Wells Fargo & Company MN lessened its position in shares of PS Business Parks Inc (NYSE:PSB) by 40.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,237 shares of the real estate investment trust’s stock after selling 36,021 shares during the period. Wells Fargo & Company MN owned approximately 0.19% of PS Business Parks worth $7,216,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of PSB. Van ECK Associates Corp boosted its position in shares of PS Business Parks by 109.4% in the first quarter. Van ECK Associates Corp now owns 245 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 128 shares during the period. Point72 Hong Kong Ltd acquired a new stake in PS Business Parks in the 4th quarter worth about $58,000. Quantbot Technologies LP boosted its holdings in PS Business Parks by 360.8% in the 4th quarter. Quantbot Technologies LP now owns 963 shares of the real estate investment trust’s stock valued at $158,000 after purchasing an additional 754 shares during the period. Bellecapital International Ltd. acquired a new position in shares of PS Business Parks during the 1st quarter worth approximately $227,000. Finally, Quantum Capital Management increased its holdings in shares of PS Business Parks by 26.2% during the fourth quarter. Quantum Capital Management now owns 1,644 shares of the real estate investment trust’s stock worth $271,000 after purchasing an additional 341 shares during the period. 71.71% of the stock is currently owned by institutional investors.
PSB has been the subject of several recent research reports. Citigroup cut their price target on PS Business Parks from $182.00 to $128.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Wells Fargo & Co reduced their target price on PS Business Parks from $175.00 to $150.00 and set an “underweight” rating on the stock in a report on Wednesday, June 10th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. PS Business Parks has a consensus rating of “Hold” and an average price target of $151.75.
In related news, Director James H. Kropp sold 1,700 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $142.66, for a total transaction of $242,522.00. Following the sale, the director now owns 11,970 shares in the company, valued at approximately $1,707,640.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph D. Russell, Jr. sold 2,300 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $135.25, for a total value of $311,075.00. The disclosure for this sale can be found here. Insiders own 1.44% of the company’s stock.
NYSE PSB opened at $132.40 on Wednesday. The business has a fifty day moving average price of $128.69 and a two-hundred day moving average price of $144.84. The stock has a market capitalization of $3.61 billion, a PE ratio of 29.36 and a beta of 0.45. PS Business Parks Inc has a fifty-two week low of $102.48 and a fifty-two week high of $192.13.
PS Business Parks (NYSE:PSB) last posted its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.58. The company had revenue of $106.22 million during the quarter. PS Business Parks had a return on equity of 18.56% and a net margin of 44.22%. On average, equities research analysts expect that PS Business Parks Inc will post 6.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $1.05 dividend. The ex-dividend date was Friday, June 12th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.17%. PS Business Parks’s dividend payout ratio (DPR) is currently 61.95%.
PS Business Parks 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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