Verition Fund Management LLC acquired a new stake in PS Business Parks Inc (NYSE:PSB) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,710 shares of the real estate investment trust’s stock, valued at approximately $226,000.

Other hedge funds have also added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its stake in shares of PS Business Parks by 18.4% in the first quarter. BNP Paribas Arbitrage SA now owns 13,575 shares of the real estate investment trust’s stock valued at $1,840,000 after acquiring an additional 2,105 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of PS Business Parks by 33.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,712 shares of the real estate investment trust’s stock valued at $639,000 after acquiring an additional 1,179 shares in the last quarter. Quantitative Investment Management LLC acquired a new position in shares of PS Business Parks in the first quarter valued at about $269,000. Morgan Stanley grew its stake in shares of PS Business Parks by 28.0% in the first quarter. Morgan Stanley now owns 101,058 shares of the real estate investment trust’s stock valued at $13,696,000 after acquiring an additional 22,124 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of PS Business Parks by 9.2% in the first quarter. Legal & General Group Plc now owns 121,737 shares of the real estate investment trust’s stock valued at $16,498,000 after acquiring an additional 10,275 shares in the last quarter. Institutional investors and hedge funds own 71.16% of the company’s stock.

Several equities analysts recently commented on PSB shares. Zacks Investment Research downgraded shares of PS Business Parks from a “hold” rating to a “sell” rating and set a $131.00 price target on the stock. in a research note on Wednesday, September 9th. Wells Fargo & Company cut their price objective on shares of PS Business Parks from $175.00 to $150.00 and set an “underweight” rating for the company in a research report on Wednesday, June 10th. Finally, Citigroup upped their price objective on shares of PS Business Parks from $134.00 to $139.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. The stock presently has an average rating of “Sell” and an average price target of $141.25.

In other news, Director Joseph D. Russell, Jr. sold 2,000 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $128.50, for a total value of $257,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.44% of the stock is currently owned by corporate insiders.

PSB stock opened at $123.11 on Wednesday. The stock has a market capitalization of $3.38 billion, a P/E ratio of 27.98 and a beta of 0.35. PS Business Parks Inc has a 12 month low of $102.48 and a 12 month high of $192.13. The firm has a 50-day moving average price of $130.71 and a 200-day moving average price of $131.26.

PS Business Parks (NYSE:PSB) last posted its earnings results on Tuesday, August 4th. The real estate investment trust reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.36. PS Business Parks had a net margin of 44.01% and a return on equity of 18.12%. Sell-side analysts forecast that PS Business Parks Inc will post 6.67 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $1.05 dividend. The ex-dividend date is Monday, September 14th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.41%. PS Business Parks’s dividend payout ratio (DPR) is currently 61.95%.

About PS Business Parks

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.

Featured Article: What are the risks of holding treasury bonds?

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).

Institutional Ownership by Quarter for PS Business Parks (NYSE:PSB)

Receive News & Ratings for PS Business Parks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PS Business Parks and related companies with MarketBeat.com's FREE daily email newsletter.