DA Davidson set a $18.00 price objective on Parkway Properties Inc. (NYSE:PKY) in a research note published on Thursday morning. The firm currently has a a hold rating on the real estate investment trust’s stock.
PKY has been the topic of several other reports. Robert W. Baird cut Parkway Properties from an outperform rating to a neutral rating and lowered their price objective for the stock from $19.00 to $18.00 in a report on Wednesday, August 17th. Zacks Investment Research cut Parkway Properties from a buy rating to a hold rating in a report on Saturday, August 6th. Citigroup Inc. cut Parkway Properties from an outperform rating to a market perform rating in a report on Wednesday, August 31st. Stifel Nicolaus cut Parkway Properties from a hold rating to a sell rating and lowered their price objective for the stock from $18.50 to $15.50 in a report on Wednesday, September 28th. They noted that the move was a valuation call. Finally, Raymond James Financial Inc. cut Parkway Properties from an outperform rating to a market perform rating in a report on Wednesday, August 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Parkway Properties presently has an average rating of Hold and a consensus price target of $17.33.
Shares of Parkway Properties (NYSE:PKY) opened at 19.20 on Thursday. The firm’s 50-day moving average price is $17.71 and its 200-day moving average price is $16.98. The stock has a market capitalization of $2.23 billion, a P/E ratio of 20.45 and a beta of 1.32. Parkway Properties has a 12 month low of $11.54 and a 12 month high of $23.20.
Parkway Properties (NYSE:PKY) last posted 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 firm earned $107.51 million during the quarter, compared to analyst estimates of $107.59 million. During the same quarter in the previous year, the firm posted $0.33 earnings per share. The company’s quarterly revenue was down 15.3% on a year-over-year basis. On average, equities research analysts forecast that Parkway Properties will post $1.29 EPS for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC bought a new position in shares of Parkway Properties during the second quarter valued at $117,000. PineBridge Investments L.P. raised its stake in 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 last quarter. Teacher Retirement System of Texas raised its stake in 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 last quarter. Hsbc Holdings PLC raised its stake in Parkway Properties by 1.7% in the second quarter. Hsbc Holdings PLC now owns 12,298 shares of the real estate investment trust’s stock valued at $206,000 after buying an additional 210 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Parkway Properties during the second quarter valued at approximately $213,000. Institutional investors and hedge funds own 98.06% 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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