PS Business Parks Inc (NYSE:PSB) Sees Significant Increase in Short Interest

PS Business Parks Inc (NYSE:PSB) was the recipient of a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 432,200 shares, an increase of 8.3% from the June 30th total of 399,100 shares. Based on an average daily volume of 119,300 shares, the days-to-cover ratio is currently 3.6 days. Approximately 2.2% of the shares of the company are sold short.

Separately, Zacks Investment Research upgraded PS Business Parks from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research report on Friday.

In other PS Business Parks news, COO John W. Petersen sold 600 shares of PS Business Parks stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $169.04, for a total value of $101,424.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Trenton Groves sold 2,000 shares of PS Business Parks stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $160.01, for a total value of $320,020.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,847 shares of company stock valued at $1,110,924. Corporate insiders own 1.50% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSB. Point72 Asset Management L.P. bought a new stake in PS Business Parks in the second quarter valued at $34,000. Quantamental Technologies LLC bought a new stake in PS Business Parks in the second quarter valued at $50,000. Point72 Hong Kong Ltd bought a new stake in PS Business Parks in the second quarter valued at $71,000. LS Investment Advisors LLC grew its position in PS Business Parks by 63.6% in the second quarter. LS Investment Advisors LLC now owns 972 shares of the real estate investment trust’s stock valued at $164,000 after acquiring an additional 378 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new stake in PS Business Parks in the second quarter valued at $205,000. Institutional investors and hedge funds own 70.72% of the company’s stock.

Shares of PSB traded up $2.42 on Friday, reaching $176.62. 160,702 shares of the stock traded hands, compared to its average volume of 133,870. The firm has a market cap of $4.82 billion, a price-to-earnings ratio of 27.30, a P/E/G ratio of 5.14 and a beta of 0.45. PS Business Parks has a 12 month low of $120.21 and a 12 month high of $179.91. The stock’s 50-day moving average price is $173.37 and its 200-day moving average price is $160.24.

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

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 12th will be given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 2.38%. 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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