California Public Employees Retirement System decreased its stake in PS Business Parks Inc (NYSE:PSB) by 15.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 52,578 shares of the real estate investment trust’s stock after selling 9,355 shares during the quarter. California Public Employees Retirement System owned about 0.19% of PS Business Parks worth $6,756,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Everence Capital Management Inc. purchased a new position in PS Business Parks during the 2nd quarter valued at $204,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in PS Business Parks during the 2nd quarter valued at $209,000. Quantum Capital Management purchased a new position in PS Business Parks during the 2nd quarter valued at $218,000. CIBC Asset Management Inc purchased a new position in PS Business Parks during the 2nd quarter valued at $221,000. Finally, Natixis purchased a new position in PS Business Parks during the 1st quarter valued at $213,000. Hedge funds and other institutional investors own 71.22% of the company’s stock.
In other PS Business Parks news, insider John W. Petersen sold 2,500 shares of the company’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $129.40, for a total value of $323,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer Holden Dunbar sold 2,789 shares of the company’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $128.18, for a total value of $357,494.02. Following the completion of the sale, the director now owns 1,721 shares of the company’s stock, valued at $220,597.78. The disclosure for this sale can be found here. Insiders sold a total of 8,789 shares of company stock valued at $1,132,949 over the last quarter. Company insiders own 1.50% of the company’s stock.
A number of equities analysts recently issued reports on PSB shares. JPMorgan Chase & Co. upgraded PS Business Parks from an “underweight” rating to a “neutral” rating and set a $122.00 price objective for the company in a report on Friday, June 15th. Wells Fargo & Co boosted their price objective on PS Business Parks from $121.00 to $131.00 and gave the company a “market perform” rating in a report on Thursday, August 9th. Finally, Zacks Investment Research cut PS Business Parks from a “buy” rating to a “hold” rating in a report on Tuesday, September 11th.
Shares of PSB stock opened at $121.16 on Friday. PS Business Parks Inc has a twelve month low of $107.91 and a twelve month high of $137.45. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 3.99 and a beta of 0.47. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.50 and a quick ratio of 0.50.
PS Business Parks (NYSE:PSB) last issued its earnings results on Tuesday, July 24th. The real estate investment trust reported $0.43 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.13). PS Business Parks had a return on equity of 23.01% and a net margin of 54.22%. The firm had revenue of $101.82 million during the quarter, compared to analysts’ expectations of $103.05 million. As a group, equities analysts forecast that PS Business Parks Inc will post 6.37 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 27th. Shareholders of record on Wednesday, September 12th were issued a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 3.47%. This is a boost from PS Business Parks’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Tuesday, September 11th. PS Business Parks’s dividend payout ratio is currently 68.52%.
PS Business Parks Company Profile
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a real estate investment trust (?REIT?) that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of June 30, 2018, the Company wholly owned 28.3 million rentable square feet with approximately 5,000 commercial customers in six states and a 95.0% interest in a 395-unit apartment complex.
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