PS Business Parks Inc (PSB) Shares Bought by Legal & General Group Plc
Legal & General Group Plc grew its holdings in PS Business Parks Inc (NYSE:PSB) by 5.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,994 shares of the real estate investment trust’s stock after purchasing an additional 4,910 shares during the period. Legal & General Group Plc owned approximately 0.32% of PS Business Parks worth $11,748,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Flinton Capital Management LLC lifted its holdings in shares of PS Business Parks by 85.7% in the second quarter. Flinton Capital Management LLC now owns 1,040 shares of the real estate investment trust’s stock valued at $138,000 after purchasing an additional 480 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of PS Business Parks by 0.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,236 shares of the real estate investment trust’s stock worth $164,000 after acquiring an additional 8 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in shares of PS Business Parks during the third quarter worth $206,000. Everence Capital Management Inc. purchased a new stake in shares of PS Business Parks during the second quarter worth $211,000. Finally, Riverhead Capital Management LLC raised its holdings in shares of PS Business Parks by 81.3% during the second quarter. Riverhead Capital Management LLC now owns 1,632 shares of the real estate investment trust’s stock worth $216,000 after acquiring an additional 732 shares in the last quarter. Institutional investors own 71.97% of the company’s stock.
Shares of PS Business Parks Inc (PSB) traded down $0.28 during trading hours on Tuesday, hitting $129.57. The company had a trading volume of 68,300 shares, compared to its average volume of 93,392. PS Business Parks Inc has a twelve month low of $108.97 and a twelve month high of $137.60. The stock has a market capitalization of $3,538.55, a price-to-earnings ratio of 21.64, a price-to-earnings-growth ratio of 4.25 and a beta of 0.56.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings data on Tuesday, October 24th. The real estate investment trust reported $1.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.87. PS Business Parks had a return on equity of 16.95% and a net margin of 39.78%. The business had revenue of $100.48 million during the quarter, compared to analyst estimates of $99.55 million. During the same period last year, the company earned $1.43 earnings per share. PS Business Parks’s quarterly revenue was up 3.2% compared to the same quarter last year. equities analysts anticipate that PS Business Parks Inc will post 6.11 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $3.40 annualized dividend and a dividend yield of 2.62%. PS Business Parks’s dividend payout ratio is 113.33%.
Several analysts recently issued reports on PSB shares. KeyCorp reiterated a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th. Zacks Investment Research lowered PS Business Parks from a “buy” rating to a “hold” rating in a report on Monday, September 4th.
In other PS Business Parks news, Director Joseph D. Russell, Jr. sold 2,500 shares of the stock in a transaction on Monday, December 4th. The shares were sold at an average price of $131.50, for a total transaction of $328,750.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ronald L. Havner, Jr. sold 4,000 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $136.61, for a total transaction of $546,440.00. The disclosure for this sale can be found here. Insiders have sold 14,507 shares of company stock worth $1,949,945 over the last three months. Company insiders own 1.63% of the company’s stock.
About PS Business Parks
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.
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