PS Business Parks Inc (NYSE:PSB) saw a large drop in short interest in December. As of December 31st, there was short interest totalling 285,900 shares, a drop of 15.9% from the December 15th total of 340,100 shares. Based on an average daily volume of 91,500 shares, the short-interest ratio is currently 3.1 days. Currently, 1.4% of the shares of the company are sold short.
A number of analysts recently commented on the stock. ValuEngine cut shares of PS Business Parks from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. KeyCorp cut shares of PS Business Parks from a “sector weight” rating to an “underweight” rating and set a $145.00 target price for the company. in a research note on Tuesday, December 17th. Citigroup upgraded shares of PS Business Parks from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $142.00 to $180.00 in a research note on Monday, September 23rd. Finally, Wells Fargo & Co cut shares of PS Business Parks from a “market perform” rating to an “underperform” rating and set a $175.00 target price for the company. in a research note on Tuesday, December 10th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. PS Business Parks currently has an average rating of “Hold” and a consensus target price of $171.00.
PSB traded down $1.39 during trading on Tuesday, reaching $167.13. 65,038 shares of the company’s stock were exchanged, compared to its average volume of 102,404. PS Business Parks has a 1 year low of $134.25 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 stock has a market capitalization of $4.54 billion, a P/E ratio of 25.83, a price-to-earnings-growth ratio of 4.78 and a beta of 0.39. The company’s fifty day simple moving average is $168.52 and its 200-day simple moving average is $175.29.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, December 12th. PS Business Parks’s dividend payout ratio is presently 64.91%.
In related news, Director Jennifer Holden Dunbar sold 4,039 shares of PS Business Parks stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $180.62, for a total value of $729,524.18. Following the completion of the sale, the director now directly owns 1,971 shares in the company, valued at approximately $356,002.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO John W. Petersen sold 700 shares of PS Business Parks stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $175.65, for a total transaction of $122,955.00. The disclosure for this sale can be found here. Insiders sold a total of 9,531 shares of company stock valued at $1,696,450 over the last quarter. 1.50% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. purchased a new position in PS Business Parks during the 2nd quarter worth approximately $34,000. Point72 Hong Kong Ltd purchased a new position in PS Business Parks during the 2nd quarter worth approximately $71,000. Robecosam AG raised its position in PS Business Parks by 7.3% during the 3rd quarter. Robecosam AG now owns 805 shares of the real estate investment trust’s stock worth $147,000 after buying an additional 55 shares during the last quarter. Advisor Partners LLC purchased a new position in PS Business Parks during the 3rd quarter worth approximately $210,000. Finally, Wolverine Trading LLC purchased a new position in PS Business Parks during the 2nd quarter worth approximately $246,000. 70.52% of the stock is owned by institutional investors.
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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