Parkway (PKY) Looks Good: Stock Adds 12.3% in Session

Parkway, Inc.PKY was a big mover last session, as the company saw its shares rise over 12% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $19.57 to $20.56 in the past one-month time frame.

The upside was driven by the announcement that the company will be acquired by Canada Pension Plan Investment Board for $1.2 billion.

The company has not seen any estimate revisions over the past few weeks, while the Zacks Consensus Estimate for the current quarter remained unchanged. The recent price action is encouraging though, so make sure to keep a close watch on this firm in the near future.

Parkway currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.

A better-ranked stock in the REIT and Equity Trust – Other industry is Ellington Residential Mortgage REIT EARN, which currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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