Parkway Properties Inc. (PKY) Stake Increased by Vanguard Group Inc.
Vanguard Group Inc. boosted its stake in Parkway Properties Inc. (NYSE:PKY) by 2.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 12,960,757 shares of the real estate investment trust’s stock after buying an additional 298,410 shares during the period. Vanguard Group Inc. owned about 11.18% of Parkway Properties worth $216,833,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in PKY. Teacher Retirement System of Texas boosted its position in Parkway Properties by 15.1% in the second quarter. Teacher Retirement System of Texas now owns 11,825 shares of the real estate investment trust’s stock valued at $198,000 after buying an additional 1,549 shares in the last quarter. GSA Capital Partners LLP bought a new position in Parkway Properties during the second quarter valued at about $213,000. Nisa Investment Advisors LLC boosted its position 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 in the last quarter. Fox Run Management L.L.C. bought a new position in Parkway Properties during the second quarter valued at about $254,000. Finally, Mizuho Trust & Banking Co. Ltd. boosted its position in Parkway Properties by 2.9% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 15,841 shares of the real estate investment trust’s stock valued at $265,000 after buying an additional 443 shares in the last quarter. 98.06% of the stock is currently owned by hedge funds and other institutional investors.
Parkway Properties Inc. (NYSE:PKY) opened at 18.66 on Friday. The stock’s 50 day moving average is $17.84 and its 200 day moving average is $17.03. Parkway Properties Inc. has a 12-month low of $11.54 and a 12-month 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 EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $107.51 million for the quarter, compared to the consensus estimate of $107.59 million. During the same period last year, the company earned $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 analysts forecast that Parkway Properties Inc. will post $1.29 EPS for the current year.
PKY has been the topic of several research reports. Zacks Investment Research raised Parkway Properties from a “hold” rating to a “strong-buy” rating and set a $22.00 price target on the stock in a report on Wednesday. Citigroup 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 dropped 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. Raymond James Financial Inc. cut Parkway Properties from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 31st. Finally, DA Davidson set a $18.00 price target on Parkway Properties and gave the company a “hold” rating in a report on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $17.83.
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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