PNC Financial Services Group Inc. trimmed its holdings in shares of PS Business Parks Inc (NYSE:PSB) by 20.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,416 shares of the real estate investment trust’s stock after selling 6,020 shares during the period. PNC Financial Services Group Inc. owned about 0.09% of PS Business Parks worth $2,975,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Northern Trust Corp lifted its position in PS Business Parks by 0.3% during the second quarter. Northern Trust Corp now owns 540,091 shares of the real estate investment trust’s stock valued at $69,401,000 after buying an additional 1,830 shares in the last quarter. Rhumbline Advisers lifted its position in PS Business Parks by 2.2% during the second quarter. Rhumbline Advisers now owns 72,504 shares of the real estate investment trust’s stock valued at $9,317,000 after buying an additional 1,529 shares in the last quarter. Aperio Group LLC lifted its position in PS Business Parks by 4.9% during the second quarter. Aperio Group LLC now owns 9,418 shares of the real estate investment trust’s stock valued at $1,210,000 after buying an additional 440 shares in the last quarter. American Century Companies Inc. lifted its position in PS Business Parks by 31.6% during the third quarter. American Century Companies Inc. now owns 285,486 shares of the real estate investment trust’s stock valued at $36,282,000 after buying an additional 68,506 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in PS Business Parks by 9.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 20,397 shares of the real estate investment trust’s stock valued at $2,621,000 after buying an additional 1,700 shares in the last quarter. 71.47% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Ronald L. Havner, Jr. sold 5,000 shares of the business’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $141.50, for a total transaction of $707,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Maria R. Hawthorne sold 10,000 shares of the business’s stock in a transaction on Friday, November 30th. The stock was sold at an average price of $140.96, for a total transaction of $1,409,600.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,420 shares of company stock worth $6,144,605. Corporate insiders own 1.63% of the company’s stock.
Shares of PSB stock opened at $140.57 on Friday. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 4.38 and a beta of 0.38. PS Business Parks Inc has a fifty-two week low of $107.91 and a fifty-two week high of $143.54.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.56. The firm had revenue of $103.81 million for the quarter, compared to analysts’ expectations of $100.03 million. PS Business Parks had a net margin of 53.92% and a return on equity of 22.57%. Equities research analysts predict that PS Business Parks Inc will post 6.45 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 27th. Stockholders of record on Wednesday, December 12th will be given a dividend of $1.05 per share. The ex-dividend date is Tuesday, December 11th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 2.99%. PS Business Parks’s payout ratio is currently 68.52%.
PSB has been the topic of a number of recent research reports. Zacks Investment Research cut shares of PS Business Parks from a “buy” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine raised shares of PS Business Parks from a “hold” rating to a “buy” rating in a research report on Tuesday, November 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $124.75.
PS Business Parks Company Profile
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 September 30, 2018, the Company wholly owned 28.3 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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