Trade Report: The Parkway Properties Inc. (PKY) PT Set at $18.00 by DA Davidson

The Parkway Properties Inc. (PKY) PT Set at $18.00 by DA Davidson

Parkway Properties Inc. (NYSE:PKY) has been given a $18.00 price objective by equities researchers at DA Davidson in a research report issued on Thursday. The firm presently has a a “hold” rating on the real estate investment trust’s stock. DA Davidson’s target price would indicate a potential upside of 8.89% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Parkway Properties from a “buy” rating to a “hold” rating in a report on Saturday, August 6th. Robert W. Baird cut 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 report on Wednesday, August 17th. Raymond James Financial 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 cut their price target 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. Finally, Citigroup Inc. cut Parkway Properties from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $17.43.

Parkway Properties (NYSE:PKY) traded down 11.87% during midday trading on Thursday, reaching $20.72. The company had a trading volume of 1,624,932 shares. The company’s 50 day moving average is $17.48 and its 200-day moving average is $16.86. The company has a market capitalization of $2.40 billion, a P/E ratio of 22.07 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 issued its earnings results on Monday, August 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business earned $107.51 million during the quarter, compared to the consensus estimate of $107.59 million. During the same period in the prior year, the business earned $0.33 EPS. The business’s revenue was down 15.3% on a year-over-year basis. Equities analysts expect that Parkway Properties will post $1.29 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Parkway Properties by 2.4% in the second quarter. Vanguard Group Inc. now owns 12,960,757 shares of the real estate investment trust’s stock valued at $216,833,000 after buying an additional 298,410 shares during the period. BlackRock Fund Advisors raised its position in Parkway Properties by 1.7% in the second quarter. BlackRock Fund Advisors now owns 5,363,159 shares of the real estate investment trust’s stock valued at $89,726,000 after buying an additional 90,010 shares during the period. Goldman Sachs Group Inc. raised its position in Parkway Properties by 3.9% in the first quarter. Goldman Sachs Group Inc. now owns 3,789,870 shares of the real estate investment trust’s stock valued at $59,349,000 after buying an additional 142,854 shares during the period. RidgeWorth Capital Management LLC raised its position 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 valued at $57,595,000 after buying an additional 621,435 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in Parkway Properties by 3.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,296,260 shares of the real estate investment trust’s stock valued at $51,619,000 after buying an additional 118,902 shares during the period. Hedge funds and other institutional investors own 98.10% of the company’s stock.

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