Geode Capital Management LLC boosted its holdings in PS Business Parks Inc (NYSE:PSB) by 9.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 276,231 shares of the real estate investment trust’s stock after buying an additional 22,877 shares during the period. Geode Capital Management LLC owned approximately 1.01% of PS Business Parks worth $36,186,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted its holdings in PS Business Parks by 1.3% in the fourth quarter. BlackRock Inc. now owns 3,533,326 shares of the real estate investment trust’s stock worth $462,866,000 after purchasing an additional 45,023 shares during the period. Vanguard Group Inc boosted its holdings in PS Business Parks by 1.7% in the third quarter. Vanguard Group Inc now owns 3,132,045 shares of the real estate investment trust’s stock worth $398,051,000 after purchasing an additional 51,851 shares during the period. Bank of New York Mellon Corp boosted its holdings in PS Business Parks by 2.1% in the fourth quarter. Bank of New York Mellon Corp now owns 301,452 shares of the real estate investment trust’s stock worth $39,490,000 after purchasing an additional 6,302 shares during the period. Norges Bank acquired a new position in PS Business Parks in the fourth quarter worth $32,705,000. Finally, Rothschild & Co. Asset Management US Inc. boosted its holdings in PS Business Parks by 4.3% in the fourth quarter. Rothschild & Co. Asset Management US Inc. now owns 237,910 shares of the real estate investment trust’s stock worth $31,166,000 after purchasing an additional 9,886 shares during the period. Hedge funds and other institutional investors own 71.19% of the company’s stock.
In related news, COO John W. Petersen sold 1,666 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $156.78, for a total value of $261,195.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Trenton Groves sold 2,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $160.01, for a total value of $320,020.00. The disclosure for this sale can be found here. Insiders have sold 8,513 shares of company stock worth $1,372,120 in the last 90 days. Company insiders own 1.50% of the company’s stock.
Shares of NYSE PSB traded down $3.82 during trading hours on Wednesday, hitting $170.16. The stock had a trading volume of 71,974 shares, compared to its average volume of 138,126. PS Business Parks Inc has a 52 week low of $120.21 and a 52 week high of $178.60. The firm has a market capitalization of $4.83 billion, a P/E ratio of 26.30, a P/E/G ratio of 5.25 and a beta of 0.44. The company’s 50-day moving average price is $165.22.
PS Business Parks (NYSE:PSB) last issued its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.29. PS Business Parks had a return on equity of 18.97% and a net margin of 46.31%. The company had revenue of $107.83 million during the quarter, compared to analyst estimates of $103.07 million. On average, equities analysts predict that PS Business Parks Inc will post 6.71 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Tuesday, June 11th. PS Business Parks’s payout ratio is presently 64.91%.
Separately, Citigroup boosted their price target on shares of PS Business Parks from $107.00 to $133.00 and gave the company a “sell” rating in a report on Friday, March 29th.
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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