Comerica Bank Reduces Position in Parkway Inc (PKY)

Comerica Bank lowered its position in Parkway Inc (NYSE:PKY) by 77.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 45,257 shares of the real estate investment trust’s stock after selling 152,342 shares during the period. Comerica Bank’s holdings in Parkway were worth $986,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Shinko Asset Management Co. Ltd. raised its stake in Parkway by 77.9% in the third quarter. Shinko Asset Management Co. Ltd. now owns 2,846,146 shares of the real estate investment trust’s stock valued at $48,413,000 after buying an additional 1,246,291 shares during the period. BlackRock Fund Advisors raised its stake in Parkway by 9.4% in the third quarter. BlackRock Fund Advisors now owns 5,868,441 shares of the real estate investment trust’s stock valued at $99,822,000 after buying an additional 505,282 shares during the period. Russell Investments Group Ltd. purchased a new stake in Parkway during the fourth quarter valued at $3,909,000. JPMorgan Chase & Co. raised its stake in Parkway by 15.6% in the third quarter. JPMorgan Chase & Co. now owns 454,494 shares of the real estate investment trust’s stock valued at $7,730,000 after buying an additional 61,178 shares during the period. Finally, Hancock Holding Co. purchased a new stake in Parkway during the third quarter valued at $760,000. 97.65% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Parkway (NYSE:PKY)

Shares of Parkway Inc (NYSE:PKY) opened at 19.02 on Monday. The firm has a 50-day moving average price of $20.62 and a 200 day moving average price of $21.03. Parkway Inc has a 12-month low of $18.70 and a 12-month high of $23.17. The firm’s market cap is $950.41 million.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Thursday, March 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Tuesday, March 14th. Parkway’s dividend payout ratio (DPR) is 60.87%.

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Several research firms have weighed in on PKY. Zacks Investment Research lowered Parkway from a “hold” rating to a “strong sell” rating in a report on Thursday, January 19th. Capital One Financial Corp. raised Parkway from an “equal weight” rating to an “overweight” rating and set a $25.00 target price on the stock in a report on Tuesday, February 21st. JMP Securities began coverage on Parkway in a report on Tuesday, November 29th. They issued an “outperform” rating and a $22.00 target price on the stock. Finally, Stifel Nicolaus raised Parkway from a “sell” rating to a “hold” rating and upped their target price for the company from $17.00 to $22.00 in a report on Tuesday, January 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Parkway currently has a consensus rating of “Hold” and a consensus price target of $20.64.

About Parkway

Parkway, Inc is a real estate investment trust (REIT). The Company has a portfolio of approximately five Class A office assets totaling over 8.7 million rentable square feet in the Galleria, Greenway and Westchase submarkets of Houston, Texas. The Company offers fee-based real estate services through its subsidiaries, which in total manages or leases approximately 2.7 million square feet primarily for third-party owners.

5 Day Chart for NYSE:PKY

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