Teacher Retirement System of Texas lowered its holdings in shares of PS Business Parks Inc (NYSE:PSB) by 35.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,524 shares of the real estate investment trust’s stock after selling 2,520 shares during the quarter. Teacher Retirement System of Texas’ holdings in PS Business Parks were worth $511,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN increased its position in shares of PS Business Parks by 17.8% during the 4th quarter. Wells Fargo & Company MN now owns 108,073 shares of the real estate investment trust’s stock valued at $13,518,000 after purchasing an additional 16,323 shares during the last quarter. Mackay Shields LLC bought a new position in shares of PS Business Parks during the 1st quarter valued at approximately $1,948,000. Millennium Management LLC bought a new position in shares of PS Business Parks during the 4th quarter valued at approximately $3,494,000. Rhumbline Advisers grew its stake in shares of PS Business Parks by 7.9% during the 4th quarter. Rhumbline Advisers now owns 65,273 shares of the real estate investment trust’s stock valued at $8,165,000 after acquiring an additional 4,792 shares during the period. Finally, Swiss National Bank grew its stake in shares of PS Business Parks by 2.1% during the 4th quarter. Swiss National Bank now owns 34,808 shares of the real estate investment trust’s stock valued at $4,354,000 after acquiring an additional 700 shares during the period. 71.05% of the stock is owned by hedge funds and other institutional investors.
In other PS Business Parks news, Director James H. Kropp sold 1,768 shares of the company’s stock in a transaction that occurred on Wednesday, May 9th. The stock was sold at an average price of $117.91, for a total value of $208,464.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph D. Russell, Jr. sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, May 18th. The stock was sold at an average price of $116.15, for a total value of $174,225.00. The disclosure for this sale can be found here. Insiders sold a total of 12,927 shares of company stock valued at $1,517,821 over the last 90 days. 1.50% of the stock is currently owned by corporate insiders.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings data on Tuesday, April 24th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.92. PS Business Parks had a return on equity of 18.57% and a net margin of 43.04%. The company had revenue of $103.75 million during the quarter, compared to the consensus estimate of $101.77 million. During the same period in the previous year, the company posted $0.97 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. research analysts predict that PS Business Parks Inc will post 6.35 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 28th. Shareholders of record on Wednesday, June 13th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Tuesday, June 12th. This represents a $3.40 annualized dividend and a yield of 2.74%. PS Business Parks’s payout ratio is 55.46%.
A number of brokerages recently issued reports on PSB. Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $139.00 price objective for the company in a research note on Tuesday. JPMorgan Chase & Co. cut their price objective on PS Business Parks from $135.00 to $123.00 and set an “underweight” rating for the company in a research note on Wednesday, February 14th. Finally, Citigroup cut their price objective on PS Business Parks from $111.00 to $107.00 and set a “sell” rating for the company in a research note on Tuesday, April 24th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $122.67.
PS Business Parks Profile
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a real estate investment trust (?REIT?) that acquires, develops, owns and operates commercial properties, primarily multi-tenant flex, office and industrial space. The Company defines ?flex? space as buildings that are configured with a combination of office and warehouse space and can be designed to fit a number of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space).
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