Parkway Inc (PKY) Announces Quarterly Dividend of $0.10
Parkway Inc (NYSE:PKY) announced a quarterly dividend on Tuesday, May 23rd. Stockholders of record on Friday, June 16th will be paid a dividend of 0.10 per share by the real estate investment trust on Friday, June 30th. This represents a $0.40 annualized dividend and a dividend yield of 2.03%.
Parkway has decreased its dividend payment by an average of 4.1% per year over the last three years. Parkway has a payout ratio of 25.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Parkway to earn ($0.28) per share next year, which means the company may not be able to cover its $0.40 annual dividend with an expected future payout ratio of -142.9%.
Shares of Parkway (NYSE:PKY) traded down 0.30% during mid-day trading on Tuesday, hitting $19.68. The stock had a trading volume of 159,197 shares. Parkway has a 12-month low of $16.39 and a 12-month high of $26.20. The company has a 50 day moving average price of $20.07 and a 200 day moving average price of $20.59. The firm’s market cap is $985.04 million.
Parkway (NYSE:PKY) last issued its quarterly earnings results on Monday, May 8th. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. The company had revenue of $71.40 million for the quarter, compared to analysts’ expectations of $70.67 million. Parkway had a return on equity of 6.36% and a net margin of 23.58%. Equities analysts forecast that Parkway will post ($0.60) earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of PKY. Teachers Advisors LLC boosted its position in shares of Parkway by 3.4% in the first quarter. Teachers Advisors LLC now owns 71,563 shares of the real estate investment trust’s stock worth $1,423,000 after buying an additional 2,339 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Parkway by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 630,143 shares of the real estate investment trust’s stock valued at $12,533,000 after buying an additional 36,143 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Parkway during the first quarter valued at approximately $1,227,000. Institutional investors and hedge funds own 97.65% of the company’s stock.
A number of brokerages recently issued reports on PKY. Zacks Investment Research upgraded Parkway from a “sell” rating to a “hold” rating in a report on Wednesday, May 3rd. Mizuho restated a “neutral” rating and issued a $20.00 target price on shares of Parkway in a report on Monday, March 27th. Finally, Capital One Financial Corp. upgraded 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. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $21.00.
Parkway Company Profile
Parkway, Inc is a self-managed real estate investment trust (REIT). The Company owns and operates office properties located in submarkets in Houston, Texas. As of December 31, 2016, the Company’s portfolio consisted of five Class A assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston.
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