Wells Fargo & Company MN increased its stake in shares of PS Business Parks Inc (NYSE:PSB) by 89.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,750 shares of the real estate investment trust’s stock after purchasing an additional 43,370 shares during the quarter. Wells Fargo & Company MN owned approximately 0.34% of PS Business Parks worth $12,248,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Flinton Capital Management LLC lifted its stake in shares of PS Business Parks by 85.7% during the 2nd quarter. Flinton Capital Management LLC now owns 1,040 shares of the real estate investment trust’s stock worth $138,000 after purchasing an additional 480 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of PS Business Parks by 0.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,236 shares of the real estate investment trust’s stock worth $164,000 after purchasing an additional 8 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in shares of PS Business Parks during the 3rd quarter worth $206,000. Riverhead Capital Management LLC lifted its stake in shares of PS Business Parks by 81.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,632 shares of the real estate investment trust’s stock worth $216,000 after purchasing an additional 732 shares during the last quarter. Finally, Coldstream Capital Management Inc. purchased a new stake in shares of PS Business Parks during the 2nd quarter worth $237,000. Hedge funds and other institutional investors own 71.85% of the company’s stock.

PS Business Parks Inc (PSB) opened at $123.42 on Monday. PS Business Parks Inc has a 1 year low of $108.97 and a 1 year high of $137.60. The stock has a market capitalization of $3,360.00, a PE ratio of 41.00, a P/E/G ratio of 4.06 and a beta of 0.56.

PS Business Parks (NYSE:PSB) last announced its earnings results on Tuesday, October 24th. The real estate investment trust reported $1.54 earnings per share (EPS) for the quarter, beating 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 company had revenue of $100.48 million for the quarter, compared to analyst estimates of $99.55 million. During the same period in the prior year, the company posted $1.43 EPS. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. research analysts predict that PS Business Parks Inc will post 6.03 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend is Tuesday, December 12th. PS Business Parks’s dividend payout ratio is currently 112.96%.

A number of brokerages recently weighed in on PSB. Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 price objective for the company in a research note on Tuesday, September 5th. JPMorgan Chase & Co. cut PS Business Parks from a “neutral” rating to an “underweight” rating and set a $135.00 price objective for the company. in a research note on Friday, December 15th.

In related news, Director Joseph D. Russell, Jr. sold 800 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $128.52, for a total transaction of $102,816.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert S. Rollo sold 2,070 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $135.19, for a total value of $279,843.30. The disclosure for this sale can be found here. Insiders have sold a total of 9,370 shares of company stock worth $1,257,849 over the last ninety days. 1.63% of the stock is currently owned by corporate insiders.

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

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