Parkway Properties Inc. (NYSE:PKY) Rating Lowered to Market Perform at JMP Securities
Parkway Properties Inc. (NYSE:PKY) was downgraded by stock analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, MarketBeat.com reports. They presently have a $22.00 price objective on the real estate investment trust’s stock. JMP Securities’ target price points to a potential downside of 3.55% from the company’s previous close.
Several other brokerages have also commented on PKY. Zacks Investment Research raised Parkway Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, May 3rd. Mizuho reaffirmed a “neutral” rating and issued a $20.00 price target on shares of Parkway Properties in a research note on Monday, March 27th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $23.00 price target on shares of Parkway Properties in a research note on Sunday, July 2nd. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $21.14.
Shares of Parkway Properties (NYSE:PKY) opened at 22.81 on Thursday. Parkway Properties has a 52-week low of $18.60 and a 52-week high of $23.17. The stock’s 50 day moving average price is $20.02 and its 200 day moving average price is $20.50. The company’s market capitalization is $1.14 billion.
Parkway Properties (NYSE:PKY) last announced its quarterly earnings results on Monday, May 8th. The real estate investment trust reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The business had revenue of $71.40 million during the quarter, compared to analyst estimates of $70.67 million. On average, equities research analysts forecast that Parkway Properties will post ($0.60) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 16th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Wednesday, June 14th.
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A number of institutional investors have recently bought and sold shares of PKY. First Trust Advisors LP purchased a new position in Parkway Properties during the first quarter valued at about $283,000. IndexIQ Advisors LLC purchased a new position in Parkway Properties during the first quarter valued at about $913,000. Great West Life Assurance Co. Can raised its position in Parkway Properties by 6.4% in the first quarter. Great West Life Assurance Co. Can now owns 82,918 shares of the real estate investment trust’s stock valued at $1,647,000 after buying an additional 4,973 shares during the last quarter. Russell Investments Group Ltd. raised its position in Parkway Properties by 209.7% in the first quarter. Russell Investments Group Ltd. now owns 559,033 shares of the real estate investment trust’s stock valued at $11,122,000 after buying an additional 378,551 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its position in Parkway Properties by 40.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 35,000 shares of the real estate investment trust’s stock valued at $696,000 after buying an additional 10,000 shares during the last quarter. 99.81% of the stock is currently owned by hedge funds and other institutional investors.
Parkway Properties 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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