Piedmont Investment Advisors Inc. grew its holdings in shares of PS Business Parks Inc (NYSE:PSB) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,011 shares of the real estate investment trust’s stock after buying an additional 261 shares during the quarter. Piedmont Investment Advisors Inc.’s holdings in PS Business Parks were worth $786,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of PSB. Bruderman Asset Management LLC acquired a new position in shares of PS Business Parks during the fourth quarter valued at about $98,000. Robecosam AG lifted its position in shares of PS Business Parks by 25.0% during the fourth quarter. Robecosam AG now owns 750 shares of the real estate investment trust’s stock valued at $99,000 after purchasing an additional 150 shares in the last quarter. Mackay Shields LLC bought a new position in shares of PS Business Parks during the fourth quarter valued at about $210,000. Menta Capital LLC bought a new position in shares of PS Business Parks during the fourth quarter valued at about $217,000. Finally, Magnus Financial Group LLC bought a new position in shares of PS Business Parks during the fourth quarter valued at about $238,000. Hedge funds and other institutional investors own 71.19% of the company’s stock.
Separately, Citigroup raised their price target on shares of PS Business Parks from $107.00 to $133.00 and gave the company a “sell” rating in a research report on Friday, March 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. PS Business Parks presently has a consensus rating of “Hold” and a consensus price target of $131.25.
PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.29. PS Business Parks had a net margin of 46.31% and a return on equity of 18.97%. The company had revenue of $107.83 million for the quarter, compared to analyst estimates of $103.07 million. On average, research analysts predict that PS Business Parks Inc will post 6.61 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Tuesday, June 11th. PS Business Parks’s payout ratio is currently 64.91%.
In other PS Business Parks news, insider John W. Petersen sold 3,000 shares of PS Business Parks stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $151.79, for a total value of $455,370.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Joseph D. Russell, Jr. sold 2,000 shares of PS Business Parks stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $162.68, for a total transaction of $325,360.00. The disclosure for this sale can be found here. Insiders have sold 11,166 shares of company stock worth $1,752,795 over the last three months. 1.50% of the stock is owned by insiders.
About PS Business Parks
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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