Today, IndexIQ Advisors LLC reduces its investment in Parkway Properties Inc. (PKY)

Today, IndexIQ Advisors LLC reduces its investment in Parkway Properties Inc. (PKY)

IndexIQ Advisors LLC reduced its stake in Parkway Properties Inc. (NYSE:PKY) by 10.8% during the third quarter, Holdings Channel reports. The institutional investor owned 84,468 shares of the real estate investment trust’s stock after selling 10,268 shares during the period. IndexIQ Advisors LLC owned about 0.17% of Parkway Properties worth $1,437,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PKY. State Street Corp increased its position in Parkway Properties by 6.3% in the first quarter. State Street Corp now owns 2,747,348 shares of the real estate investment trust’s stock valued at $43,025,000 after buying an additional 162,954 shares in the last quarter. Legal & General Group Plc boosted its stake in Parkway Properties by 9.4% in the first quarter. Legal & General Group Plc now owns 160,144 shares of the real estate investment trust’s stock valued at $2,506,000 after buying an additional 13,724 shares during the last quarter. Barclays PLC boosted its stake in Parkway Properties by 10.5% in the first quarter. Barclays PLC now owns 58,640 shares of the real estate investment trust’s stock valued at $880,000 after buying an additional 5,581 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in Parkway Properties by 124.3% in the second quarter. BNP Paribas Arbitrage SA now owns 26,158 shares of the real estate investment trust’s stock valued at $438,000 after buying an additional 14,496 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in Parkway Properties by 3.1% in the second quarter. Nisa Investment Advisors LLC now owns 13,200 shares of the real estate investment trust’s stock valued at $221,000 after buying an additional 400 shares during the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Parkway Properties Inc. (NYSE:PKY) traded up 2.28% during midday trading on Friday, hitting $18.43. 255,609 shares of the company’s stock were exchanged. Parkway Properties Inc. has a one year low of $11.54 and a one year high of $23.20. The stock’s 50-day moving average price is $17.88 and its 200 day moving average price is $17.44. The firm has a market cap of $920.93 million, a PE ratio of 51.48 and a beta of 1.21.

Several research firms recently issued reports on PKY. Robert W. Baird cut shares of Parkway Properties from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $19.00 to $18.00 in a research report on Wednesday, August 17th. Zacks Investment Research upgraded shares of Parkway Properties from a “hold” rating to a “strong-buy” rating and set a $22.00 price objective for the company in a research report on Wednesday, October 12th. Citigroup Inc. cut shares of Parkway Properties from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 31st. Raymond James Financial Inc. cut shares of Parkway Properties from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 31st. Finally, Stifel Nicolaus began coverage on shares of Parkway Properties in a research report on Tuesday, October 18th. They set a “sell” rating and a $17.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Parkway Properties has an average rating of “Hold” and a consensus target price of $18.08.

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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