Insider Selling: PS Business Parks, Inc. (PSB) Director Sells 5,137 Shares of Stock
PS Business Parks, Inc. (NYSE:PSB) Director Sara Grootwassink Lewis sold 5,137 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $134.03, for a total value of $688,512.11. Following the completion of the transaction, the director now directly owns 4,377 shares in the company, valued at approximately $586,649.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
PS Business Parks, Inc. (NYSE:PSB) traded up 1.38% on Thursday, hitting $134.82. The stock had a trading volume of 64,094 shares. PS Business Parks, Inc. has a 52-week low of $102.32 and a 52-week high of $137.34. The company has a 50 day moving average price of $133.37 and a 200-day moving average price of $125.67. The company has a market cap of $3.67 billion, a price-to-earnings ratio of 44.03 and a beta of 0.60.
PS Business Parks (NYSE:PSB) last issued its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.88. The business had revenue of $99.80 million during the quarter, compared to analysts’ expectations of $100.81 million. PS Business Parks had a return on equity of 16.50% and a net margin of 39.05%. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.36 EPS. On average, equities research analysts predict that PS Business Parks, Inc. will post $3.13 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be issued a $0.85 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $3.40 annualized dividend and a dividend yield of 2.52%. PS Business Parks’s dividend payout ratio (DPR) is presently 111.11%.
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Several research analysts have recently commented on PSB shares. BidaskClub downgraded PS Business Parks from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research downgraded PS Business Parks from a “buy” rating to a “hold” rating in a research note on Monday, May 29th. Finally, KeyCorp reaffirmed a “hold” rating on shares of PS Business Parks in a research note on Friday, August 25th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Piedmont Investment Advisors LLC acquired a new position in PS Business Parks in the 2nd quarter worth about $560,000. Susquehanna International Group LLP raised its holdings in PS Business Parks by 76.8% in the 2nd quarter. Susquehanna International Group LLP now owns 45,367 shares of the real estate investment trust’s stock worth $6,006,000 after purchasing an additional 19,706 shares during the period. Coldstream Capital Management Inc. acquired a new position in PS Business Parks in the 2nd quarter worth about $237,000. State Street Corp raised its holdings in PS Business Parks by 3.2% in the 2nd quarter. State Street Corp now owns 802,768 shares of the real estate investment trust’s stock worth $106,276,000 after purchasing an additional 25,046 shares during the period. Finally, Shelton Capital Management acquired a new position in PS Business Parks in the 2nd quarter worth about $257,000. 72.36% of the stock is owned by institutional investors.
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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