizens Bank & Trust Co. lowered its stake in PS Business Parks Inc. (NYSE:PSB) by 9.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,114 shares of the company’s stock after selling 713 shares during the period. First Citizens Bank & Trust Co.’s holdings in PS Business Parks were worth $755,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. BlackRock Japan Co. Ltd boosted its stake 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 valued at $128,000 after buying an additional 4 shares in the last quarter. Barclays PLC boosted its stake in PS Business Parks by 0.6% in the first quarter. Barclays PLC now owns 12,776 shares of the company’s stock valued at $1,278,000 after buying an additional 82 shares in the last quarter. Eqis Capital Management Inc. boosted its stake in PS Business Parks by 3.7% in the second quarter. Eqis Capital Management Inc. now owns 2,478 shares of the company’s stock valued at $263,000 after buying an additional 88 shares in the last quarter. Capstone Asset Management Co. boosted its stake 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 valued at $738,000 after buying an additional 490 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in PS Business Parks by 10.0% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 8,050 shares of the company’s stock valued at $809,000 after buying an additional 735 shares in the last quarter. Institutional investors and hedge funds own 72.13% of the company’s stock.
Shares of PS Business Parks Inc. (NYSE:PSB) traded up 0.61% during trading on Thursday, reaching $107.60. 33,215 shares of the company traded hands. PS Business Parks Inc. has a 12 month low of $81.27 and a 12 month high of $117.00. The stock has a market cap of $2.91 billion, a P/E ratio of 43.06 and a beta of 0.63. The stock’s 50 day moving average price is $110.30 and its 200-day moving average price is $105.25.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by $0.02. The company earned $96.20 million during the quarter, compared to the consensus estimate of $95 million. PS Business Parks had a net margin of 34.54% and a return on equity of 14.22%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same period last year, the company earned $1.20 earnings per share. On average, equities research analysts expect that PS Business Parks Inc. will post $5.36 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th were paid a $0.75 dividend. The ex-dividend date of this dividend was Monday, September 12th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.81%. PS Business Parks’s dividend payout ratio (DPR) is presently 120.00%.
Several research firms recently commented on PSB. Citigroup Inc. raised their price target on shares of PS Business Parks from $93.00 to $107.00 and gave the stock a “neutral” rating in a report on Thursday, July 7th. Zacks Investment Research cut shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Tuesday, August 2nd.
In other news, Director Joseph D. Russell, Jr. sold 2,000 shares of the company’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $108.45, for a total value of $216,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James H. Kropp sold 1,668 shares of the company’s stock in a transaction dated 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 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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