Stifel Nicolaus downgraded shares of Parkway Properties Inc. (NYSE:PKY) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning. They currently have $15.50 target price on the real estate investment trust’s stock, down from their prior target price of $18.50. The analysts noted that the move was a valuation call.
Several other equities research analysts also recently weighed in on the company. Raymond James Financial Inc. downgraded Parkway Properties from an outperform rating to a market perform rating in a report on Wednesday, August 31st. Citigroup Inc. downgraded Parkway Properties from an outperform rating to a market perform rating in a report on Wednesday, August 31st. Robert W. Baird downgraded Parkway Properties from an outperform rating to a neutral rating and cut their price objective for the company from $19.00 to $18.00 in a report on Wednesday, August 17th. Finally, Zacks Investment Research downgraded Parkway Properties from a buy rating to a hold rating in a report on Saturday, August 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $17.29.
Parkway Properties (NYSE:PKY) opened at 17.01 on Wednesday. Parkway Properties has a 1-year low of $11.54 and a 1-year high of $18.63. The firm has a market capitalization of $1.97 billion, a PE ratio of 18.12 and a beta of 1.32. The firm has a 50-day moving average price of $17.56 and a 200-day moving average price of $16.81.
Parkway Properties (NYSE:PKY) last issued its earnings results on Monday, August 8th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.02. The business earned $107.51 million during the quarter, compared to analyst estimates of $107.59 million. Parkway Properties had a net margin of 23.58% and a return on equity of 6.36%. The company’s revenue for the quarter 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. Equities analysts expect that Parkway Properties will post $1.29 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Tuesday, August 23rd were given a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 4.41%. The ex-dividend date was Friday, August 19th. Parkway Properties’s dividend payout ratio is currently 81.52%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Parkway Properties during the fourth quarter valued at $12,703,000. OLD National Bancorp IN raised its position in Parkway Properties by 3.5% in the first quarter. OLD National Bancorp IN now owns 19,892 shares of the real estate investment trust’s stock valued at $312,000 after buying an additional 664 shares during the period. Parametrica Management Ltd acquired a new position in Parkway Properties during the first quarter valued at $167,000. BlackRock Group LTD raised its position in Parkway Properties by 3.2% in the first quarter. BlackRock Group LTD now owns 596,298 shares of the real estate investment trust’s stock valued at $9,338,000 after buying an additional 18,496 shares during the period. Finally, BlackRock Fund Advisors raised its position in Parkway Properties by 0.6% in the first quarter. BlackRock Fund Advisors now owns 5,273,149 shares of the real estate investment trust’s stock valued at $82,578,000 after buying an additional 33,724 shares during the period. 98.10% of the stock is owned by institutional investors and hedge funds.
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.
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