Bank of New York Mellon Corp reduced its stake in shares of PS Business Parks Inc (NYSE:PSB) by 37.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 294,555 shares of the real estate investment trust’s stock after selling 174,730 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.08% of PS Business Parks worth $36,846,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of PSB. CIBC Asset Management Inc purchased a new stake in shares of PS Business Parks during the third quarter valued at $206,000. Cubist Systematic Strategies LLC purchased a new stake in shares of PS Business Parks during the third quarter valued at $264,000. Algert Global LLC purchased a new stake in shares of PS Business Parks during the third quarter valued at $372,000. Schroder Investment Management Group boosted its stake in shares of PS Business Parks by 363.6% during the third quarter. Schroder Investment Management Group now owns 3,162 shares of the real estate investment trust’s stock valued at $422,000 after purchasing an additional 2,480 shares during the period. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of PS Business Parks during the third quarter valued at $619,000. 71.49% of the stock is owned by hedge funds and other institutional investors.
Shares of PS Business Parks Inc (NYSE PSB) opened at $113.79 on Tuesday. The stock has a market cap of $3,138.10, a price-to-earnings ratio of 34.48, a PEG ratio of 3.64 and a beta of 0.53. PS Business Parks Inc has a one year low of $107.91 and a one year high of $137.60.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, March 14th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Tuesday, March 13th. This represents a $3.40 annualized dividend and a dividend yield of 2.99%. PS Business Parks’s payout ratio is currently 103.03%.
A number of brokerages have recently issued reports on PSB. Zacks Investment Research raised shares of PS Business Parks from a “sell” rating to a “hold” rating in a research note on Tuesday, February 27th. JPMorgan Chase & Co. lowered their target price on shares of PS Business Parks from $135.00 to $123.00 and set an “underweight” rating for the company in a research note on Wednesday, February 14th.
In related news, Director Joseph D. Russell, Jr. sold 800 shares of PS Business Parks stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $128.52, for a total value of $102,816.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John W. Petersen sold 5,104 shares of PS Business Parks stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $111.67, for a total value of $569,963.68. The disclosure for this sale can be found here. Insiders own 1.63% of the company’s stock.
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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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