Vanguard Group Inc. Has $422.97 Million Position in PS Business Parks Inc (NYSE:PSB)
Vanguard Group Inc. boosted its position in PS Business Parks Inc (NYSE:PSB) by 1.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,194,613 shares of the real estate investment trust’s stock after purchasing an additional 36,229 shares during the quarter. Vanguard Group Inc. owned about 0.12% of PS Business Parks worth $422,967,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp increased its position in PS Business Parks by 3.1% during the 1st quarter. State Street Corp now owns 1,110,156 shares of the real estate investment trust’s stock worth $150,448,000 after buying an additional 33,718 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of PS Business Parks by 5.4% in the second quarter. Goldman Sachs Group Inc. now owns 680,435 shares of the real estate investment trust’s stock valued at $90,090,000 after acquiring an additional 35,139 shares in the last quarter. Nuveen Asset Management LLC increased its position in PS Business Parks by 41.6% during the first quarter. Nuveen Asset Management LLC now owns 606,565 shares of the real estate investment trust’s stock worth $82,201,000 after acquiring an additional 178,228 shares during the period. Geode Capital Management LLC raised its stake in PS Business Parks by 1.2% in the 1st quarter. Geode Capital Management LLC now owns 397,029 shares of the real estate investment trust’s stock worth $53,805,000 after purchasing an additional 4,793 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in PS Business Parks by 5.8% in the 1st quarter. Bank of New York Mellon Corp now owns 309,674 shares of the real estate investment trust’s stock worth $41,966,000 after purchasing an additional 16,993 shares in the last quarter. 71.16% of the stock is currently owned by hedge funds and other institutional investors.
PSB has been the topic of several recent research reports. Zacks Investment Research cut shares of PS Business Parks from a “hold” rating to a “sell” rating and set a $131.00 target price on the stock. in a report on Wednesday, September 9th. Wells Fargo & Company lowered their price objective on PS Business Parks from $175.00 to $150.00 and set an “underweight” rating on the stock in a research note on Wednesday, June 10th. Finally, Citigroup upped their target price on PS Business Parks from $134.00 to $139.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Three analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The company currently has a consensus rating of “Sell” and a consensus target price of $141.25.
PS Business Parks (NYSE:PSB) last released its earnings results on Tuesday, August 4th. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.36. PS Business Parks had a return on equity of 18.12% and a net margin of 44.01%. On average, equities analysts expect that PS Business Parks Inc will post 6.67 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Monday, September 14th. PS Business Parks’s payout ratio is 61.95%.
In other PS Business Parks news, Director Joseph D. Russell, Jr. sold 2,000 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $128.50, for a total transaction of $257,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.44% of the company’s stock.
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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