Joseph D. Russell, Jr. Sells 2,500 Shares of PS Business Parks, Inc. (PSB) Stock
PS Business Parks, Inc. (NYSE:PSB) Director Joseph D. Russell, Jr. sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $133.37, for a total value of $333,425.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
PS Business Parks, Inc. (PSB) opened at 133.05 on Friday. The firm has a market capitalization of $3.62 billion, a PE ratio of 43.45 and a beta of 0.59. The firm’s 50-day moving average price is $131.55 and its 200-day moving average price is $123.79. PS Business Parks, Inc. has a 1-year low of $102.32 and a 1-year high of $136.27.
PS Business Parks (NYSE:PSB) last released its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.88. The firm had revenue of $99.80 million for the quarter, compared to analyst estimates of $100.81 million. PS Business Parks had a net margin of 39.05% and a return on equity of 16.50%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.36 EPS. On average, equities research analysts predict that PS Business Parks, Inc. will post $3.12 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $3.40 annualized dividend and a yield of 2.56%. PS Business Parks’s dividend payout ratio is presently 111.11%.
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A number of research firms recently commented on PSB. KeyCorp reiterated a “hold” rating on shares of PS Business Parks in a report on Friday. BidaskClub cut PS Business Parks from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $140.00 price objective on the stock in a report on Tuesday, May 30th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Piedmont Investment Advisors LLC bought a new position in PS Business Parks during the second quarter valued at $560,000. Susquehanna International Group LLP raised its position in PS Business Parks by 76.8% in the second quarter. Susquehanna International Group LLP now owns 45,367 shares of the real estate investment trust’s stock valued at $6,006,000 after buying an additional 19,706 shares in the last quarter. Coldstream Capital Management Inc. bought a new position in PS Business Parks during the second quarter valued at $237,000. State Street Corp raised its position in PS Business Parks by 3.2% in the second quarter. State Street Corp now owns 802,768 shares of the real estate investment trust’s stock valued at $106,276,000 after buying an additional 25,046 shares in the last quarter. Finally, Shelton Capital Management bought a new position in PS Business Parks during the second quarter valued at $257,000. Hedge funds and other institutional investors own 71.40% of the company’s stock.
PS Business Parks Company Profile
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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