Parkway Properties Inc. (NYSE:PKY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday. The brokerage currently has a $22.00 price objective on the real estate investment trust’s stock. Zacks Investment Research’s price objective suggests a potential upside of 15.97% from the company’s current price.
According to Zacks, “Parkway Properties, Inc. is a self-administered, self-managed real estate investment trust specializing in the acquisition, ownership, management, financing and leasing of office properties in the Southeastern United States and Texas. “
A number of other equities analysts also recently issued reports on PKY. Robert W. Baird downgraded Parkway Properties from an “outperform” rating to a “neutral” rating and cut their price target for the company from $19.00 to $18.00 in a research note on Wednesday, August 17th. Citigroup Inc. downgraded Parkway Properties from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 31st. Raymond James Financial Inc. downgraded Parkway Properties from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 31st. Stifel Nicolaus downgraded Parkway Properties from a “hold” rating to a “sell” rating and cut their price target for the company from $18.50 to $15.50 in a research note on Wednesday, September 28th. They noted that the move was a valuation call. Finally, DA Davidson set a $18.00 price target on Parkway Properties and gave the company a “hold” rating in a research note on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $17.83.
Parkway Properties (NYSE:PKY) opened at 18.97 on Wednesday. The stock’s 50 day moving average price is $17.81 and its 200-day moving average price is $17.00. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 20.20 and a beta of 1.32. Parkway Properties has a 52 week low of $11.54 and a 52 week high of $23.20.
Parkway Properties (NYSE:PKY) last released its quarterly earnings results on Monday, August 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by $0.02. The company had revenue of $107.51 million for the quarter, compared to analyst estimates of $107.59 million. Parkway Properties had a net margin of 23.58% and a return on equity of 6.36%. Parkway Properties’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 EPS. On average, equities research analysts forecast that Parkway Properties will post $1.29 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of PKY. Emerald Acquisition Ltd. bought a new stake in Parkway Properties during the second quarter worth approximately $22,902,000. CNH Partners LLC bought a new stake in Parkway Properties during the second quarter worth approximately $17,794,000. Chicago Capital Management LLC bought a new stake in Parkway Properties during the second quarter worth approximately $16,409,000. RidgeWorth Capital Management LLC boosted its stake in Parkway Properties by 21.9% in the second quarter. RidgeWorth Capital Management LLC now owns 3,452,937 shares of the real estate investment trust’s stock worth $57,595,000 after buying an additional 621,435 shares during the period. Finally, Deprince Race & Zollo Inc. boosted its stake in Parkway Properties by 29.4% in the second quarter. Deprince Race & Zollo Inc. now owns 2,659,029 shares of the real estate investment trust’s stock worth $44,486,000 after buying an additional 604,630 shares during the period. 98.06% of the stock is currently owned by institutional investors.
About Parkway Properties
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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