Insider Selling: Parkway Properties Director Unloads $720,372 in Stock (PKY)
Parkway Properties (NYSE:PKY) Director James A. Thomas sold 34,700 shares of the company’s stock on the open market in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $20.76, for a total transaction of $720,372.00. Following the sale, the director now directly owns 39,085 shares in the company, valued at approximately $811,405. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Parkway Properties (NYSE:PKY) traded down 0.48% on Wednesday, hitting $20.69. The stock had a trading volume of 131,448 shares. Parkway Properties has a 1-year low of $15.95 and a 1-year high of $21.80. The stock has a 50-day moving average of $20.93 and a 200-day moving average of $19.54. The company’s market cap is $2.145 billion.
Parkway Properties (NYSE:PKY) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.35 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.28 earnings per share. Parkway Properties’s revenue was up 52.1% compared to the same quarter last year. Analysts expect that Parkway Properties will post $1.40 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 24th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a dividend yield of 3.61%. The ex-dividend date is Monday, September 8th.
Several analysts have recently commented on the stock. Analysts at Raymond James reiterated an “outperform” rating on shares of Parkway Properties in a research note on Monday, August 18th. They now have a $21.00 price target on the stock. Separately, 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, August 14th. Finally, 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $21.04.
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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