Parkway Properties Inc. (NYSE:PKY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday. The brokerage currently has a $22.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s target price indicates a potential upside of 14.58% from the stock’s previous close.

According to Zacks, “Parkway Properties, Inc. is a self-administered, self-managed real estate investment trust specializing in the acquisition, ownership, management, financing and leasing of office properties in the Southeastern United States and Texas. “

Several other equities analysts have also commented on PKY. Robert W. Baird lowered Parkway Properties from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $19.00 to $18.00 in a research report on Wednesday, August 17th. DA Davidson set a $18.00 price objective on Parkway Properties and gave the company a “hold” rating in a research report on Thursday, October 6th. Raymond James Financial Inc. lowered Parkway Properties from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 31st. Stifel Nicolaus lowered Parkway Properties from a “hold” rating to a “sell” rating and lowered their price objective for the company from $18.50 to $15.50 in a research report on Wednesday, September 28th. They noted that the move was a valuation call. Finally, Citigroup Inc. lowered Parkway Properties from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 31st. One analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $17.83.

Analyst Recommendations for Parkway Properties (NYSE:PKY)

Shares of Parkway Properties (NYSE:PKY) opened at 19.20 on Wednesday. The firm has a market cap of $2.23 billion, a PE ratio of 20.45 and a beta of 1.32. The stock’s 50 day moving average is $17.71 and its 200-day moving average is $16.98. Parkway Properties has a 1-year low of $11.54 and a 1-year high of $23.20.

Parkway Properties (NYSE:PKY) last announced its quarterly earnings data on Monday, August 8th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.31 by $0.02. The firm had revenue of $107.51 million for the quarter, compared to analysts’ expectations of $107.59 million. Parkway Properties had a net margin of 23.58% and a return on equity of 6.36%. The business’s quarterly revenue was down 15.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.33 EPS. Analysts expect that Parkway Properties will post $1.29 earnings per share for the current year.

Institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC bought a new position in shares of Parkway Properties during the second quarter valued at $117,000. PineBridge Investments L.P. increased its position in shares of Parkway Properties by 3.9% in the second quarter. PineBridge Investments L.P. now owns 10,343 shares of the real estate investment trust’s stock valued at $173,000 after buying an additional 386 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Parkway Properties by 15.1% in the second quarter. Teacher Retirement System of Texas now owns 11,825 shares of the real estate investment trust’s stock valued at $198,000 after buying an additional 1,549 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Parkway Properties by 1.7% in the second quarter. Hsbc Holdings PLC now owns 12,298 shares of the real estate investment trust’s stock valued at $206,000 after buying an additional 210 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Parkway Properties during the second quarter valued at $213,000. Hedge funds and other institutional investors own 98.06% of the company’s stock.

About Parkway Properties

Parkway Properties, Inc is an integrated real estate investment trust. The Company is engaged in the acquisition, ownership, development and management of office properties in various submarkets in the Sunbelt region of the United States. The Company holds interests in a portfolio of approximately 40 office properties located in over six states with an aggregate of approximately 14.3 million square feet of leasable space.

5 Day Chart for NYSE:PKY

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