Zacks Investment Research upgraded shares of Parkway Properties Inc. (NYSE:PKY) from a hold rating to a strong-buy rating in a research report released on Wednesday morning. The brokerage currently has $22.00 price objective on the real estate investment trust’s stock.
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 analysts have also commented on the company. Citigroup Inc. lowered Parkway Properties from an outperform rating to a market perform rating in a report on Wednesday, August 31st. Stifel Nicolaus lowered Parkway Properties from a hold rating to a sell rating and dropped their target price for the stock from $18.50 to $15.50 in a report on Wednesday, September 28th. They noted that the move was a valuation call. Raymond James Financial Inc. lowered Parkway Properties from an outperform rating to a market perform rating in a report on Wednesday, August 31st. DA Davidson set a $18.00 target price on Parkway Properties and gave the stock a hold rating in a report on Thursday, October 6th. Finally, Robert W. Baird lowered Parkway Properties from an outperform rating to a neutral rating and dropped their price objective for the company from $19.00 to $18.00 in a report on Wednesday, August 17th. One research 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 stock. Parkway Properties has an average rating of Hold and a consensus target price of $17.83.
Shares of Parkway Properties (NYSE:PKY) opened at 18.795 on Wednesday. The stock’s 50 day moving average price is $17.84 and its 200 day moving average price is $17.03. Parkway Properties has a one year low of $11.54 and a one year high of $23.20.
Parkway Properties (NYSE:PKY) last posted its earnings results 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 company had revenue of $107.51 million for the quarter, compared to analyst estimates of $107.59 million. Parkway Properties had a return on equity of 6.36% and a net margin of 23.58%. The firm’s revenue was down 15.3% on a year-over-year basis. During the same period last year, the business earned $0.33 earnings per share. On average, equities analysts predict that Parkway Properties will post $1.29 EPS for the current year.
Several hedge funds have recently modified their holdings of PKY. Tower Research Capital LLC TRC purchased a new stake in shares of Parkway Properties during the second quarter worth about $117,000. PineBridge Investments L.P. raised its stake 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 worth $173,000 after buying an additional 386 shares in the last quarter. Teacher Retirement System of Texas raised its stake 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 worth $198,000 after buying an additional 1,549 shares in the last quarter. Hsbc Holdings PLC raised its stake 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 worth $206,000 after buying an additional 210 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of Parkway Properties during the second quarter worth about $213,000. 98.09% of the stock is currently owned by hedge funds and other institutional investors.
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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