Market Overview

UPDATE: Bank of America Initiates Parkway Properties at Buy on Positive Momentum

Share:
Related PKY
Parkway Signs Deal To Bring Google Fiber's Internet Service To Atlanta, Austin And Charlotte Properties
Office REIT Sector Update And 6 Raymond James 'Outperform' Picks

Bank of America initiates coverage on Parkway Properties (NYSE: PKY) with a Buy rating and a $16.25 price objective.

Bank of America said, "PKY is in the process of repositioning its portfolio by selling non-core assets and buying higher quality with vacancy in target infill submarkets. The strategy has helped PKY improve its competitive position within its markets, and grow occupancy, operating margins and dividend coverage. PKY has better leverage than most office REITs and should benefit from additional leaseup. PKY's 3.3% dividend yield and 9.6% upside to our PO suggest a 12.9% total potential return, and a Buy rating."

Parkway Properties closed at $14.83 on Monday.

Latest Ratings for PKY

DateFirmActionFromTo
Aug 2015RBC CapitalDowngradesOutperformSector Perform
Jun 2015Raymond JamesMaintainsOutperform
Apr 2015BarclaysMaintainsOverweight

View More Analyst Ratings for PKY
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Initiation Intraday Update Analyst Ratings

 

Related Articles (PKY)

View Comments and Join the Discussion!

Get Benzinga's Newsletters