Parkway Properties Inc. (NYSE:PKY) was the target of a significant decline in short interest in the month of July. As of July 14th, there was short interest totalling 653,452 shares, a decline of 69.4% from the June 30th total of 2,136,275 shares. Currently, 1.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,713,020 shares, the short-interest ratio is presently 0.4 days.
PKY has been the subject of several recent analyst reports. Zacks Investment Research upgraded Parkway Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, May 3rd. Stifel Nicolaus restated a “hold” rating and set a $23.00 target price on shares of Parkway Properties in a research note on Sunday, July 2nd. Finally, JMP Securities cut Parkway Properties from an “outperform” rating to a “market perform” rating and set a $22.00 target price for the company. in a research note on Thursday, July 6th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Parkway Properties has a consensus rating of “Hold” and an average target price of $21.67.
Institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can boosted its position in Parkway Properties by 310.0% in the second quarter. Bank of Montreal Can now owns 4,604 shares of the real estate investment trust’s stock worth $105,000 after buying an additional 3,481 shares during the last quarter. Pacad Investment Ltd. boosted its position in Parkway Properties by 128.1% in the second quarter. Pacad Investment Ltd. now owns 5,164 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 2,900 shares during the last quarter. Pinebridge Investments L.P. boosted its position in Parkway Properties by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 5,629 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 55 shares during the last quarter. Dupont Capital Management Corp purchased a new position in Parkway Properties during the second quarter worth about $158,000. Finally, State of Alaska Department of Revenue boosted its position in Parkway Properties by 78.8% in the second quarter. State of Alaska Department of Revenue now owns 8,437 shares of the real estate investment trust’s stock worth $193,000 after buying an additional 3,717 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.
Shares of Parkway Properties (NYSE:PKY) traded up 0.04% on Friday, hitting $22.96. 139,880 shares of the stock traded hands. The stock has a 50-day moving average price of $22.93 and a 200 day moving average price of $20.93. The firm’s market cap is $1.15 billion. Parkway Properties has a 52 week low of $16.39 and a 52 week high of $26.20.
Parkway Properties Company Profile
Parkway, Inc is a self-managed real estate investment trust (REIT). The Company owns and operates office properties located in submarkets in Houston, Texas. As of December 31, 2016, the Company’s portfolio consisted of five Class A assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston.
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