Parkway Properties Given Outperform Rating at Raymond James (PKY)
Parkway Properties (NYSE:PKY)‘s stock had its “outperform” rating reiterated by stock analysts at Raymond James in a report issued on Monday. They currently have a $21.00 price objective on the stock. Raymond James’ price target suggests a potential upside of 1.35% from the company’s current price.
The analysts wrote, “We reiterate our Outperform rating on PKY while increasing our target price to $22.50 from $21.00 following a strong quarter of leasing activity, continued portfolio repositioning, and indications that management will continue non-core or lower growth asset dispositions. “Fundamentals in Parkway’s core Sunbelt markets continue to show improvement, evidenced by continued positive net absorption, increasing rental rates, stable/rising occupancy, and a shift to a decidedly positive (+8%) mark-to-market in in-place rental rates. The expected Halliburton move-out in 2015 will weigh on FFO/share (-$0.03) before it is completely backfilled in early 2016 and $200-250 million in likely dispositions in late 2014/early 2015 (at an estimated 6% cap rate) will also hurt 2015 metrics. Looking past 2015, we believe management continues to create value for shareholders while drastically improving the portfolio’s ability to outperform.”
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital raised their price target on shares of Parkway Properties from $21.00 to $24.00 in a research note on Thursday. Separately, analysts at Zacks downgraded shares of Parkway Properties from an “outperform” rating to a “neutral” rating in a research note on Thursday, July 31st. They now have a $23.40 price target on the stock. Finally, analysts at Mizuho initiated coverage on shares of Parkway Properties in a research note on Wednesday, July 23rd. They set a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Parkway Properties currently has an average rating of “Hold” and a consensus target price of $21.04.
Shares of Parkway Properties (NYSE:PKY) traded up 0.72% on Monday, hitting $20.87. 15,504 shares of the company’s stock traded hands. Parkway Properties has a 1-year low of $15.95 and a 1-year high of $21.80. The stock’s 50-day moving average is $20.92 and its 200-day moving average is $19.33. The company’s market cap is $2.164 billion.
Parkway Properties (NYSE:PKY) last announced its earnings results on Thursday, August 7th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $110.46 million for the quarter, compared to the consensus estimate of $105.32 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. On average, analysts predict that Parkway Properties will post $1.40 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 24th. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Monday, September 8th.
Parkway Properties, Inc (NYSE:PKY), is a self-administered real estate investment trust (REIT) specializing in the ownership of office properties in higher growth submarkets in the Sunbelt region of the United States.
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