PNC Financial Services Group Inc. increased its holdings in PS Business Parks Inc (NYSE:PSB) by 49.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,826 shares of the real estate investment trust’s stock after acquiring an additional 10,551 shares during the quarter. PNC Financial Services Group Inc. owned about 0.12% of PS Business Parks worth $4,991,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also made changes to their positions in the stock. Teachers Advisors LLC increased its stake in PS Business Parks by 0.3% during the third quarter. Teachers Advisors LLC now owns 213,694 shares of the real estate investment trust’s stock worth $27,158,000 after acquiring an additional 743 shares during the last quarter. Morgan Stanley lifted its holdings in shares of PS Business Parks by 39.0% in the 3rd quarter. Morgan Stanley now owns 74,952 shares of the real estate investment trust’s stock valued at $9,526,000 after purchasing an additional 21,045 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of PS Business Parks by 1.7% in the 3rd quarter. Vanguard Group Inc now owns 3,132,045 shares of the real estate investment trust’s stock valued at $398,051,000 after purchasing an additional 51,851 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of PS Business Parks by 13.7% in the 4th quarter. Rhumbline Advisers now owns 80,612 shares of the real estate investment trust’s stock valued at $10,560,000 after purchasing an additional 9,691 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in PS Business Parks by 114.4% during the 4th quarter. SG Americas Securities LLC now owns 4,448 shares of the real estate investment trust’s stock valued at $583,000 after acquiring an additional 2,373 shares during the last quarter. 71.19% of the stock is owned by institutional investors.
In other PS Business Parks news, COO John W. Petersen sold 1,666 shares of PS Business Parks stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $156.78, for a total value of $261,195.48. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Trenton Groves sold 2,000 shares of PS Business Parks stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $160.01, for a total transaction of $320,020.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,513 shares of company stock worth $1,372,120. Corporate insiders own 1.50% of the company’s stock.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.29. The firm had revenue of $107.83 million during the quarter, compared to the consensus estimate of $103.07 million. PS Business Parks had a return on equity of 18.97% and a net margin of 46.31%. On average, analysts expect that PS Business Parks Inc will post 6.71 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were issued a dividend of $1.05 per share. The ex-dividend date of this dividend was Tuesday, June 11th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 2.50%. PS Business Parks’s dividend payout ratio (DPR) is presently 64.91%.
Separately, Citigroup boosted their target price on PS Business Parks from $107.00 to $133.00 and gave the stock a “sell” rating in a research report on Friday, March 29th.
About PS Business Parks
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of December 31, 2018, the Company wholly owned 28.2 million rentable square feet with approximately 5,050 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.
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