Parkway Properties Inc. (PKY) Announces Special Dividend of $4.00
Parkway Properties Inc. (NYSE:PKY) declared a special dividend on Monday, September 25th, RTT News reports. Stockholders of record on Monday, October 9th will be given a dividend of 4.00 per share by the real estate investment trust on Tuesday, October 10th.
Parkway Properties has decreased its dividend payment by an average of 4.1% annually over the last three years. Parkway Properties has a payout ratio of 24.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Parkway Properties to earn $1.38 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 29.0%.
A number of brokerages recently commented on PKY. Stifel Nicolaus reaffirmed a “hold” rating and issued a $23.00 target price on shares of Parkway Properties in a report on Sunday, July 2nd. JMP Securities cut Parkway Properties from an “outperform” rating to a “market perform” rating and set a $22.00 target price on the stock. in a report on Thursday, July 6th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Parkway Properties currently has a consensus rating of “Hold” and an average price target of $21.67.
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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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