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.
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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