First Trust Advisors LP grew its stake in PS Business Parks Inc (NYSE:PSB) by 100.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 55,916 shares of the real estate investment trust’s stock after purchasing an additional 28,054 shares during the quarter. First Trust Advisors LP owned approximately 0.20% of PS Business Parks worth $7,403,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PSB. Norges Bank acquired a new stake in PS Business Parks during the fourth quarter worth about $41,161,000. Nuveen Asset Management LLC grew its position in PS Business Parks by 41.6% in the 1st quarter. Nuveen Asset Management LLC now owns 606,565 shares of the real estate investment trust’s stock worth $82,201,000 after purchasing an additional 178,228 shares during the last quarter. Centersquare Investment Management LLC grew its position in PS Business Parks by 504.2% in the 1st quarter. Centersquare Investment Management LLC now owns 155,883 shares of the real estate investment trust’s stock worth $21,125,000 after purchasing an additional 130,083 shares during the last quarter. Echo Street Capital Management LLC grew its position in PS Business Parks by 170.5% in the 1st quarter. Echo Street Capital Management LLC now owns 115,329 shares of the real estate investment trust’s stock worth $15,629,000 after purchasing an additional 72,693 shares during the last quarter. Finally, Balyasny Asset Management LLC bought a new position in PS Business Parks in the 1st quarter worth about $6,125,000. Hedge funds and other institutional investors own 71.64% of the company’s stock.
PS Business Parks stock opened at $137.95 on Friday. The firm has a 50 day simple moving average of $132.43 and a 200-day simple moving average of $140.20. The stock has a market capitalization of $3.79 billion, a PE ratio of 30.59 and a beta of 0.44. PS Business Parks Inc has a 12-month low of $102.48 and a 12-month high of $192.13.
PS Business Parks (NYSE:PSB) last issued its earnings results on Wednesday, April 29th. The real estate investment trust reported $1.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.58. The firm had revenue of $106.22 million during the quarter. PS Business Parks had a net margin of 44.22% and a return on equity of 18.56%. As a group, equities research analysts forecast that PS Business Parks Inc will post 6.7 earnings per share for the current year.
Several research analysts have recently issued reports on the stock. Citigroup decreased their price objective on shares of PS Business Parks from $182.00 to $128.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Wells Fargo & Co decreased 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 report on Wednesday, June 10th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. PS Business Parks currently has an average rating of “Hold” and an average target price of $151.75.
In related news, Director James H. Kropp sold 1,700 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $142.66, for a total transaction of $242,522.00. Following the completion of the sale, the director now directly owns 11,970 shares in the company, valued at $1,707,640.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph D. Russell, Jr. sold 2,300 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $135.25, for a total transaction of $311,075.00. The disclosure for this sale can be found here. Company insiders own 1.44% of the company’s stock.
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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