O Shaughnessy Asset Management LLC lifted its holdings in shares of PS Business Parks, Inc. (NYSE:PSB) by 778.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 668 shares of the real estate investment trust’s stock after buying an additional 592 shares during the period. O Shaughnessy Asset Management LLC’s holdings in PS Business Parks were worth $99,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Amundi Asset Management US Inc. raised its stake in shares of PS Business Parks by 37.1% during the 1st quarter. Amundi Asset Management US Inc. now owns 17,154 shares of the real estate investment trust’s stock worth $2,651,000 after buying an additional 4,644 shares during the period. Ziegler Capital Management LLC acquired a new position in shares of PS Business Parks during the 2nd quarter worth approximately $1,678,000. Heartland Advisors Inc. raised its stake in shares of PS Business Parks by 32.3% during the 1st quarter. Heartland Advisors Inc. now owns 86,506 shares of the real estate investment trust’s stock worth $13,372,000 after buying an additional 21,104 shares during the period. Artisan Partners Limited Partnership raised its stake in shares of PS Business Parks by 32.3% during the 1st quarter. Artisan Partners Limited Partnership now owns 270,688 shares of the real estate investment trust’s stock worth $41,843,000 after buying an additional 66,145 shares during the period. Finally, Millennium Management LLC raised its stake in PS Business Parks by 77.6% in the 1st quarter. Millennium Management LLC now owns 138,219 shares of the real estate investment trust’s stock valued at $21,366,000 after purchasing an additional 60,406 shares during the last quarter. 69.63% of the stock is owned by institutional investors and hedge funds.
PSB has been the subject of several recent research reports. JPMorgan Chase & Co. raised PS Business Parks from a “neutral” rating to an “overweight” rating and set a $175.00 price objective for the company in a research note on Tuesday, September 14th. Wells Fargo & Company upped their target price on PS Business Parks from $145.00 to $155.00 and gave the company an “underweight” rating in a report on Monday, June 7th.
PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Monday, August 2nd. The real estate investment trust reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.12. PS Business Parks had a return on equity of 17.37% and a net margin of 42.22%. Analysts expect that PS Business Parks, Inc. will post 6.9 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Wednesday, September 15th will be issued a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend is Tuesday, September 14th. PS Business Parks’s dividend payout ratio is presently 63.93%.
PS Business Parks Profile
PS Business Parks, Inc is a real estate investment trust. The firm engages in the ownership, operation, acquisition, and development of commercial properties, primarily multi-tenant flex, office, and industrial space. Its commercial real estate properties include warehouse and office space. The company was founded in 1986 and is headquartered in Glendale, CA.
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