California State Teachers Retirement System decreased its holdings in PS Business Parks, Inc. (NYSE:PSB) by 9.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,008 shares of the real estate investment trust’s stock after selling 3,836 shares during the quarter. California State Teachers Retirement System owned about 0.13% of PS Business Parks worth $4,635,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also made changes to their positions in PSB. FMR LLC purchased a new stake in PS Business Parks in the second quarter worth $21,739,000. Schwab Charles Investment Management Inc. lifted its stake in PS Business Parks by 21.5% in 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 acquiring an additional 60,805 shares during the period. State Street Corp lifted its stake in PS Business Parks by 7.1% in the first quarter. State Street Corp now owns 777,722 shares of the real estate investment trust’s stock worth $89,248,000 after acquiring an additional 51,305 shares during the period. Boston Advisors LLC purchased a new stake in PS Business Parks in the second quarter worth $6,429,000. Finally, Bank of America Corp DE lifted its stake in PS Business Parks by 20.5% in the first quarter. Bank of America Corp DE now owns 166,952 shares of the real estate investment trust’s stock worth $19,159,000 after acquiring an additional 28,438 shares during the period. 72.66% of the stock is owned by institutional investors.
PSB has been the subject of a number of research analyst reports. Zacks Investment Research raised PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 price target for the company in a research note on Monday, October 16th. KeyCorp reaffirmed a “hold” rating on shares of PS Business Parks in a research note on Friday, August 25th. Finally, BidaskClub lowered PS Business Parks from a “buy” rating to a “hold” rating in a research note on Monday, July 24th.
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PS Business Parks (NYSE:PSB) last issued its earnings results on Tuesday, October 24th. The real estate investment trust reported $1.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.87. PS Business Parks had a return on equity of 16.95% and a net margin of 39.78%. The business had revenue of $100.48 million during the quarter, compared to analysts’ expectations of $99.55 million. During the same period in the prior year, the business earned $1.43 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year.
In other PS Business Parks news, Director Jennifer Holden Dunbar sold 4,000 shares of the company’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $130.69, for a total value of $522,760.00. Following the completion of the sale, the director now directly owns 4,000 shares in the company, valued at approximately $522,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph D. Russell, Jr. sold 800 shares of the company’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $133.00, for a total value of $106,400.00. The disclosure for this sale can be found here. Insiders sold a total of 32,186 shares of company stock valued at $4,319,064 over the last quarter. Company insiders own 1.63% of the company’s stock.
PS Business Parks Company Profile
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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