Commonwealth of Pennsylvania Public School Empls Retrmt SYS Grows Position in PS Business Parks Inc (PSB)
Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of PS Business Parks Inc (NYSE:PSB) by 12.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,763 shares of the real estate investment trust’s stock after acquiring an additional 545 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in PS Business Parks were worth $605,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of PS Business Parks during the 2nd quarter valued at $209,000. Quantum Capital Management acquired a new position in PS Business Parks during the second quarter worth $218,000. CIBC Asset Management Inc acquired a new position in PS Business Parks during the second quarter worth $221,000. Redpoint Investment Management Pty Ltd acquired a new position in PS Business Parks during the third quarter worth $254,000. Finally, Unigestion Holding SA acquired a new position in PS Business Parks during the third quarter worth $318,000. Institutional investors own 71.47% of the company’s stock.
In other PS Business Parks news, CEO Maria R. Hawthorne sold 10,000 shares of the company’s stock in a transaction on Friday, November 30th. The shares were sold at an average price of $140.96, for a total transaction of $1,409,600.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John W. Petersen sold 3,000 shares of the company’s stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $134.92, for a total transaction of $404,760.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,420 shares of company stock worth $6,144,605. Corporate insiders own 1.63% of the company’s stock.
PS Business Parks (NYSE:PSB) last released its quarterly earnings data on Tuesday, October 23rd. The real estate investment trust reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ 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 the consensus estimate of $100.03 million. Equities analysts forecast that PS Business Parks Inc will post 6.45 EPS for the current year.
The firm also recently disclosed 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. The ex-dividend date is Tuesday, December 11th. This represents a $4.20 annualized dividend and a yield of 2.99%. PS Business Parks’s payout ratio is 68.52%.
Several research analysts have weighed in on PSB shares. Zacks Investment Research downgraded shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Tuesday, September 11th. ValuEngine upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating in a report on Tuesday, November 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $124.75.
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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.
Further Reading: Analyst Ratings
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