Mackay Shields LLC grew its holdings in shares of PS Business Parks Inc (NYSE:PSB) by 73.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,142 shares of the real estate investment trust’s stock after buying an additional 22,521 shares during the quarter. Mackay Shields LLC owned approximately 0.19% of PS Business Parks worth $9,669,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of PSB. Point72 Asset Management L.P. bought a new stake in shares of PS Business Parks in the 2nd quarter valued at about $34,000. Quantamental Technologies LLC bought a new stake in shares of PS Business Parks in the 2nd quarter valued at about $50,000. Point72 Hong Kong Ltd bought a new stake in shares of PS Business Parks in the 2nd quarter valued at about $71,000. Robecosam AG raised its holdings in shares of PS Business Parks by 7.3% in the 3rd quarter. Robecosam AG now owns 805 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 55 shares during the period. Finally, LS Investment Advisors LLC raised its holdings in shares of PS Business Parks by 63.6% in the 2nd quarter. LS Investment Advisors LLC now owns 972 shares of the real estate investment trust’s stock valued at $164,000 after purchasing an additional 378 shares during the period. 70.59% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Jennifer Holden Dunbar sold 4,039 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $180.62, for a total value of $729,524.18. Following the transaction, the director now owns 1,971 shares in the company, valued at approximately $356,002.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joseph D. Russell, Jr. sold 1,800 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $180.68, for a total transaction of $325,224.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,631 shares of company stock worth $1,371,645. 1.50% of the stock is owned by company insiders.
A number of brokerages have recently issued reports on PSB. ValuEngine cut shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Zacks Investment Research raised shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $184.00 target price on the stock in a report on Friday, August 16th. Finally, Citigroup upgraded shares of PS Business Parks from a “sell” rating to a “neutral” rating and upped their price target for the company from $142.00 to $180.00 in a research note on Monday, September 23rd.
PSB traded down $0.16 on Friday, reaching $176.65. The company had a trading volume of 213 shares, compared to its average volume of 91,533. PS Business Parks Inc has a fifty-two week low of $125.52 and a fifty-two week high of $192.13. The stock has a market cap of $4.84 billion, a P/E ratio of 27.43, a P/E/G ratio of 5.11 and a beta of 0.42. The company’s fifty day moving average is $181.78 and its 200 day moving average is $172.52. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.48 and a current ratio of 0.48.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.96 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.15. PS Business Parks had a net margin of 35.61% and a return on equity of 14.96%. The business had revenue of $108.06 million for the quarter, compared to analyst estimates of $106.77 million. On average, sell-side analysts expect that PS Business Parks Inc will post 6.9 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $1.05 dividend. The ex-dividend date is Thursday, December 12th. This represents a $4.20 dividend on an annualized basis and a yield of 2.38%. PS Business Parks’s dividend payout ratio (DPR) is currently 64.91%.
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 December 31, 2018, the Company wholly owned 28.2 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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