PS Business Parks Inc (NYSE:PSB) Short Interest Update

PS Business Parks Inc (NYSE:PSB) was the target of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 356,700 shares, a growth of 7.7% from the April 30th total of 331,200 shares. Based on an average daily volume of 179,200 shares, the days-to-cover ratio is currently 2.0 days. Currently, 1.8% of the company’s shares are sold short.

Shares of PSB stock traded down $0.35 during trading on Friday, reaching $172.80. The company had a trading volume of 85,838 shares, compared to its average volume of 130,738. The stock has a 50 day moving average price of $169.26. PS Business Parks has a one year low of $120.21 and a one year high of $178.60. The firm has a market cap of $4.74 billion, a P/E ratio of 26.71, a PEG ratio of 5.16 and a beta of 0.45.

PS Business Parks (NYSE:PSB) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $0.96 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.29. The business had revenue of $107.83 million for 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, equities research analysts forecast that PS Business Parks will post 6.71 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were given a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Tuesday, June 11th. PS Business Parks’s dividend payout ratio is currently 64.91%.

In other PS Business Parks news, COO John W. Petersen sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $169.04, for a total transaction of $101,424.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph D. Russell, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $162.68, for a total value of $325,360.00. Following the sale, the director now owns 11,434 shares of the company’s stock, valued at $1,860,083.12. The disclosure for this sale can be found here. Insiders sold a total of 8,513 shares of company stock valued at $1,372,120 in the last quarter. 1.50% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PSB. Bruderman Asset Management LLC acquired a new stake in shares of PS Business Parks during the 4th quarter worth approximately $98,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of PS Business Parks during the 2nd quarter worth approximately $205,000. Mackay Shields LLC acquired a new stake in shares of PS Business Parks during the 4th quarter worth approximately $210,000. Menta Capital LLC acquired a new stake in PS Business Parks in the 4th quarter valued at $217,000. Finally, Magnus Financial Group LLC acquired a new stake in PS Business Parks in the 4th quarter valued at $238,000. 71.19% of the stock is currently owned by institutional investors.

Separately, Citigroup raised their price target on PVH from $120.00 to $128.00 and gave the stock a “neutral” rating in a research note 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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