Metropolitan Life Insurance Co NY reduced its holdings in PS Business Parks Inc (NYSE:PSB) by 1.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,471 shares of the real estate investment trust’s stock after selling 216 shares during the period. Metropolitan Life Insurance Co NY’s holdings in PS Business Parks were worth $2,269,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of PSB. Oregon Public Employees Retirement Fund boosted its holdings in shares of PS Business Parks by 4.9% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 8,114 shares of the real estate investment trust’s stock worth $1,367,000 after purchasing an additional 382 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in PS Business Parks by 6.3% during the second quarter. Daiwa Securities Group Inc. now owns 3,400 shares of the real estate investment trust’s stock worth $573,000 after buying an additional 200 shares in the last quarter. Bowling Portfolio Management LLC purchased a new position in PS Business Parks during the second quarter worth approximately $990,000. State Treasurer State of Michigan acquired a new position in PS Business Parks during the second quarter worth $994,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in PS Business Parks by 81.4% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 23,546 shares of the real estate investment trust’s stock worth $3,968,000 after buying an additional 10,568 shares during the last quarter. Hedge funds and other institutional investors own 70.55% of the company’s stock.
NYSE:PSB opened at $175.89 on Wednesday. The company’s 50-day moving average is $178.56 and its two-hundred day moving average is $175.31. PS Business Parks Inc has a 1-year low of $125.52 and a 1-year high of $192.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.48 and a quick ratio of 0.48. The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of 27.19, a PEG ratio of 5.24 and a beta of 0.41.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $1.05 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $4.20 annualized dividend and a yield of 2.39%. PS Business Parks’s dividend payout ratio (DPR) is 64.91%.
In other PS Business Parks news, Director Joseph D. Russell, Jr. sold 1,800 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $180.68, for a total transaction of $325,224.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO John W. Petersen sold 800 shares of PS Business Parks stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $175.31, for a total transaction of $140,248.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,431 shares of company stock valued at $1,511,893. 1.50% of the stock is owned by insiders.
PSB has been the subject of a number of recent research reports. Zacks Investment Research raised PS Business Parks from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research note on Friday, August 16th. Citigroup raised shares of PS Business Parks from a “sell” rating to a “neutral” rating and upped their price objective for the company from $142.00 to $180.00 in a report on Monday, September 23rd. Finally, ValuEngine lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd.
About PS Business Parks
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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