Mason Street Advisors LLC Acquires New Stake in Parkway Properties Inc. (PKY)
Mason Street Advisors LLC acquired a new position in Parkway Properties Inc. (NYSE:PKY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 15,943 shares of the real estate investment trust’s stock, valued at approximately $267,000.
Other institutional investors have also bought and sold shares of the company. Emerald Acquisition Ltd. bought a new stake in shares of Parkway Properties during the second quarter valued at about $22,902,000. CNH Partners LLC acquired a new position in shares of Parkway Properties during the second quarter valued at approximately $17,794,000. Chicago Capital Management LLC acquired a new position in shares of Parkway Properties during the second quarter valued at approximately $16,409,000. RidgeWorth Capital Management LLC boosted its position in shares of 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 in the last quarter. Finally, Deprince Race & Zollo Inc. boosted its position in shares of 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 valued at $44,486,000 after buying an additional 604,630 shares in the last quarter. Institutional investors own 98.06% of the company’s stock.
Parkway Properties Inc. (NYSE:PKY) opened at 20.81 on Monday. Parkway Properties Inc. has a 1-year low of $11.54 and a 1-year high of $23.20. The stock has a market capitalization of $2.41 billion, a PE ratio of 22.16 and a beta of 1.32. The firm has a 50-day moving average of $17.58 and a 200-day moving average of $16.90.
Parkway Properties (NYSE:PKY) last posted its quarterly earnings results on Monday, August 8th. The real estate investment trust reported $0.29 EPS for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.02. The company earned $107.51 million during the quarter, compared to the consensus estimate of $107.59 million. Parkway Properties had a return on equity of 6.36% and a net margin of 23.58%. The company’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.33 earnings per share. Equities analysts expect that Parkway Properties Inc. will post $1.29 EPS for the current fiscal year.
A number of research analysts recently issued reports on PKY shares. Zacks Investment Research raised shares of Parkway Properties from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Wednesday, July 13th. DA Davidson set a $18.00 price target on shares of Parkway Properties and gave the stock a “hold” rating in a report on Thursday. 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. Citigroup Inc. lowered shares of Parkway Properties from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 31st. Finally, Robert W. Baird lowered shares of Parkway Properties from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $19.00 to $18.00 in a report on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $17.33.
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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