PS Business Parks, Inc. (PSB) Shares Sold by Nationwide Fund Advisors
Nationwide Fund Advisors reduced its holdings in PS Business Parks, Inc. (NYSE:PSB) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,123 shares of the real estate investment trust’s stock after selling 71 shares during the quarter. Nationwide Fund Advisors’ holdings in PS Business Parks were worth $1,605,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in PS Business Parks by 0.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,236 shares of the real estate investment trust’s stock worth $164,000 after acquiring an additional 8 shares during the last quarter. Everence Capital Management Inc. bought a new position in PS Business Parks in the 2nd quarter worth about $211,000. Riverhead Capital Management LLC increased its stake in PS Business Parks by 81.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,632 shares of the real estate investment trust’s stock worth $216,000 after acquiring an additional 732 shares during the last quarter. Oxford Asset Management bought a new position in PS Business Parks in the 1st quarter worth about $237,000. Finally, Daiwa Securities Group Inc. increased its stake in PS Business Parks by 20.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,800 shares of the real estate investment trust’s stock worth $238,000 after acquiring an additional 300 shares during the last quarter. Institutional investors and hedge funds own 72.33% of the company’s stock.
PS Business Parks, Inc. (PSB) opened at 135.45 on Thursday. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 44.24 and a beta of 0.60. PS Business Parks, Inc. has a 52 week low of $102.32 and a 52 week high of $137.60. The firm has a 50-day moving average price of $135.14 and a 200-day moving average price of $129.44.
PS Business Parks (NYSE:PSB) last issued its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm 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 posted $1.36 earnings per share. The business’s revenue was up 3.9% compared to the same quarter last year. Analysts anticipate that PS Business Parks, Inc. will post $3.13 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th were issued a $0.85 dividend. The ex-dividend date was Tuesday, September 12th. This represents a $3.40 annualized dividend and a dividend yield of 2.51%. PS Business Parks’s dividend payout ratio (DPR) is 111.11%.
In other news, Director Jennifer Holden Dunbar sold 4,000 shares of PS Business Parks stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $130.69, for a total value of $522,760.00. Following the sale, the director now directly owns 4,000 shares of the company’s stock, valued at $522,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John W. Petersen sold 3,000 shares of PS Business Parks stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $132.22, for a total value of $396,660.00. The disclosure for this sale can be found here. Insiders sold 32,186 shares of company stock worth $4,319,064 over the last ninety days. Insiders own 1.63% of the company’s stock.
A number of brokerages have weighed in on PSB. BidaskClub lowered PS Business Parks from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 11th. Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 target price on the stock in a research note on Tuesday, September 5th. Finally, KeyCorp restated a “hold” rating on shares of PS Business Parks in a research note on Friday, August 25th.
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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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