Pacer Advisors Inc. Boosts Stock Position in PS Business Parks Inc (NYSE:PSB)

Pacer Advisors Inc. boosted its holdings in PS Business Parks Inc (NYSE:PSB) by 36.9% during the 2nd quarter, Holdings Channel reports. The firm owned 20,186 shares of the real estate investment trust’s stock after acquiring an additional 5,442 shares during the period. Pacer Advisors Inc.’s holdings in PS Business Parks were worth $2,673,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Strs Ohio boosted its position in PS Business Parks by 0.3% in the second quarter. Strs Ohio now owns 31,535 shares of the real estate investment trust’s stock worth $4,175,000 after purchasing an additional 93 shares during the last quarter. Bowling Portfolio Management LLC lifted its position in shares of PS Business Parks by 2.5% during the 1st quarter. Bowling Portfolio Management LLC now owns 3,926 shares of the real estate investment trust’s stock valued at $532,000 after buying an additional 96 shares during the last quarter. Van ECK Associates Corp lifted 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 buying an additional 128 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of PS Business Parks by 1.7% during the 1st quarter. State of Alaska Department of Revenue now owns 9,120 shares of the real estate investment trust’s stock valued at $1,235,000 after buying an additional 156 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of PS Business Parks by 0.7% during the 1st quarter. Bessemer Group Inc. now owns 29,800 shares of the real estate investment trust’s stock valued at $4,039,000 after buying an additional 200 shares during the last quarter. 71.64% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have recently commented on PSB shares. Wells Fargo & Co dropped their price target on PS Business Parks from $175.00 to $150.00 and set an “underweight” rating on the stock in a research report on Wednesday, June 10th. Citigroup dropped their price target on PS Business Parks from $182.00 to $128.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $151.75.

NYSE:PSB opened at $137.95 on Friday. PS Business Parks Inc has a 52-week low of $102.48 and a 52-week high of $192.13. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 20.20 and a beta of 0.44. The business’s fifty day moving average is $132.43 and its 200 day moving average is $140.20.

PS Business Parks (NYSE:PSB) last released its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.58. PS Business Parks had a return on equity of 18.56% and a net margin of 44.22%. The company had revenue of $106.22 million for the quarter. On average, sell-side analysts predict that PS Business Parks Inc will post 6.7 EPS for the current fiscal year.

In other PS Business Parks news, Director Joseph D. Russell, Jr. sold 2,300 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $135.25, for a total value of $311,075.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kristy Pipes bought 720 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was acquired at an average price of $138.45 per share, for a total transaction of $99,684.00. Following the completion of the purchase, the director now directly owns 720 shares in the company, valued at $99,684. The disclosure for this purchase can be found here. Insiders own 1.44% of the company’s stock.

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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