Trading Report: Today, Nationwide Fund Advisors Reduces stake in PS Business Parks Inc. (PSB)

Today, Nationwide Fund Advisors Reduces stake in PS Business Parks Inc. (PSB)

Nationwide Fund Advisors reduced its position in PS Business Parks Inc. (NYSE:PSB) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 14,238 shares of the company’s stock after selling 23 shares during the period. Nationwide Fund Advisors owned about 0.05% of PS Business Parks worth $1,510,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Wellington Management Group LLP increased its stake in shares of PS Business Parks by 6.2% in the first quarter. Wellington Management Group LLP now owns 1,045,125 shares of the company’s stock worth $105,046,000 after buying an additional 60,780 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of PS Business Parks by 7.6% in the second quarter. Capstone Asset Management Co. now owns 6,960 shares of the company’s stock worth $738,000 after buying an additional 490 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of PS Business Parks by 10.5% in the first quarter. Prudential Financial Inc. now owns 53,362 shares of the company’s stock worth $5,364,000 after buying an additional 5,053 shares during the last quarter. BlackRock Japan Co. Ltd increased its stake in shares of PS Business Parks by 0.3% in the first quarter. BlackRock Japan Co. Ltd now owns 1,276 shares of the company’s stock worth $128,000 after buying an additional 4 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of PS Business Parks by 13.1% in the first quarter. Legal & General Group Plc now owns 41,560 shares of the company’s stock worth $4,179,000 after buying an additional 4,814 shares during the last quarter. 72.11% of the stock is owned by institutional investors and hedge funds.

PS Business Parks Inc. (NYSE:PSB) opened at 108.47 on Tuesday. The firm has a 50-day moving average of $110.06 and a 200-day moving average of $105.42. The stock has a market capitalization of $2.94 billion, a PE ratio of 43.41 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.

PS Business Parks (NYSE:PSB) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by $0.02. PS Business Parks had a net margin of 34.54% and a return on equity of 14.22%. The business had revenue of $96.20 million for the quarter, compared to analysts’ expectations of $95 million. During the same period last year, the business earned $1.20 earnings per share. The company’s revenue was up 4.5% on a year-over-year basis. Equities analysts expect that PS Business Parks Inc. will post $5.36 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were given a dividend of $0.75 per share. The ex-dividend date was Monday, September 12th. This represents a $3.00 dividend on an annualized basis and a yield of 2.78%. PS Business Parks’s dividend payout ratio (DPR) is currently 120.00%.

A number of research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $128.00 target price on the stock in a research note on Tuesday, September 27th. Citigroup Inc. boosted 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 PS Business Parks stock in a transaction dated 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 directly owns 10,502 shares of the company’s stock, valued at approximately $1,151,019.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph D. Russell, Jr. sold 2,000 shares of PS Business Parks stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $108.45, for a total transaction of $216,900.00. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

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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