Cornerstone Capital Management Holdings LLC. decreased its position in shares of PS Business Parks (NYSE:PSB) by 8.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,030 shares of the real estate investment trust’s stock after selling 2,900 shares during the period. Cornerstone Capital Management Holdings LLC. owned approximately 0.12% of PS Business Parks worth $4,005,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in PS Business Parks during the third quarter valued at about $264,000. Algert Global LLC purchased a new position in shares of PS Business Parks in the third quarter worth about $372,000. Schroder Investment Management Group increased its holdings in shares of PS Business Parks by 363.6% in the third quarter. Schroder Investment Management Group now owns 3,162 shares of the real estate investment trust’s stock worth $422,000 after buying an additional 2,480 shares during the period. Citadel Advisors LLC purchased a new position in shares of PS Business Parks in the third quarter worth about $660,000. Finally, Pacer Advisors Inc. purchased a new position in shares of PS Business Parks in the third quarter worth about $674,000. Institutional investors and hedge funds own 71.46% of the company’s stock.
Shares of PSB traded up $0.64 during trading hours on Friday, hitting $113.20. The company had a trading volume of 70,109 shares, compared to its average volume of 84,793. The company has a market cap of $3,067.78, a P/E ratio of 18.47 and a beta of 0.47. PS Business Parks has a 52-week low of $107.91 and a 52-week high of $137.60.
PS Business Parks (NYSE:PSB) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $1.52 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.53 by ($0.01). The company had revenue of $101.84 million during the quarter, compared to analysts’ expectations of $101.56 million. PS Business Parks had a return on equity of 17.35% and a net margin of 40.29%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 EPS. analysts expect that PS Business Parks will post 6.28 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Wednesday, March 14th were paid a $0.85 dividend. The ex-dividend date was Tuesday, March 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.00%. PS Business Parks’s payout ratio is presently 55.46%.
PSB has been the topic of several analyst reports. JPMorgan Chase decreased their price objective on PS Business Parks from $135.00 to $123.00 and set an “underweight” rating on the stock in a report on Wednesday, February 14th. Zacks Investment Research upgraded PS Business Parks from a “sell” rating to a “hold” rating in a report on Tuesday, February 27th.
In related news, insider John W. Petersen sold 5,104 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $111.67, for a total value of $569,963.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.63% of the stock is owned by company insiders.
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PS Business Parks Company Profile
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a real estate investment trust (?REIT?) that acquires, develops, owns and operates commercial properties, primarily multi-tenant flex, office and industrial space. The Company defines ?flex? space as buildings that are configured with a combination of office and warehouse space and can be designed to fit a number of uses (including office, assembly, showroom, laboratory, light manufacturing and warehouse space).
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