PS Business Parks, Inc. (NYSE:PSB) Director Robert S. Rollo sold 8,613 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $136.24, for a total value of $1,173,435.12. Following the completion of the sale, the director now directly owns 7,515 shares of the company’s stock, valued at $1,023,843.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
PS Business Parks, Inc. (NYSE PSB) traded down 1.65% during trading on Tuesday, hitting $133.88. The stock had a trading volume of 66,506 shares. The stock has a 50-day moving average price of $133.00 and a 200-day moving average price of $125.43. PS Business Parks, Inc. has a 52 week low of $102.32 and a 52 week high of $137.34. The company has a market cap of $3.64 billion, a PE ratio of 43.72 and a beta of 0.60.
PS Business Parks (NYSE:PSB) last released its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.88. PS Business Parks had a net margin of 39.05% and a return on equity of 16.50%. The business had revenue of $99.80 million during the quarter, compared to analysts’ expectations of $100.81 million. During the same quarter last year, the company earned $1.36 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. Equities analysts predict that PS Business Parks, Inc. will post $3.12 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Tuesday, September 12th. PS Business Parks’s payout ratio is presently 111.11%.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in shares of PS Business Parks by 3,580.8% in the first quarter. BlackRock Inc. now owns 3,311,472 shares of the real estate investment trust’s stock valued at $380,026,000 after buying an additional 3,221,505 shares during the period. Vanguard Group Inc. lifted its stake in shares of PS Business Parks by 0.6% in the second quarter. Vanguard Group Inc. now owns 3,300,402 shares of the real estate investment trust’s stock valued at $436,940,000 after buying an additional 20,434 shares during the period. Wellington Management Group LLP lifted its stake in shares of PS Business Parks by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,226,997 shares of the real estate investment trust’s stock valued at $140,811,000 after buying an additional 67,875 shares during the period. State Street Corp lifted its stake in shares of PS Business Parks by 3.2% in the second quarter. State Street Corp now owns 802,768 shares of the real estate investment trust’s stock valued at $106,276,000 after buying an additional 25,046 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of PS Business Parks by 3.7% in the second quarter. Northern Trust Corp now owns 524,636 shares of the real estate investment trust’s stock valued at $69,457,000 after buying an additional 18,570 shares during the period. Institutional investors and hedge funds own 72.36% of the company’s stock.
PSB has been the subject of several research analyst reports. Zacks Investment Research raised PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 price objective for the company in a report on Tuesday, September 5th. KeyCorp reissued a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th. Finally, BidaskClub lowered PS Business Parks from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 11th.
About PS Business Parks
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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