PS Business Parks, Inc. (NYSE:PSB) Stake Lowered by Trust Co. of Toledo NA OH
Trust Co. of Toledo NA OH cut its position in shares of PS Business Parks, Inc. (NYSE:PSB) by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,143 shares of the real estate investment trust’s stock after selling 39 shares during the period. Trust Co. of Toledo NA OH’s holdings in PS Business Parks were worth $548,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in PSB. BlackRock Inc. raised its stake in 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 worth $380,026,000 after buying an additional 3,221,505 shares in the last quarter. Norges Bank bought a new stake in PS Business Parks during the fourth quarter worth $25,004,000. Vanguard Group Inc. raised its stake in PS Business Parks by 3.6% in the first quarter. Vanguard Group Inc. now owns 3,279,968 shares of the real estate investment trust’s stock worth $376,409,000 after buying an additional 113,922 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in PS Business Parks by 44.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 283,005 shares of the real estate investment trust’s stock worth $32,478,000 after buying an additional 87,442 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in 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 worth $140,811,000 after buying an additional 67,875 shares in the last quarter. Hedge funds and other institutional investors own 71.33% of the company’s stock.
PS Business Parks, Inc. (NYSE PSB) opened at 132.88 on Monday. The firm has a market capitalization of $3.62 billion, a P/E ratio of 43.40 and a beta of 0.59. The stock’s 50 day moving average price is $131.28 and its 200-day moving average price is $121.81. PS Business Parks, Inc. has a 12 month low of $102.32 and a 12 month high of $136.27.
PS Business Parks (NYSE:PSB) last posted its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.88. The company had revenue of $99.80 million for the quarter, compared to analyst estimates of $100.81 million. PS Business Parks had a net margin of 39.05% and a return on equity of 16.50%. PS Business Parks’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.36 earnings per share. Equities analysts forecast that PS Business Parks, Inc. will post $3.12 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $3.40 dividend on an annualized basis and a yield of 2.56%. PS Business Parks’s dividend payout ratio is presently 111.11%.
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A number of analysts have weighed in on the company. BidaskClub upgraded PS Business Parks from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Zacks Investment Research raised PS Business Parks from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research report on Tuesday, May 30th.
In other news, Director James H. Kropp sold 1,768 shares of the business’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $124.23, for a total transaction of $219,638.64. Following the transaction, the director now directly owns 10,902 shares in the company, valued at $1,354,355.46. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John W. Petersen sold 3,000 shares of the business’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $121.59, for a total transaction of $364,770.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,768 shares of company stock worth $2,205,924. 1.63% of the stock is currently owned by company 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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