PS Business Parks Inc (NYSE:PSB) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 318,600 shares, a growth of 19.5% from the August 31st total of 266,500 shares. Based on an average daily volume of 121,700 shares, the short-interest ratio is presently 2.6 days. Approximately 1.6% of the shares of the company are sold short.
In related news, Director Joseph D. Russell, Jr. sold 1,200 shares of PS Business Parks stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $123.71, for a total value of $148,452.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.44% of the company’s stock.
A number of hedge funds have recently bought and sold shares of PSB. Van ECK Associates Corp boosted its position in shares of PS Business Parks by 109.4% during the 1st quarter. Van ECK Associates Corp now owns 245 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 128 shares during the last quarter. Advisor Group Holdings Inc. bought a new stake in shares of PS Business Parks during the 1st quarter valued at about $54,000. Tower Research Capital LLC TRC boosted its position in shares of PS Business Parks by 2,022.7% during the 1st quarter. Tower Research Capital LLC TRC now owns 467 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 445 shares during the last quarter. First Mercantile Trust Co. bought a new stake in shares of PS Business Parks during the 2nd quarter valued at about $125,000. Finally, Assetmark Inc. boosted its position in shares of PS Business Parks by 29.0% during the 2nd quarter. Assetmark Inc. now owns 1,139 shares of the real estate investment trust’s stock valued at $151,000 after acquiring an additional 256 shares during the last quarter. 71.16% of the stock is owned by institutional investors and hedge funds.
PSB has been the subject of several recent research reports. Wells Fargo & Company decreased their price objective on PS Business Parks from $175.00 to $150.00 and set an “underweight” rating for the company in a report on Wednesday, June 10th. Zacks Investment Research lowered PS Business Parks from a “hold” rating to a “sell” rating and set a $131.00 price objective for the company. in a report on Wednesday, September 9th. Finally, Citigroup lifted their price objective on PS Business Parks from $134.00 to $139.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th.
PSB stock traded up $1.63 during mid-day trading on Friday, reaching $126.84. 120,811 shares of the company traded hands, compared to its average volume of 128,915. The company has a market capitalization of $3.49 billion, a P/E ratio of 28.83 and a beta of 0.35. PS Business Parks has a 52-week low of $102.48 and a 52-week high of $192.13. The company has a fifty day moving average price of $125.37 and a 200-day moving average price of $128.34.
PS Business Parks (NYSE:PSB) last posted its earnings results on Tuesday, August 4th. The real estate investment trust reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.36. PS Business Parks had a return on equity of 18.12% and a net margin of 44.01%. Analysts expect that PS Business Parks will post 6.67 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were issued a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Monday, September 14th. PS Business Parks’s payout ratio is presently 61.95%.
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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