Virginia Retirement Systems ET AL purchased a new stake in shares of PS Business Parks Inc. (NYSE:PSB) during the second quarter, Holdings Channel reports. The fund purchased 5,000 shares of the company’s stock, valued at approximately $530,000.
Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in PS Business Parks by 2.9% in the second quarter. Vanguard Group Inc. now owns 3,136,520 shares of the company’s stock valued at $332,722,000 after buying an additional 89,246 shares during the last quarter. Wellington Management Group LLP raised its position in PS Business Parks by 6.2% in the first quarter. Wellington Management Group LLP now owns 1,045,125 shares of the company’s stock valued at $105,046,000 after buying an additional 60,780 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in PS Business Parks by 0.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 894,307 shares of the company’s stock valued at $89,887,000 after buying an additional 7,906 shares during the last quarter. Bank of New York Mellon Corp raised its position in PS Business Parks by 16.9% in the second quarter. Bank of New York Mellon Corp now owns 789,876 shares of the company’s stock valued at $83,790,000 after buying an additional 114,289 shares during the last quarter. Finally, State Street Corp raised its position in PS Business Parks by 3.8% in the first quarter. State Street Corp now owns 676,083 shares of the company’s stock valued at $67,951,000 after buying an additional 24,732 shares during the last quarter. Institutional investors and hedge funds own 72.14% of the company’s stock.
Shares of PS Business Parks Inc. (NYSE:PSB) opened at 107.43 on Thursday. PS Business Parks Inc. has a 52-week low of $81.25 and a 52-week high of $117.00. The stock’s 50 day moving average price is $110.82 and its 200-day moving average price is $105.01. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 42.99 and a beta of 0.63.
PS Business Parks (NYSE:PSB) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by $0.02. The business had revenue of $96.20 million for the quarter, compared to analyst estimates of $95 million. PS Business Parks had a return on equity of 14.22% and a net margin of 34.54%. PS Business Parks’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the firm posted $1.20 EPS. On average, analysts forecast that PS Business Parks Inc. will post $5.36 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, September 12th. This represents a $3.00 dividend on an annualized basis and a yield of 2.79%. PS Business Parks’s dividend payout ratio is currently 120.00%.
Several equities analysts have weighed in on PSB shares. Zacks Investment Research raised PS Business Parks from a “hold” rating to a “buy” rating and set a $128.00 target price on the stock in a research note on Tuesday, September 27th. Citigroup Inc. increased their target price on PS Business Parks from $93.00 to $107.00 and gave the company a “neutral” rating in a research note on Thursday, July 7th.
In related news, Director Joseph D. Russell, Jr. sold 2,000 shares of the business’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $108.45, for a total transaction of $216,900.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James H. Kropp sold 1,668 shares of the business’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $109.60, for a total value of $182,812.80. Following the sale, the director now owns 10,502 shares in the company, valued at approximately $1,151,019.20. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
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.
Want to see what other hedge funds are holding PSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PS Business Parks Inc. (NYSE:PSB).
Receive News & Ratings for PS Business Parks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PS Business Parks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.