Parkway Properties Inc. (NYSE:PKY) Receives Average Recommendation of “Hold” from Brokerages
Parkway Properties Inc. (NYSE:PKY) has received an average rating of “Hold” from the nine analysts that are presently covering the stock, Marketbeat.com reports. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $21.00.
Several analysts have issued reports on the company. Stifel Nicolaus restated a “hold” rating and issued a $23.00 target price on shares of Parkway Properties in a research note on Sunday, July 2nd. Mizuho restated a “neutral” rating and issued a $20.00 target price on shares of Parkway Properties in a research note on Monday, March 27th. Zacks Investment Research upgraded Parkway Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, May 3rd. Finally, JMP Securities lowered Parkway Properties from an “outperform” rating to a “market perform” rating and set a $22.00 target price on the stock. in a research note on Thursday.
Shares of Parkway Properties (NYSE PKY) traded up 0.04% on Monday, reaching $22.81. The company’s stock had a trading volume of 1,958,104 shares. Parkway Properties has a 52-week low of $18.60 and a 52-week high of $23.17. The stock’s market cap is $1.14 billion. The firm’s 50 day moving average is $20.02 and its 200-day moving average is $20.50.
Parkway Properties (NYSE:PKY) last issued its earnings results on Monday, May 8th. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The firm had revenue of $71.40 million during the quarter, compared to the consensus estimate of $70.67 million. On average, equities research analysts forecast that Parkway Properties will post ($0.60) EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 16th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.75%. The ex-dividend date was Wednesday, June 14th.
A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Parkway Properties by 9,309.9% in the first quarter. BlackRock Inc. now owns 6,478,241 shares of the real estate investment trust’s stock valued at $128,853,000 after buying an additional 6,409,396 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Parkway Properties by 25.6% in the first quarter. Bank of New York Mellon Corp now owns 4,454,205 shares of the real estate investment trust’s stock valued at $88,594,000 after buying an additional 908,794 shares during the last quarter. KRV Capital LP acquired a new position in Parkway Properties during the first quarter valued at approximately $12,929,000. Land & Buildings Investment Management LLC boosted its position in Parkway Properties by 91.7% in the first quarter. Land & Buildings Investment Management LLC now owns 1,288,426 shares of the real estate investment trust’s stock valued at $25,627,000 after buying an additional 616,401 shares during the last quarter. Finally, CORDA Investment Management LLC. acquired a new position in Parkway Properties during the first quarter valued at approximately $10,597,000. Institutional investors and hedge funds own 99.81% of the company’s stock.
About Parkway Properties
Parkway, Inc is a self-managed real estate investment trust (REIT). The Company owns and operates office properties located in submarkets in Houston, Texas. As of December 31, 2016, the Company’s portfolio consisted of five Class A assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston.
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