Tower Research Capital LLC TRC grew its holdings in shares of PS Business Parks Inc (NYSE:PSB) by 6,583.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,005 shares of the real estate investment trust’s stock after buying an additional 1,975 shares during the quarter. Tower Research Capital LLC TRC’s holdings in PS Business Parks were worth $337,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. PNC Financial Services Group Inc. lifted its position in PS Business Parks by 49.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 31,826 shares of the real estate investment trust’s stock worth $4,991,000 after buying an additional 10,551 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of PS Business Parks by 40.8% in the 1st quarter. First Trust Advisors LP now owns 59,694 shares of the real estate investment trust’s stock valued at $9,362,000 after purchasing an additional 17,305 shares during the period. Mason Street Advisors LLC raised its holdings in shares of PS Business Parks by 3.5% in the 1st quarter. Mason Street Advisors LLC now owns 6,415 shares of the real estate investment trust’s stock valued at $1,006,000 after purchasing an additional 215 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of PS Business Parks by 13.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 132,888 shares of the real estate investment trust’s stock valued at $22,494,000 after purchasing an additional 15,317 shares during the period. Finally, State Treasurer State of Michigan bought a new stake in shares of PS Business Parks in the 2nd quarter valued at about $994,000. 70.60% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Joseph D. Russell, Jr. sold 1,800 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $180.68, for a total value of $325,224.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by corporate insiders.
Separately, Zacks Investment Research raised shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $184.00 target price on the stock in a report on Friday, August 16th.
Shares of PSB stock traded up $1.31 on Friday, reaching $180.48. The stock had a trading volume of 3,233 shares, compared to its average volume of 99,787. The firm’s 50-day moving average is $177.18 and its two-hundred day moving average is $165.39. The firm has a market capitalization of $4.99 billion, a price-to-earnings ratio of 27.91, a P/E/G ratio of 5.32 and a beta of 0.46. PS Business Parks Inc has a 12 month low of $120.21 and a 12 month high of $186.14.
PS Business Parks (NYSE:PSB) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.68 by ($0.64). The firm had revenue of $107.78 million during the quarter, compared to the consensus estimate of $105.10 million. PS Business Parks had a net margin of 35.70% and a return on equity of 14.84%. Research analysts forecast that PS Business Parks Inc will post 6.83 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 12th will be issued a $1.05 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 2.33%. PS Business Parks’s payout ratio is 64.91%.
PS Business Parks Profile
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of December 31, 2018, the Company wholly owned 28.2 million rentable square feet with approximately 5,050 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.
See Also: What is a Swap?
Want to see what other hedge funds are holding PSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PS Business Parks Inc (NYSE:PSB).
Receive News & Ratings for PS Business Parks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PS Business Parks and related companies with MarketBeat.com's FREE daily email newsletter.