PS Business Parks, Inc. (PSB) Shares Sold by Chartwell Investment Partners LLC
Chartwell Investment Partners LLC cut its stake in shares of PS Business Parks, Inc. (NYSE:PSB) by 2.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 139,255 shares of the real estate investment trust’s stock after selling 3,655 shares during the period. Chartwell Investment Partners LLC owned about 0.51% of PS Business Parks worth $18,590,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in PSB. FMR LLC acquired a new position in shares of PS Business Parks during the second quarter worth $21,739,000. Schwab Charles Investment Management Inc. increased its holdings in shares of PS Business Parks by 21.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 343,810 shares of the real estate investment trust’s stock worth $45,518,000 after buying an additional 60,805 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of PS Business Parks by 241.1% during the third quarter. American Century Companies Inc. now owns 82,320 shares of the real estate investment trust’s stock worth $10,990,000 after buying an additional 58,187 shares in the last quarter. Boston Advisors LLC acquired a new position in shares of PS Business Parks during the second quarter worth $6,429,000. Finally, Nationwide Fund Advisors increased its holdings in shares of PS Business Parks by 389.5% during the third quarter. Nationwide Fund Advisors now owns 59,345 shares of the real estate investment trust’s stock worth $7,923,000 after buying an additional 47,222 shares in the last quarter. Institutional investors own 72.25% of the company’s stock.
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Several brokerages have recently issued reports on PSB. Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 price target for the company in a report on Tuesday, September 5th. BidaskClub upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, KeyCorp reiterated a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th.
PS Business Parks, Inc. (NYSE:PSB) traded down $1.19 during midday trading on Monday, reaching $133.64. The company had a trading volume of 111,000 shares, compared to its average volume of 94,752. The firm has a market capitalization of $3,641.83, a P/E ratio of 22.27, a price-to-earnings-growth ratio of 4.38 and a beta of 0.57. PS Business Parks, Inc. has a 1-year low of $107.36 and a 1-year high of $137.60.
PS Business Parks (NYSE:PSB) last posted its quarterly earnings data on Tuesday, October 24th. The real estate investment trust reported $1.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.87. The business had revenue of $100.48 million during the quarter, compared to the consensus estimate of $99.55 million. PS Business Parks had a return on equity of 16.95% and a net margin of 39.78%. PS Business Parks’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.43 earnings per share. research analysts forecast that PS Business Parks, Inc. will post 6.11 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be issued a $0.85 dividend. The ex-dividend date is Tuesday, December 12th. This represents a $3.40 dividend on an annualized basis and a yield of 2.54%. PS Business Parks’s payout ratio is 113.33%.
In related news, Director Robert S. Rollo sold 8,613 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $136.24, for a total value of $1,173,435.12. Following the completion of the sale, the director now directly owns 7,515 shares in the company, valued at $1,023,843.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronald L. Havner, Jr. sold 8,136 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $134.94, for a total value of $1,097,871.84. Following the completion of the sale, the director now owns 2,068 shares of the company’s stock, valued at $279,055.92. The disclosure for this sale can be found here. Insiders sold 27,256 shares of company stock valued at $3,679,487 over the last 90 days. 1.63% of the stock is currently owned by company insiders.
About PS Business Parks
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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