Stock Buzzer: Could Parkway Properties Inc Change Direction After Today’s Gap Down?

Stock Buzzer: Could Parkway Properties Inc Change Direction After Today's Gap Down?

The stock of Parkway Properties Inc (NYSE:PKY) gapped down by $0.03 today and has $15.04 target or 9.00% below today’s $16.53 share price. The 8 months technical chart setup indicates high risk for the $1.84B company. The gap down was reported on Oct, 4 by Barchart.com. If the $15.04 price target is reached, the company will be worth $165.60M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 2.82% or $0.48 on October 3, hitting $16.53. Parkway Properties Inc (NYSE:PKY) has risen 19.78% since March 1, 2016 and is uptrending. It has outperformed by 7.57% the S&P500.

Analysts await Parkway Properties Inc (NYSE:PKY) to report earnings on November, 7. They expect $0.31 earnings per share, down 6.06% or $0.02 from last year’s $0.33 per share. PKY’s profit will be $34.51M for 13.33 P/E if the $0.31 EPS becomes a reality. After $0.34 actual earnings per share reported by Parkway Properties Inc for the previous quarter, Wall Street now forecasts -8.82% negative EPS growth.

Parkway Properties Inc (NYSE:PKY) Ratings Coverage

Out of 9 analysts covering Parkway Properties (NYSE:PKY), 2 rate it a “Buy”, 1 “Sell”, while 6 “Hold”. This means 22% are positive. Parkway Properties has been the topic of 22 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The stock of Parkway Properties Inc (NYSE:PKY) earned “Outperform” rating by RBC Capital Markets on Monday, August 10. As per Monday, November 23, the company rating was upgraded by Mizuho. The firm earned “Hold” rating on Monday, May 2 by Sandler O’Neill. The company was downgraded on Monday, May 2 by Mizuho. Stifel Nicolaus downgraded the shares of PKY in a report on Thursday, September 29 to “Sell” rating. As per Tuesday, December 1, the company rating was upgraded by Stifel Nicolaus. The stock of Parkway Properties Inc (NYSE:PKY) earned “Overweight” rating by Barclays Capital on Friday, March 11. The firm has “Market Perform” rating given on Wednesday, August 31 by Raymond James. The stock of Parkway Properties Inc (NYSE:PKY) has “Neutral” rating given on Wednesday, August 17 by Robert W. Baird. As per Wednesday, October 7, the company rating was downgraded by Wells Fargo.

According to Zacks Investment Research, “Parkway Properties, Inc. is a self-administered, self-managed real estate investment trust specializing in the acquisition, ownership, management, financing and leasing of office properties in the Southeastern United States and Texas.”

Insitutional Activity: The institutional sentiment increased to 1.2 in Q2 2016. Its up 0.20, from 1 in 2016Q1. The ratio improved, as 19 funds sold all Parkway Properties Inc shares owned while 56 reduced positions. 33 funds bought stakes while 57 increased positions. They now own 105.55 million shares or 2.37% less from 108.11 million shares in 2016Q1.
New York State Common Retirement Fund has 480,268 shares for 0.01% of their US portfolio. Moreover, Fifth Third National Bank has 0% invested in Parkway Properties Inc (NYSE:PKY) for 582 shares. Qs Ltd Llc reported 19 shares or 0% of all its holdings. Dupont Cap Mngmt holds 0.01% of its portfolio in Parkway Properties Inc (NYSE:PKY) for 34,700 shares. Mizuho And Communications Ltd owns 15,841 shares or 0% of their US portfolio. Raymond James & Assoc owns 18,651 shares or 0% of their US portfolio. Prudential Finance has 0.01% invested in the company for 457,147 shares. Nuveen Asset Mngmt Limited Company holds 0.03% or 265,610 shares in its portfolio. The Maryland-based Profund Ltd has invested 0.02% in Parkway Properties Inc (NYSE:PKY). Moreover, Teachers Advsr has 0% invested in Parkway Properties Inc (NYSE:PKY) for 123,964 shares. Trustmark Financial Bank Trust Department accumulated 0.08% or 37,055 shares. Ridgeworth Capital Limited Company holds 3.45M shares or 0.51% of its portfolio. Parametric Port Associate Llc, a Washington-based fund reported 131,523 shares. Moreover, Westpac Banking has 0% invested in Parkway Properties Inc (NYSE:PKY) for 100,924 shares. Schneider Mngmt holds 2.03% or 647,129 shares in its portfolio.

More recent Parkway Properties Inc (NYSE:PKY) news were published by: Jaxdailyrecord.com which released: “TPG buys Parkway Properties portfolio for $195M” on September 30, 2016. Also Bizjournals.com published the news titled: “What we know about the properties in Cousins and Parkway’s Houston spinoff” on May 03, 2016. Bizjournals.com‘s news article titled: “Cousins Properties and Parkway Properties stockholders approve merger” with publication date: August 24, 2016 was also an interesting one.

PKY Company Profile

Parkway Properties, Inc., incorporated on May 17, 1996, is an integrated, self-administered and self-managed real estate investment trust. The Firm is engaged in the acquisition, ownership, development and management of office properties in various submarkets in the Sunbelt region of the United States. The Firm 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. The Firm offers fee real estate services through its subsidiaries.

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