Parkway Properties Inc. (PKY) Coverage Initiated by Analysts at Stifel Nicolaus
Stifel Nicolaus assumed coverage on shares of Parkway Properties Inc. (NYSE:PKY) in a research report released on Tuesday. The brokerage issued a sell rating and a $17.00 price target on the real estate investment trust’s stock.
A number of other analysts have also issued reports on PKY. Zacks Investment Research lowered Parkway Properties from a buy rating to a hold rating in a research report on Saturday, August 6th. Robert W. Baird lowered Parkway Properties from an outperform rating to a neutral rating and dropped their target price for the stock from $19.00 to $18.00 in a research report on Wednesday, August 17th. DA Davidson set a $18.00 target price on Parkway Properties and gave the stock 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 report on Wednesday, August 31st. Finally, Citigroup Inc. lowered Parkway Properties from an outperform rating to a market perform rating in a report on Wednesday, August 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Parkway Properties presently has a consensus rating of Hold and an average target price of $18.08.
Shares of Parkway Properties (NYSE:PKY) opened at 18.185 on Tuesday. The firm’s 50-day moving average price is $17.89 and its 200-day moving average price is $17.09. Parkway Properties has a 52-week low of $11.54 and a 52-week high of $23.20.
Parkway Properties (NYSE:PKY) last announced its earnings results on Monday, August 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.02. Parkway Properties had a return on equity of 6.36% and a net margin of 23.58%. The business had revenue of $107.51 million for the quarter, compared to analysts’ expectations of $107.59 million. During the same period in the previous year, the firm posted $0.33 earnings per share. The firm’s revenue was down 15.3% compared to the same quarter last year. On average, equities research analysts predict that Parkway Properties will post $1.29 EPS for the current year.
Large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC purchased a new stake in Parkway Properties during the second quarter worth $117,000. PineBridge Investments L.P. increased its stake in 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 worth $173,000 after buying an additional 386 shares during the period. Teacher Retirement System of Texas increased its stake in 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 worth $198,000 after buying an additional 1,549 shares during the period. Hsbc Holdings PLC increased its stake in 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 worth $206,000 after buying an additional 210 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in shares of Parkway Properties during the second quarter worth approximately $213,000. Hedge funds and other institutional investors own 98.09% of the company’s stock.
Parkway Properties Company Profile
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.
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