Parkway Properties Inc. (PKY) Coverage Initiated at Stifel Nicolaus
Equities researchers at Stifel Nicolaus assumed coverage on shares of Parkway Properties Inc. (NYSE:PKY) in a research report issued to clients and investors on Tuesday. The brokerage set a “sell” rating on the real estate investment trust’s stock.
Several other research analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Parkway Properties from a “hold” rating to a “strong-buy” rating and set a $22.00 price objective on the stock in a research report on Wednesday, October 12th. DA Davidson set a $18.00 target price on shares of Parkway Properties and gave the stock a “hold” rating in a research note on Thursday, October 6th. Raymond James Financial Inc. cut shares of Parkway Properties from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 31st. Citigroup Inc. cut shares of Parkway Properties from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 31st. Finally, Robert W. Baird cut shares of Parkway Properties from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $19.00 to $18.00 in a research note on Wednesday, August 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $17.83.
Parkway Properties (NYSE:PKY) opened at 18.67 on Tuesday. The firm has a 50-day moving average of $17.88 and a 200 day moving average of $17.07. Parkway Properties has a 12-month low of $11.54 and a 12-month high of $23.20.
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Parkway Properties (NYSE:PKY) last issued its quarterly earnings data on Monday, August 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by $0.02. Parkway Properties had a return on equity of 6.36% and a net margin of 23.58%. The business had revenue of $107.51 million for the quarter, compared to analysts’ expectations of $107.59 million. During the same period in the previous year, the business posted $0.33 earnings per share. The company’s revenue for the quarter was down 15.3% on a year-over-year basis. On average, equities analysts predict that Parkway Properties will post $1.29 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in PKY. Beacon Capital Management bought a new stake in shares of Parkway Properties during the fourth quarter valued at approximately $0. Tower Research Capital LLC TRC bought a new stake in shares of Parkway Properties during the second quarter valued at approximately $117,000. PineBridge Investments L.P. boosted 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 valued at $173,000 after buying an additional 386 shares during the period. Parametrica Management Ltd bought a new stake in shares of Parkway Properties during the first quarter valued at approximately $167,000. Finally, Teacher Retirement System of Texas boosted 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 valued at $198,000 after buying an additional 1,549 shares during the period. Hedge funds and other institutional investors own 98.09% of the company’s stock.
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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