Trade Report: The Parkway Properties Inc. (PKY) Upgraded to Strong-Buy at Zacks Investment Research

The Parkway Properties Inc. (PKY) Upgraded to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Parkway Properties Inc. (NYSE:PKY) from a hold rating to a strong-buy rating in a research report released on Wednesday morning. The firm currently has $22.00 price objective on the real estate investment trust’s stock.

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 research analysts have also weighed in on the stock. Citigroup Inc. lowered shares of Parkway Properties from an outperform rating to a market perform rating in a report on Wednesday, August 31st. Stifel Nicolaus lowered shares of Parkway Properties from a hold rating to a sell rating and reduced their price objective for the company from $18.50 to $15.50 in a report on Wednesday, September 28th. They noted that the move was a valuation call. Raymond James Financial Inc. lowered shares of Parkway Properties from an outperform rating to a market perform rating in a report on Wednesday, August 31st. DA Davidson set a $18.00 price objective on shares of Parkway Properties and gave the company a hold rating in a report on Thursday, October 6th. Finally, Robert W. Baird lowered shares of Parkway Properties from an outperform rating to a neutral rating and reduced their price objective for the company from $19.00 to $18.00 in a report on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Parkway Properties currently has a consensus rating of Hold and a consensus target price of $17.83.

Parkway Properties (NYSE:PKY) opened at 18.92 on Wednesday. Parkway Properties has a 12 month low of $11.54 and a 12 month high of $23.20. The firm has a 50 day moving average of $17.76 and a 200-day moving average of $16.99. The firm has a market cap of $2.19 billion, a P/E ratio of 20.15 and a beta of 1.32.

Parkway Properties (NYSE:PKY) last announced its quarterly earnings data on Monday, August 8th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.02. Parkway Properties had a net margin of 23.58% and a return on equity of 6.36%. 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 business posted $0.33 earnings per share. Parkway Properties’s revenue for the quarter was down 15.3% compared to the same quarter last year. On average, equities research analysts forecast that Parkway Properties will post $1.29 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its position in shares of Parkway Properties by 136.3% in the third quarter. BNP Paribas Arbitrage SA now owns 61,807 shares of the real estate investment trust’s stock valued at $1,051,000 after buying an additional 35,649 shares during the last quarter. Mason Street Advisors LLC acquired a new position in shares of Parkway Properties during the second quarter valued at about $267,000. Schwab Charles Investment Management Inc. increased its position in shares of Parkway Properties by 9.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 583,807 shares of the real estate investment trust’s stock valued at $9,768,000 after buying an additional 52,306 shares during the last quarter. Legal & General Group Plc increased its position in shares of Parkway Properties by 7.3% in the second quarter. Legal & General Group Plc now owns 171,876 shares of the real estate investment trust’s stock valued at $2,872,000 after buying an additional 11,732 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Parkway Properties by 1.4% in the second quarter. Arizona State Retirement System now owns 42,315 shares of the real estate investment trust’s stock valued at $708,000 after buying an additional 600 shares during the last quarter. 98.06% of the stock is currently owned by institutional investors.

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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