Allianz Asset Management AG lowered its stake in PS Business Parks Inc (NYSE:PSB) by 28.4% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,422 shares of the real estate investment trust’s stock after selling 1,757 shares during the period. Allianz Asset Management AG’s holdings in PS Business Parks were worth $515,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in shares of PS Business Parks by 19.8% in the third quarter. Bank of New York Mellon Corp now owns 946,017 shares of the real estate investment trust’s stock worth $107,438,000 after buying an additional 156,141 shares during the period. BlackRock Fund Advisors boosted its position in shares of PS Business Parks by 8.4% in the third quarter. BlackRock Fund Advisors now owns 1,365,730 shares of the real estate investment trust’s stock worth $155,106,000 after buying an additional 105,942 shares during the period. Matarin Capital Management LLC purchased a new position in shares of PS Business Parks during the third quarter worth about $10,399,000. Panagora Asset Management Inc. boosted its position in shares of PS Business Parks by 54.0% in the third quarter. Panagora Asset Management Inc. now owns 151,181 shares of the real estate investment trust’s stock worth $17,169,000 after buying an additional 52,985 shares during the period. Finally, Russell Investments Group Ltd. bought a new stake in shares of PS Business Parks during the fourth quarter worth $3,166,000. 72.66% of the stock is currently owned by institutional investors and hedge funds.
PS Business Parks Inc (NYSE:PSB) traded up 0.50% during midday trading on Friday, reaching $121.81. 89,246 shares of the company’s stock traded hands. The company’s 50-day moving average price is $115.61 and its 200-day moving average price is $113.03. PS Business Parks Inc has a 52-week low of $94.93 and a 52-week high of $122.19. The stock has a market cap of $3.31 billion, a P/E ratio of 52.73 and a beta of 0.58.
PS Business Parks (NYSE:PSB) last announced its earnings results on Tuesday, February 21st. The real estate investment trust reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $1.07. PS Business Parks had a return on equity of 13.33% and a net margin of 32.48%. The firm had revenue of $97.70 million for the quarter, compared to analyst estimates of $96.12 million. During the same quarter last year, the firm posted $0.55 EPS. On average, equities analysts predict that PS Business Parks Inc will post $2.91 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 30th. Shareholders of record on Wednesday, March 15th were issued a $0.85 dividend. The ex-dividend date of this dividend was Monday, March 13th. This represents a $3.40 dividend on an annualized basis and a yield of 2.79%. This is a positive change from PS Business Parks’s previous quarterly dividend of $0.75. PS Business Parks’s dividend payout ratio (DPR) is presently 125.52%.
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Separately, Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $132.00 price target on the stock in a report on Friday, April 7th.
In other PS Business Parks news, Director Ronald L. Havner, Jr. sold 10,344 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $116.26, for a total value of $1,202,593.44. Following the transaction, the director now owns 10,344 shares in the company, valued at approximately $1,202,593.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph D. Russell, Jr. sold 2,500 shares of the firm’s stock in a transaction on Monday, March 13th. The shares were sold at an average price of $110.61, for a total value of $276,525.00. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
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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