Wells Fargo & Company MN lifted its stake in shares of PS Business Parks Inc (NYSE:PSB) by 0.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 105,919 shares of the real estate investment trust’s stock after purchasing an additional 946 shares during the quarter. Wells Fargo & Company MN owned 0.39% of PS Business Parks worth $13,461,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in PSB. FMR LLC grew its holdings in shares of PS Business Parks by 87.2% during the 2nd quarter. FMR LLC now owns 341,134 shares of the real estate investment trust’s stock valued at $43,836,000 after purchasing an additional 158,910 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of PS Business Parks by 151.7% during the 2nd quarter. American Century Companies Inc. now owns 216,980 shares of the real estate investment trust’s stock valued at $27,882,000 after purchasing an additional 130,787 shares during the last quarter. BlackRock Inc. grew its holdings in shares of PS Business Parks by 3.5% during the 2nd quarter. BlackRock Inc. now owns 3,532,903 shares of the real estate investment trust’s stock valued at $453,977,000 after purchasing an additional 117,876 shares during the last quarter. TD Asset Management Inc. grew its holdings in shares of PS Business Parks by 272.6% during the 2nd quarter. TD Asset Management Inc. now owns 85,840 shares of the real estate investment trust’s stock valued at $11,030,000 after purchasing an additional 62,800 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new stake in shares of PS Business Parks during the 3rd quarter valued at approximately $6,355,000. 71.47% of the stock is currently owned by institutional investors.
In other PS Business Parks news, insider John W. Petersen sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $134.92, for a total transaction of $404,760.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ronald L. Havner, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $141.50, for a total transaction of $707,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,420 shares of company stock worth $6,144,605 over the last three months. Insiders own 1.63% of the company’s stock.
PSB opened at $140.57 on Friday. PS Business Parks Inc has a fifty-two week low of $107.91 and a fifty-two week high of $143.54. 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 (NYSE:PSB) last posted its earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.56. PS Business Parks had a net margin of 53.92% and a return on equity of 22.57%. The firm had revenue of $103.81 million for the quarter, compared to analyst estimates of $100.03 million. On average, equities analysts predict that PS Business Parks Inc will post 6.45 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 27th. Shareholders of record on Wednesday, December 12th will be issued a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend is Tuesday, December 11th. PS Business Parks’s payout ratio is 68.52%.
A number of equities research analysts have weighed in on the stock. ValuEngine raised shares of PS Business Parks from a “hold” rating to a “buy” rating in a report on Tuesday, November 6th. Zacks Investment Research lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Tuesday, September 11th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. PS Business Parks presently has an average rating of “Hold” and a consensus target price of $124.75.
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About PS Business Parks
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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