PS Business Parks (PSB) Shares Bought by Rhumbline Advisers
Rhumbline Advisers raised its stake in shares of PS Business Parks (NYSE:PSB) by 8.7% during the first quarter, Holdings Channel reports. The fund owned 70,975 shares of the real estate investment trust’s stock after acquiring an additional 5,702 shares during the quarter. Rhumbline Advisers’ holdings in PS Business Parks were worth $8,023,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wells Fargo & Company MN boosted its stake in PS Business Parks by 17.8% during the 4th quarter. Wells Fargo & Company MN now owns 108,073 shares of the real estate investment trust’s stock valued at $13,518,000 after acquiring an additional 16,323 shares during the last quarter. Millennium Management LLC bought a new position in PS Business Parks during the 4th quarter valued at $3,494,000. Swiss National Bank boosted its stake in PS Business Parks by 2.1% during the 4th quarter. Swiss National Bank now owns 34,808 shares of the real estate investment trust’s stock valued at $4,354,000 after acquiring an additional 700 shares during the last quarter. Teachers Advisors LLC boosted its stake in PS Business Parks by 1.3% during the 4th quarter. Teachers Advisors LLC now owns 206,772 shares of the real estate investment trust’s stock valued at $25,865,000 after acquiring an additional 2,652 shares during the last quarter. Finally, Two Sigma Investments LP boosted its stake in PS Business Parks by 406.8% during the 4th quarter. Two Sigma Investments LP now owns 11,808 shares of the real estate investment trust’s stock valued at $1,477,000 after acquiring an additional 9,478 shares during the last quarter. Hedge funds and other institutional investors own 71.27% of the company’s stock.
PS Business Parks stock opened at $116.07 on Friday. PS Business Parks has a 1 year low of $116.19 and a 1 year high of $117.43. The stock has a market capitalization of $3.20 billion, a PE ratio of 18.93 and a beta of 0.47.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 28th. Stockholders of record on Wednesday, June 13th will be given a $0.85 dividend. The ex-dividend date is Tuesday, June 12th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.93%. PS Business Parks’s payout ratio is currently 55.46%.
In other news, insider John W. Petersen sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $116.74, for a total value of $350,220.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James H. Kropp sold 1,768 shares of the firm’s stock in a transaction dated Wednesday, May 9th. The stock was sold at an average price of $117.91, for a total transaction of $208,464.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,531 shares of company stock worth $1,913,559. Insiders own 1.63% of the company’s stock.
PSB has been the topic of a number of research analyst reports. JPMorgan Chase reduced their price objective on shares of PS Business Parks from $135.00 to $123.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 14th. Zacks Investment Research upgraded shares of PS Business Parks from a “sell” rating to a “hold” rating in a research note on Tuesday, February 27th. Finally, Citigroup reduced their price target on shares of PS Business Parks from $111.00 to $107.00 and set a “sell” rating on the stock in a research report on Tuesday, April 24th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $127.33.
PS Business Parks Profile
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a real estate investment trust (?REIT?) that acquires, develops, owns and operates commercial properties, primarily multi-tenant flex, office and industrial space. The Company defines ?flex? space as buildings that are configured with a combination of office and warehouse space and can be designed to fit a number of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space).
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