Mackay Shields LLC bought a new stake in PS Business Parks Inc (NYSE:PSB) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,600 shares of the real estate investment trust’s stock, valued at approximately $210,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Menta Capital LLC acquired a new stake in shares of PS Business Parks during the fourth quarter worth $217,000. Geode Capital Management LLC grew its position in PS Business Parks by 9.0% in the fourth quarter. Geode Capital Management LLC now owns 276,231 shares of the real estate investment trust’s stock valued at $36,186,000 after acquiring an additional 22,877 shares during the last quarter. Magnus Financial Group LLC bought a new position in PS Business Parks in the fourth quarter valued at about $238,000. California State Teachers Retirement System grew its position in PS Business Parks by 2.3% in the fourth quarter. California State Teachers Retirement System now owns 31,173 shares of the real estate investment trust’s stock valued at $4,084,000 after acquiring an additional 703 shares during the last quarter. Finally, Stifel Financial Corp bought a new stake in shares of PS Business Parks during the fourth quarter worth about $9,460,000. Hedge funds and other institutional investors own 72.59% of the company’s stock.
In related news, insider John W. Petersen sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $151.79, for a total transaction of $455,370.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph D. Russell, Jr. sold 2,500 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $156.34, for a total value of $390,850.00. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
PS Business Parks (NYSE:PSB) last released its quarterly earnings data on Wednesday, February 20th. The real estate investment trust reported $1.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.63 by ($0.48). The firm had revenue of $104.13 million for the quarter, compared to the consensus estimate of $103.56 million. PS Business Parks had a net margin of 54.82% and a return on equity of 22.54%. As a group, equities research analysts expect that PS Business Parks Inc will post 6.59 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued a dividend of $1.05 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $4.20 annualized dividend and a yield of 2.77%. PS Business Parks’s dividend payout ratio (DPR) is currently 64.91%.
PSB has been the topic of several research reports. Citigroup boosted their price target on PS Business Parks from $107.00 to $133.00 and gave the stock a “sell” rating in a report on Friday, March 29th. Zacks Investment Research lowered PS Business Parks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. PS Business Parks presently has an average rating of “Hold” and an average target price of $131.25.
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 September 30, 2018, the Company wholly owned 28.3 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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