Parkway Properties Inc. (PKY) Hits New 1-Year High at $18.04
Parkway Properties Inc. (NYSE:PKY)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $18.04 and last traded at $17.99, with a volume of 1,062,947 shares changing hands. The stock had previously closed at $17.79.
PKY has been the topic of several research analyst reports. Zacks Investment Research upgraded 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. Raymond James Financial Inc. downgraded Parkway Properties from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Citigroup Inc. downgraded Parkway Properties from an “outperform” rating to a “market perform” rating in a research note on Wednesday. DA Davidson downgraded Parkway Properties from a “buy” rating to a “neutral” rating in a research note on Friday, May 13th. Finally, Robert W. Baird downgraded Parkway Properties from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $19.00 to $18.00 in a research note on Wednesday, August 17th. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $17.86.
The company has a market cap of $2.09 billion and a PE ratio of 19.17. The stock has a 50 day moving average of $17.39 and a 200-day moving average of $16.22.
Parkway Properties (NYSE:PKY) last released its 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 period last year, the firm earned $0.33 EPS. The firm had revenue of $107.51 million for the quarter, compared to analysts’ expectations of $107.59 million. The business’s revenue was down 15.3% on a year-over-year basis. Analysts forecast that Parkway Properties Inc. will post $1.28 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 6th. Stockholders 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 dividend yield of 4.17%.
An institutional investor recently raised its position in Parkway Properties stock. Jennison Associates LLC raised its stake in shares of Parkway Properties Inc. (NYSE:PKY) by 18.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 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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