First Trust Advisors LP lowered its position in PS Business Parks, Inc. (NYSE:PSB) by 3.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,721 shares of the real estate investment trust’s stock after selling 2,195 shares during the period. First Trust Advisors LP owned approximately 0.20% of PS Business Parks worth $6,575,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSB. Advisor Group Holdings Inc. acquired a new stake in shares of PS Business Parks during the first quarter worth $54,000. Morgan Stanley grew its stake in shares of PS Business Parks by 28.0% during the first quarter. Morgan Stanley now owns 101,058 shares of the real estate investment trust’s stock valued at $13,696,000 after acquiring an additional 22,124 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in PS Business Parks by 3.1% in the second quarter. Envestnet Asset Management Inc. now owns 7,875 shares of the real estate investment trust’s stock worth $1,043,000 after purchasing an additional 238 shares in the last quarter. Congress Asset Management Co. MA grew its stake in PS Business Parks by 2.1% in the second quarter. Congress Asset Management Co. MA now owns 10,083 shares of the real estate investment trust’s stock worth $1,335,000 after purchasing an additional 210 shares in the last quarter. Finally, Strs Ohio grew its stake in PS Business Parks by 0.3% in the second quarter. Strs Ohio now owns 31,535 shares of the real estate investment trust’s stock worth $4,175,000 after purchasing an additional 93 shares in the last quarter. Institutional investors and hedge funds own 71.16% of the company’s stock.
PS Business Parks stock opened at $133.09 on Friday. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of 30.25 and a beta of 0.39. PS Business Parks, Inc. has a fifty-two week low of $102.48 and a fifty-two week high of $179.52. The firm has a fifty day moving average price of $124.62 and a two-hundred day moving average price of $127.60.
PS Business Parks (NYSE:PSB) last announced its quarterly earnings data on Wednesday, October 28th. The real estate investment trust reported $1.11 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.31. PS Business Parks had a net margin of 44.01% and a return on equity of 18.12%. Analysts forecast that PS Business Parks, Inc. will post 6.61 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 15th will be paid a dividend of $1.05 per share. The ex-dividend date of this dividend is Monday, December 14th. This represents a $4.20 annualized dividend and a yield of 3.16%. PS Business Parks’s dividend payout ratio is 61.95%.
In other news, Director Joseph D. Russell, Jr. sold 1,200 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $123.71, for a total transaction of $148,452.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.44% of the stock is owned by corporate insiders.
A number of equities analysts have commented on the company. KeyCorp decreased their target price on PS Business Parks from $120.00 to $112.00 and set an “underweight” rating for the company in a research note on Thursday, October 15th. Citigroup boosted their target price on PS Business Parks from $134.00 to $139.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. Finally, Zacks Investment Research cut PS Business Parks from a “hold” rating to a “sell” rating and set a $131.00 price target on the stock. in a report on Wednesday, September 9th.
PS Business Parks Profile
PS Business Parks, Inc, a member of the S&P MidCap 400, is a REIT that acquires, develops, owns, and operates commercial properties, primarily multi-tenant industrial, flex, and office space. As of September 30, 2020, the Company wholly owned 27.5 million rentable square feet with approximately 5,000 commercial customers in six states.
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