Allianz Asset Management AG reduced its position in PS Business Parks Inc (NYSE:PSB) by 28.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,422 shares of the real estate investment trust’s stock after selling 1,757 shares during the period. Allianz Asset Management AG’s holdings in PS Business Parks were worth $515,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in PSB. CenturyLink Investment Management Co purchased a new stake in shares of PS Business Parks during the third quarter worth about $1,011,000. Meeder Asset Management Inc. purchased a new stake in shares of PS Business Parks during the third quarter worth about $208,000. 1st Global Advisors Inc. purchased a new stake in shares of PS Business Parks during the third quarter worth about $216,000. Shinko Asset Management Co. Ltd. increased its stake in shares of PS Business Parks by 1.0% in the third quarter. Shinko Asset Management Co. Ltd. now owns 61,351 shares of the real estate investment trust’s stock worth $6,968,000 after buying an additional 600 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of PS Business Parks by 18.6% in the third quarter. State of Alaska Department of Revenue now owns 1,720 shares of the real estate investment trust’s stock worth $195,000 after buying an additional 270 shares during the last quarter. 72.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PS Business Parks Inc (NYSE:PSB) traded up 0.50% during midday trading on Friday, reaching $121.81. 105,605 shares of the company were exchanged. The stock has a market capitalization of $3.31 billion, a P/E ratio of 52.73 and a beta of 0.58. PS Business Parks Inc has a 12-month low of $94.93 and a 12-month high of $122.19. The company has a 50 day moving average price of $115.61 and a 200-day moving average price of $113.03.
PS Business Parks (NYSE:PSB) last posted its earnings results on Tuesday, February 21st. The real estate investment trust reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $1.07. PS Business Parks had a return on equity of 13.33% and a net margin of 32.48%. The company had revenue of $97.70 million for the quarter, compared to the consensus estimate of $96.12 million. During the same quarter in the previous year, the business earned $0.55 earnings per share. On average, analysts forecast that PS Business Parks Inc will post $2.91 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 30th. Investors of record on Wednesday, March 15th were issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Monday, March 13th. This is an increase from PS Business Parks’s previous quarterly dividend of $0.75. PS Business Parks’s payout ratio is currently 125.52%.
Separately, Zacks Investment Research downgraded shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Thursday, December 29th.
In related news, Director Ronald L. Havner, Jr. sold 10,344 shares of the company’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $116.26, for a total value of $1,202,593.44. Following the completion of the sale, the director now directly owns 10,344 shares of the company’s stock, valued at approximately $1,202,593.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph D. Russell, Jr. sold 2,500 shares of the company’s stock in a transaction dated Monday, March 13th. The shares were sold at an average price of $110.61, for a total value of $276,525.00. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.
About PS Business Parks
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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