The stock of Parkway Properties Inc (NYSE:PKY) gapped up by $3.36 today and has $26.15 target or 26.00% above today’s $20.75 share price. The 8 months technical chart setup indicates low risk for the $2.27 billion company. The gap was reported on Oct, 7 by Barchart.com. If the $26.15 price target is reached, the company will be worth $590.20M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. Parkway Properties Inc (NYSE:PKY) has risen 16.82% since March 4, 2016 and is uptrending. It has outperformed by 8.78% the S&P500.
Analysts await Parkway Properties Inc (NYSE:PKY) to report earnings on November, 7. They expect $0.31 EPS, down 6.06% or $0.02 from last year’s $0.33 per share. PKY’s profit will be $33.91M for 16.73 P/E if the $0.31 EPS becomes a reality. After $0.34 actual EPS 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. Stifel Nicolaus upgraded Parkway Properties Inc (NYSE:PKY) on Tuesday, December 1 to “Buy” rating. DA Davidson downgraded Parkway Properties Inc (NYSE:PKY) on Friday, May 13 to “Neutral” rating. The stock of Parkway Properties Inc (NYSE:PKY) earned “Overweight” rating by Barclays Capital on Friday, March 11. Raymond James downgraded the shares of PKY in a report on Wednesday, August 31 to “Market Perform” rating. The rating was downgraded by Robert W. Baird to “Neutral” on Wednesday, August 17. RBC Capital Markets downgraded Parkway Properties Inc (NYSE:PKY) on Monday, August 10 to “Outperform” rating. Zacks upgraded the stock to “Sell” rating in Wednesday, August 5 report. Stifel Nicolaus downgraded the shares of PKY in a report on Thursday, September 29 to “Sell” rating. As per Tuesday, July 19, the company rating was maintained by Barclays Capital. The stock has “Market Perform” rating given by Wells Fargo on Wednesday, October 7.
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 2016 Q2. Its up 0.20, from 1 in 2016Q1. The ratio is positive, 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.
The Mississippi-based Trustmark Comml Bank Tru Department has invested 0.08% in Parkway Properties Inc (NYSE:PKY). Omers Administration holds 0.16% or 454,200 shares in its portfolio. First Midwest Savings Bank Tru Division holds 0.07% of its portfolio in Parkway Properties Inc (NYSE:PKY) for 33,708 shares. The California-based Fdx Advsr has invested 0.01% in Parkway Properties Inc (NYSE:PKY). Susquehanna Intll Gru Limited Liability Partnership reported 12,414 shares or 0% of all its holdings. The New York-based Sg Americas Secs Limited Liability Com has invested 0.01% in Parkway Properties Inc (NYSE:PKY). Louisiana State Employees Retirement System has 0.03% invested in the company for 36,100 shares. Lombardia Capital Prtnrs Limited has invested 1.86% of its portfolio in Parkway Properties Inc (NYSE:PKY). Moreover, Tudor Invest Et Al has 0.01% invested in Parkway Properties Inc (NYSE:PKY) for 26,505 shares. Gmt last reported 208,000 shares in the company. National Bank & Trust Of Montreal Can has invested 0% of its portfolio in Parkway Properties Inc (NYSE:PKY). Rhumbline Advisers reported 119,494 shares or 0.01% of all its holdings. First Lp holds 0% of its portfolio in Parkway Properties Inc (NYSE:PKY) for 64,937 shares. Old Natl Natl Bank In holds 0.01% of its portfolio in Parkway Properties Inc (NYSE:PKY) for 12,425 shares. Blackrock Advisors Ltd Liability Co holds 0% of its portfolio in Parkway Properties Inc (NYSE:PKY) for 60,600 shares.
More important recent Parkway Properties Inc (NYSE:PKY) news were published by: Bizjournals.com which released: “Cousins closes on Parkway Properties merger” on October 06, 2016, also Twst.com published article titled: “Parkway Properties Inc.: Cousins Completes Spin-Off of Parkway, Inc.”, Bizjournals.com published: “Cousins Properties and Parkway Properties stockholders approve merger” on August 24, 2016. More interesting news about Parkway Properties Inc (NYSE:PKY) was released by: Jaxdailyrecord.com and their article: “TPG buys Parkway Properties portfolio for $195M” with publication date: September 30, 2016.
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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