Parkway Properties Inc. (PKY) Sees Large Volume Increase
Parkway Properties Inc. (NYSE:PKY) shares saw unusually-high trading volume on Tuesday . Approximately 490,008 shares traded hands during trading, an increase of 10% from the previous session’s volume of 443,727 shares.The stock last traded at $17.74 and had previously closed at $17.70.
PKY has been the topic of several recent analyst reports. Zacks Investment Research raised Parkway Properties from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Wednesday, July 13th. Mizuho lowered Parkway Properties from a “buy” rating to a “neutral” rating and set a $17.50 target price on the stock. in a research report on Monday, May 2nd. DA Davidson lowered Parkway Properties from a “buy” rating to a “neutral” rating in a research report on Friday, May 13th. Sandler O’Neill lowered Parkway Properties from a “buy” rating to a “hold” rating in a research report on Monday, May 2nd. Finally, Robert W. Baird lowered Parkway Properties from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $19.00 to $18.00 in a research report on Wednesday, August 17th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $17.86.
The company has a market capitalization of $2.06 billion and a P/E ratio of 18.95. The stock has a 50 day moving average of $17.37 and a 200-day moving average of $16.21.
Parkway Properties (NYSE:PKY) last posted its quarterly earnings results on Monday, August 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by $0.02. During the same quarter in the prior year, the company earned $0.33 EPS. The firm earned $107.51 million during the quarter, compared to analyst estimates of $107.59 million. The firm’s revenue was down 15.3% compared to the same quarter last year. Analysts expect that Parkway Properties Inc. will post $1.28 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 6th. Shareholders of record on Tuesday, August 23rd will be issued a dividend of $0.1875 per share. The ex-dividend date of this dividend is Friday, August 19th. This represents a $0.75 annualized dividend and a yield of 4.22%.
An institutional investor recently raised its position in Parkway Properties stock. Jennison Associates LLC raised its stake in Parkway Properties Inc. (NYSE:PKY) by 18.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,077,738 shares of the real estate investment trust’s stock after buying an additional 170,579 shares during the period. Jennison Associates LLC owned about 0.93% of Parkway Properties worth $16,845,000 as of its most recent SEC filing.
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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