State of Tennessee Treasury Department Boosts Position in Parkway Properties Inc. (PKY)
State of Tennessee Treasury Department boosted its stake in Parkway Properties Inc. (NYSE:PKY) by 17.8% during the first quarter, Holdings Channel reports. The firm owned 40,207 shares of the real estate investment trust’s stock after buying an additional 6,068 shares during the period. State of Tennessee Treasury Department’s holdings in Parkway Properties were worth $800,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in PKY. Russell Investments Group Ltd. purchased a new stake in Parkway Properties during the fourth quarter valued at approximately $3,909,000. Teton Advisors Inc. purchased a new stake in Parkway Properties during the fourth quarter valued at approximately $218,000. Employees Retirement System of Texas purchased a new stake in Parkway Properties during the fourth quarter valued at approximately $2,225,000. Envestnet Asset Management Inc. purchased a new stake in Parkway Properties during the fourth quarter valued at approximately $397,000. Finally, United Capital Financial Advisers LLC purchased a new stake in Parkway Properties during the fourth quarter valued at approximately $399,000. Institutional investors own 99.81% of the company’s stock.
Shares of Parkway Properties Inc. (NYSE:PKY) opened at 20.46 on Friday. The company has a 50 day moving average of $20.02 and a 200 day moving average of $20.52. The firm’s market cap is $1.02 billion. Parkway Properties Inc. has a 52 week low of $18.60 and a 52 week high of $23.17.
Parkway Properties (NYSE:PKY) last posted its quarterly earnings data on Monday, May 8th. The real estate investment trust reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01. The company had revenue of $71.40 million during the quarter, compared to analyst estimates of $70.67 million. On average, equities research analysts anticipate that Parkway Properties Inc. will post ($0.60) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Wednesday, June 14th.
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PKY has been the subject of several recent analyst reports. Capital One Financial Corporation upgraded shares of Parkway Properties from an “equal weight” rating to an “overweight” rating and set a $25.00 target price for the company in a research note on Tuesday, February 21st. 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. Finally, Zacks Investment Research upgraded shares of Parkway Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, May 3rd. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $21.00.
Parkway Properties Company Profile
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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