Prudential Financial Inc. increased its stake in shares of PS Business Parks Inc. (NYSE:PSB) by 1.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 54,282 shares of the company’s stock after buying an additional 920 shares during the period. Prudential Financial Inc. owned 0.20% of PS Business Parks worth $5,758,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in PS Business Parks by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 273,708 shares of the company’s stock valued at $29,034,000 after buying an additional 5,334 shares during the period. Teacher Retirement System of Texas boosted its position in PS Business Parks by 0.5% in the second quarter. Teacher Retirement System of Texas now owns 51,052 shares of the company’s stock valued at $5,416,000 after buying an additional 273 shares during the period. Eaton Vance Management boosted its position in PS Business Parks by 6.0% in the second quarter. Eaton Vance Management now owns 4,438 shares of the company’s stock valued at $471,000 after buying an additional 252 shares during the period. UBS Asset Management Americas Inc. boosted its position in PS Business Parks by 6.6% in the second quarter. UBS Asset Management Americas Inc. now owns 32,408 shares of the company’s stock valued at $3,438,000 after buying an additional 2,004 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in PS Business Parks by 82.8% in the second quarter. Advisors Asset Management Inc. now owns 2,995 shares of the company’s stock valued at $318,000 after buying an additional 1,357 shares during the period. Institutional investors and hedge funds own 72.13% of the company’s stock.
Shares of PS Business Parks Inc. (NYSE:PSB) opened at 105.43 on Wednesday. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 42.19 and a beta of 0.63. PS Business Parks Inc. has a 1-year low of $81.27 and a 1-year high of $117.00. The company’s 50-day moving average is $110.41 and its 200 day moving average is $105.23.
PS Business Parks (NYSE:PSB) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $1.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.32 by $0.02. The firm had revenue of $96.20 million for the quarter, compared to analyst estimates of $95 million. PS Business Parks had a net margin of 34.54% and a return on equity of 14.22%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 EPS. On average, analysts expect that PS Business Parks Inc. will post $5.36 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Monday, September 12th. PS Business Parks’s dividend payout ratio is currently 120.00%.
Several research firms have recently issued reports on PSB. Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $128.00 price objective for the company in a report on Tuesday, September 27th. Citigroup Inc. increased their target price on shares of PS Business Parks from $93.00 to $107.00 and gave the company a “neutral” rating in a research note on Thursday, July 7th.
In related news, Director James H. Kropp sold 1,668 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $109.60, for a total transaction of $182,812.80. Following the completion of the transaction, the director now owns 10,502 shares in the company, valued at $1,151,019.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph D. Russell, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $109.74, for a total transaction of $329,220.00. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
PS Business Parks Company Profile
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.