Convergence Investment Partners LLC bought a new position in shares of PS Business Parks, Inc. (NYSE:PSB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,573 shares of the real estate investment trust’s stock, valued at approximately $605,000.

A number of other large investors also recently made changes to their positions in PSB. Capital Fund Management S.A. bought a new stake in shares of PS Business Parks during the first quarter worth $252,000. Daiwa Securities Group Inc. increased its stake in shares of PS Business Parks by 25.0% in the first quarter. Daiwa Securities Group Inc. now owns 1,500 shares of the real estate investment trust’s stock worth $172,000 after buying an additional 300 shares in the last quarter. First Trust Advisors LP increased its stake in shares of PS Business Parks by 6.5% in the first quarter. First Trust Advisors LP now owns 38,919 shares of the real estate investment trust’s stock worth $4,466,000 after buying an additional 2,390 shares in the last quarter. Capital One National Association increased its stake in shares of PS Business Parks by 1.2% in the first quarter. Capital One National Association now owns 3,969 shares of the real estate investment trust’s stock worth $455,000 after buying an additional 46 shares in the last quarter. Finally, Chicago Equity Partners LLC increased its stake in shares of PS Business Parks by 11.3% in the first quarter. Chicago Equity Partners LLC now owns 20,960 shares of the real estate investment trust’s stock worth $2,405,000 after buying an additional 2,125 shares in the last quarter. 71.40% of the stock is currently owned by institutional investors and hedge funds.

Shares of PS Business Parks, Inc. (NYSE:PSB) opened at 132.45 on Thursday. PS Business Parks, Inc. has a 52 week low of $102.32 and a 52 week high of $136.27. The company has a 50-day moving average of $131.35 and a 200-day moving average of $122.85. The stock has a market capitalization of $3.60 billion, a P/E ratio of 43.26 and a beta of 0.59.

PS Business Parks (NYSE:PSB) last posted its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $1.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.88. PS Business Parks had a return on equity of 16.50% and a net margin of 39.05%. The company had revenue of $99.80 million for the quarter, compared to analysts’ expectations of $100.81 million. During the same period in the previous year, the firm earned $1.36 EPS. The firm’s revenue was up 3.9% compared to the same quarter last year. On average, analysts anticipate that PS Business Parks, Inc. will post $3.12 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Wednesday, September 13th will be issued a $0.85 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $3.40 dividend on an annualized basis and a yield of 2.57%. PS Business Parks’s dividend payout ratio is presently 111.11%.

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A number of equities research analysts recently weighed in on the stock. BidaskClub raised shares of PS Business Parks from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Zacks Investment Research raised shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a research note on Tuesday, May 30th.

In related news, insider John W. Petersen sold 3,500 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $129.83, for a total value of $454,405.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.63% of the stock is currently owned by insiders.

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.

Institutional Ownership by Quarter for PS Business Parks (NYSE:PSB)

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