PS Business Parks Inc (PSB) to Issue Quarterly Dividend of $0.85 on December 28th
PS Business Parks Inc (NYSE:PSB) announced a quarterly dividend on Monday, November 6th, Wall Street Journal reports. Investors of record on Wednesday, December 13th will be given a dividend of 0.85 per share by the real estate investment trust on Thursday, December 28th. This represents a $3.40 annualized dividend and a yield of 2.66%. The ex-dividend date is Tuesday, December 12th.
PS Business Parks has raised its dividend payment by an average of 19.5% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. PS Business Parks has a payout ratio of 55.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect PS Business Parks to earn $6.47 per share next year, which means the company should continue to be able to cover its $3.40 annual dividend with an expected future payout ratio of 52.6%.
PS Business Parks (NYSE:PSB) opened at $127.65 on Thursday. The company has a market cap of $3,498.22, a PE ratio of 21.40, a PEG ratio of 4.20 and a beta of 0.56. PS Business Parks has a fifty-two week low of $108.97 and a fifty-two week high of $137.60.
A number of research analysts have recently commented on PSB shares. KeyCorp reissued a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th. Zacks Investment Research cut shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Monday, September 4th.
In other news, Director Ronald L. Havner, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $136.61, for a total value of $546,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph D. Russell, Jr. sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $131.50, for a total value of $328,750.00. The disclosure for this sale can be found here. Insiders sold 23,120 shares of company stock valued at $3,123,381 in the last three months. Company insiders own 1.63% of the company’s stock.
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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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