Bank of Montreal Can purchased a new stake in PS Business Parks Inc. (NYSE:PSB) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 26,123 shares of the company’s stock, valued at approximately $2,771,000.
Other hedge funds have also recently bought and sold shares of the company. Shell Asset Management Co. purchased a new stake in PS Business Parks during the second quarter valued at about $860,000. New York State Teachers Retirement System raised its stake in PS Business Parks by 2.2% in the second quarter. New York State Teachers Retirement System now owns 73,229 shares of the company’s stock valued at $7,768,000 after buying an additional 1,600 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in PS Business Parks by 32.4% in the second quarter. Robeco Institutional Asset Management B.V. now owns 74,443 shares of the company’s stock valued at $7,898,000 after buying an additional 18,229 shares during the period. Parametrica Management Ltd purchased a new stake in PS Business Parks during the second quarter valued at about $200,000. Finally, Eqis Capital Management Inc. raised 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 during the period. 72.11% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PS Business Parks Inc. (NYSE:PSB) traded up 0.86% during trading on Tuesday, reaching $108.71. The company’s stock had a trading volume of 62,035 shares. The stock’s 50 day moving average is $110.00 and its 200 day moving average is $105.47. The firm has a market cap of $2.94 billion, a P/E ratio of 43.50 and a beta of 0.63. PS Business Parks Inc. has a one year low of $81.27 and a one year high of $117.00.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $1.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by $0.02. PS Business Parks had a net margin of 34.54% and a return on equity of 14.22%. The company earned $96.20 million during the quarter, compared to the consensus estimate of $95 million. During the same quarter in the previous year, the firm posted $1.20 EPS. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities analysts forecast that PS Business Parks Inc. will post $5.36 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were issued a dividend of $0.75 per share. 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 2.76%. PS Business Parks’s dividend payout ratio is presently 120.00%.
PSB has been the topic of several research reports. Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $128.00 price objective on the stock in a report on Tuesday, September 27th. Citigroup Inc. upped their price objective on shares of PS Business Parks from $93.00 to $107.00 and gave the company a “neutral” rating in a report on Thursday, July 7th.
In related news, Director James H. Kropp sold 1,668 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $109.60, for a total transaction of $182,812.80. Following the completion of the transaction, the director now owns 10,502 shares in the company, valued at $1,151,019.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joseph D. Russell, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 19th. The shares were 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. 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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