Verition Fund Management LLC Acquires Shares of 1,710 PS Business Parks Inc (NYSE:PSB)
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.
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.
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