Parkway Properties (PKY): Heavy Pre-Market Activity

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Trade-Ideas LLC identified Parkway Properties ( PKY) as a pre-market mover with heavy volume candidate. In addition to specific proprietary factors, Trade-Ideas identified Parkway Properties as such a stock due to the following factors:

  • PKY has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $14.1 million.
  • PKY traded 149,288 shares today in the pre-market hours as of 9:11 AM, representing 19.2% of its average daily volume.

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More details on PKY:

Parkway Properties, Inc., a real estate investment trust (REIT), engages in the operation, acquisition, ownership, management, and leasing of office properties. It operates and invests principally in office properties in the southeastern and southwestern United States and Chicago. The stock currently has a dividend yield of 3.9%. Currently there are 5 analysts that rate Parkway Properties a buy, 1 analyst rates it a sell, and 3 rate it a hold.

The average volume for Parkway Properties has been 459,000 shares per day over the past 30 days. Parkway has a market cap of $1.3 billion and is part of the financial sector and real estate industry. The stock has a beta of 1.57 and a short float of 10.6% with 4.19 days to cover. Shares are unchanged year-to-date as of the close of trading on Friday.

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TheStreetRatings.com Analysis:

TheStreet Quant Ratings rates Parkway Properties as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and disappointing return on equity.

Highlights from the ratings report include:
  • The revenue growth came in higher than the industry average of 9.6%. Since the same quarter one year prior, revenues rose by 32.0%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • Compared to its closing price of one year ago, PKY's share price has jumped by 34.56%, exceeding the performance of the broader market during that same time frame. Regarding the stock's future course, our hold rating indicates that we do not recommend additional investment in this stock despite its gains in the past year.
  • PARKWAY PROPERTIES INC has experienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, PARKWAY PROPERTIES INC continued to lose money by earning -$1.59 versus -$1.67 in the prior year. This year, the market expects an improvement in earnings (-$0.48 versus -$1.59).
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Real Estate Investment Trusts (REITs) industry. The net income has significantly decreased by 208.3% when compared to the same quarter one year ago, falling from $2.13 million to -$2.31 million.
  • Current return on equity is lower than its ROE from the same quarter one year prior. This is a clear sign of weakness within the company. Compared to other companies in the Real Estate Investment Trusts (REITs) industry and the overall market, PARKWAY PROPERTIES INC's return on equity significantly trails that of both the industry average and the S&P 500.

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