Convergence Investment Partners LLC Boosts Holdings in PS Business Parks, Inc. (PSB)

Convergence Investment Partners LLC raised its position in shares of PS Business Parks, Inc. (NYSE:PSB) by 410.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,354 shares of the real estate investment trust’s stock after acquiring an additional 18,781 shares during the quarter. Convergence Investment Partners LLC owned approximately 0.09% of PS Business Parks worth $3,118,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Flinton Capital Management LLC boosted its position in shares of PS Business Parks by 85.7% in the 2nd quarter. Flinton Capital Management LLC now owns 1,040 shares of the real estate investment trust’s stock worth $138,000 after purchasing an additional 480 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in PS Business Parks by 0.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,236 shares of the real estate investment trust’s stock valued at $164,000 after acquiring an additional 8 shares in the last quarter. CIBC Asset Management Inc bought a new position in PS Business Parks in the 3rd quarter valued at approximately $206,000. Everence Capital Management Inc. bought a new position in PS Business Parks in the 2nd quarter valued at approximately $211,000. Finally, Riverhead Capital Management LLC lifted its position in PS Business Parks by 81.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,632 shares of the real estate investment trust’s stock valued at $216,000 after acquiring an additional 732 shares in the last quarter. 71.97% of the stock is currently owned by institutional investors and hedge funds.

PS Business Parks, Inc. (PSB) traded down $1.23 during trading hours on Tuesday, hitting $131.27. The stock had a trading volume of 60,300 shares, compared to its average volume of 93,977. The stock has a market cap of $3,610.76, a price-to-earnings ratio of 22.08, a price-to-earnings-growth ratio of 4.34 and a beta of 0.56. PS Business Parks, Inc. has a 52-week low of $108.97 and a 52-week high of $137.60.

PS Business Parks (NYSE:PSB) last posted its quarterly earnings data on Tuesday, October 24th. The real estate investment trust reported $1.54 EPS for the quarter, topping the consensus estimate of $0.67 by $0.87. The firm had revenue of $100.48 million during the quarter, compared to analyst estimates of $99.55 million. PS Business Parks had a return on equity of 16.95% and a net margin of 39.78%. PS Business Parks’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.43 EPS. equities research analysts expect that PS Business Parks, Inc. will post 6.11 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be paid a $0.85 dividend. The ex-dividend date is Tuesday, December 12th. This represents a $3.40 annualized dividend and a dividend yield of 2.59%. PS Business Parks’s dividend payout ratio (DPR) is 113.33%.

A number of equities research analysts have weighed in on PSB shares. Zacks Investment Research upgraded shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $152.00 target price for the company in a research note on Tuesday, September 5th. KeyCorp reiterated a “hold” rating on shares of PS Business Parks in a research note on Friday, August 25th. Finally, BidaskClub lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th.

In other news, Director Robert S. Rollo sold 8,613 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $136.24, for a total value of $1,173,435.12. Following the completion of the sale, the director now directly owns 7,515 shares in the company, valued at approximately $1,023,843.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 20,620 shares of company stock valued at $2,794,631 over the last 90 days. 1.63% of the stock is currently owned by company insiders.

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PS Business Parks 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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Institutional Ownership by Quarter for PS Business Parks (NYSE:PSB)

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