Russell Investments Group Ltd. Raises Stake in PS Business Parks Inc (NYSE:PSB)

Russell Investments Group Ltd. lifted its position in shares of PS Business Parks Inc (NYSE:PSB) by 74.9% in the second quarter, Holdings Channel reports. The firm owned 37,424 shares of the real estate investment trust’s stock after purchasing an additional 16,027 shares during the period. Russell Investments Group Ltd.’s holdings in PS Business Parks were worth $6,307,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PSB. LS Investment Advisors LLC grew its holdings in shares of PS Business Parks by 63.6% during the 2nd quarter. LS Investment Advisors LLC now owns 972 shares of the real estate investment trust’s stock worth $164,000 after purchasing an additional 378 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in PS Business Parks in the 2nd quarter worth approximately $205,000. Crossmark Global Holdings Inc. purchased a new position in PS Business Parks in the 1st quarter worth approximately $336,000. Everence Capital Management Inc. boosted its holdings in PS Business Parks by 83.6% in the 1st quarter. Everence Capital Management Inc. now owns 2,920 shares of the real estate investment trust’s stock worth $458,000 after acquiring an additional 1,330 shares during the period. Finally, Pictet Asset Management Ltd. boosted its holdings in PS Business Parks by 26.9% in the 1st quarter. Pictet Asset Management Ltd. now owns 3,300 shares of the real estate investment trust’s stock worth $518,000 after acquiring an additional 700 shares during the period. Institutional investors and hedge funds own 70.64% of the company’s stock.

Separately, Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $184.00 price target for the company in a report on Friday, August 16th.

In other PS Business Parks news, Director Joseph D. Russell, Jr. sold 1,800 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $180.68, for a total value of $325,224.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is owned by corporate insiders.

NYSE PSB traded up $1.59 on Friday, reaching $177.74. The company had a trading volume of 1,061 shares, compared to its average volume of 103,001. The firm has a market capitalization of $4.77 billion, a PE ratio of 27.23, a P/E/G ratio of 5.09 and a beta of 0.46. PS Business Parks Inc has a 1 year low of $120.21 and a 1 year high of $186.14. The firm has a 50-day moving average of $176.82 and a 200-day moving average of $164.31.

PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.68 by ($0.64). The company had revenue of $107.78 million during the quarter, compared to analysts’ expectations of $105.10 million. PS Business Parks had a return on equity of 14.84% and a net margin of 35.70%. As a group, analysts forecast that PS Business Parks Inc will post 6.83 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 12th will be issued a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Wednesday, September 11th. PS Business Parks’s dividend payout ratio is presently 64.91%.

PS Business Parks Company 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.

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

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