PS Business Parks, Inc. (NYSE:PSB) Sees Significant Drop in Short Interest

PS Business Parks, Inc. (NYSE:PSB – Get Rating) was the target of a significant decline in short interest in April. As of April 30th, there was short interest totalling 299,900 shares, a decline of 20.1% from the April 15th total of 375,500 shares. Based on an average trading volume of 227,600 shares, the short-interest ratio is currently 1.3 days. Approximately 1.5% of the company’s stock are short sold.

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new stake in shares of PS Business Parks in the 4th quarter worth $36,694,000. Invesco Ltd. increased its holdings in PS Business Parks by 95.8% in the 1st quarter. Invesco Ltd. now owns 352,957 shares of the real estate investment trust’s stock worth $59,326,000 after buying an additional 172,722 shares in the last quarter. GW&K Investment Management LLC purchased a new position in PS Business Parks in the 4th quarter worth about $31,456,000. Wellington Management Group LLP lifted its stake in PS Business Parks by 8.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,122,511 shares of the real estate investment trust’s stock valued at $332,682,000 after acquiring an additional 166,088 shares during the period. Finally, State Street Corp boosted its holdings in shares of PS Business Parks by 11.9% during the 1st quarter. State Street Corp now owns 1,223,728 shares of the real estate investment trust’s stock valued at $205,684,000 after acquiring an additional 129,742 shares during the last quarter. Institutional investors and hedge funds own 71.04% of the company’s stock.

PSB has been the topic of a number of analyst reports. Wells Fargo & Company dropped their price target on PS Business Parks from $190.00 to $170.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 15th. StockNews.com cut PS Business Parks from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 25th. Finally, Zacks Investment Research downgraded PS Business Parks from a “hold” rating to a “sell” rating and set a $177.00 price target for the company. in a report on Tuesday, April 12th.

NYSE:PSB opened at $185.75 on Thursday. The stock has a market cap of $5.13 billion, a price-to-earnings ratio of 11.76 and a beta of 0.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.02. The company’s 50 day moving average price is $172.55 and its 200-day moving average price is $172.19. PS Business Parks has a 52 week low of $147.02 and a 52 week high of $189.83.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 15th will be given a $1.05 dividend. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $4.20 annualized dividend and a yield of 2.26%. PS Business Parks’s dividend payout ratio (DPR) is presently 26.58%.

PS Business Parks Company Profile (Get Rating)

PS Business Parks, Inc, a member of the S&P MidCap 400, is a REIT that acquires, develops, owns, and operates commercial properties, primarily multi-tenant industrial, flex, and office space. As of September 30, 2020, the Company wholly owned 27.5 million rentable square feet with approximately 5,000 commercial customers in six states.

Read More