Parkway Properties Inc. (PKY) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of Parkway Properties Inc. (NYSE:PKY) have been given an average rating of “Hold” by the six ratings firms that are currently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $21.60.
Several brokerages recently issued reports on PKY. Stifel Nicolaus reiterated a “hold” rating and issued a $23.00 target price on shares of Parkway Properties in a research report on Sunday, July 2nd. JMP Securities downgraded shares of Parkway Properties from an “outperform” rating to a “market perform” rating and set a $22.00 price target for the company. in a research note on Thursday, July 6th.
Parkway Properties (PKY) traded down 0.04% during midday trading on Friday, reaching $22.99. The company’s stock had a trading volume of 834,789 shares. The stock has a 50-day moving average price of $22.98 and a 200 day moving average price of $22.03. Parkway Properties has a 12 month low of $20.13 and a 12 month high of $23.17. The company’s market cap is $1.15 billion.
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Parkway Properties by 1.9% during the second quarter. Vanguard Group Inc. now owns 7,126,171 shares of the real estate investment trust’s stock valued at $163,119,000 after purchasing an additional 135,068 shares during the period. BlackRock Inc. lifted its position in Parkway Properties by 0.5% during the second quarter. BlackRock Inc. now owns 6,512,629 shares of the real estate investment trust’s stock valued at $149,076,000 after purchasing an additional 34,388 shares during the period. Bank of New York Mellon Corp lifted its position in Parkway Properties by 25.6% during the first quarter. Bank of New York Mellon Corp now owns 4,454,205 shares of the real estate investment trust’s stock valued at $88,594,000 after purchasing an additional 908,794 shares during the period. FMR LLC lifted its position in Parkway Properties by 48.1% during the second quarter. FMR LLC now owns 3,626,526 shares of the real estate investment trust’s stock valued at $83,011,000 after purchasing an additional 1,177,988 shares during the period. Finally, State Street Corp lifted its position in Parkway Properties by 5.6% during the first quarter. State Street Corp now owns 1,667,686 shares of the real estate investment trust’s stock valued at $33,170,000 after purchasing an additional 87,941 shares during the period. Institutional investors own 97.26% of the company’s stock.
About Parkway Properties
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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