Insider Selling: PS Business Parks, Inc. (PSB) Director Sells 800 Shares of Stock
PS Business Parks, Inc. (NYSE:PSB) Director Joseph D. Russell, Jr. sold 800 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $133.00, for a total transaction of $106,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Joseph D. Russell, Jr. also recently made the following trade(s):
- On Thursday, August 24th, Joseph D. Russell, Jr. sold 2,500 shares of PS Business Parks stock. The shares were sold at an average price of $133.37, for a total transaction of $333,425.00.
Shares of PS Business Parks, Inc. (PSB) traded up 1.38% on Thursday, reaching $134.82. 64,094 shares of the company’s stock traded hands. The company’s 50-day moving average price is $133.37 and its 200 day moving average price is $125.67. The firm has a market cap of $3.67 billion, a P/E ratio of 44.03 and a beta of 0.60. PS Business Parks, Inc. has a one year low of $102.32 and a one year high of $137.34.
PS Business Parks (NYSE:PSB) last posted its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.88. PS Business Parks had a net margin of 39.05% and a return on equity of 16.50%. The business had revenue of $99.80 million for the quarter, compared to analysts’ expectations of $100.81 million. During the same period in the prior year, the company posted $1.36 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities analysts forecast that PS Business Parks, Inc. will post $3.13 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Tuesday, September 12th. PS Business Parks’s dividend payout ratio is presently 111.11%.
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Hedge funds and other institutional investors have recently bought and sold shares of the business. Chicago Equity Partners LLC lifted its stake in PS Business Parks by 84.6% in the 2nd quarter. Chicago Equity Partners LLC now owns 38,686 shares of the real estate investment trust’s stock worth $5,122,000 after purchasing an additional 17,726 shares in the last quarter. Great Lakes Advisors LLC lifted its stake in PS Business Parks by 507.9% in the 1st quarter. Great Lakes Advisors LLC now owns 14,104 shares of the real estate investment trust’s stock worth $1,619,000 after purchasing an additional 11,784 shares in the last quarter. Comerica Bank lifted its stake in PS Business Parks by 3.7% in the 1st quarter. Comerica Bank now owns 21,726 shares of the real estate investment trust’s stock worth $2,655,000 after purchasing an additional 777 shares in the last quarter. Oxford Asset Management purchased a new stake in PS Business Parks in the 1st quarter worth approximately $237,000. Finally, New York State Teachers Retirement System lifted its stake in PS Business Parks by 1.8% in the 1st quarter. New York State Teachers Retirement System now owns 74,529 shares of the real estate investment trust’s stock worth $8,553,000 after purchasing an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 72.36% of the company’s stock.
Several research analysts have commented on the stock. Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 price objective for the company in a research report on Tuesday, September 5th. KeyCorp restated a “hold” rating on shares of PS Business Parks in a research report on Friday, August 25th. Finally, BidaskClub downgraded shares of PS Business Parks from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th.
PS Business Parks Company Profile
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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