Zacks Investment Research upgraded shares of Paramount Group Inc (NASDAQ:PGRE) from a hold rating to a buy rating in a research note issued to investors on Wednesday, May 24th. They currently have $17.00 target price on the stock.
According to Zacks, “Paramount Group, Inc. is a real estate investment trust focused on owning, operating and managing Class A office properties. It provides asset management, leasing, acquisitions, redevelopment and financing. The Company owns properties in New York City, Washington D.C. and San Francisco. Paramount Group, Inc. is based in the United States. “
A number of other brokerages have also issued reports on PGRE. Evercore ISI lowered shares of Paramount Group to a buy rating in a research report on Friday, March 3rd. TheStreet lowered shares of Paramount Group from a c rating to a d+ rating in a report on Tuesday, March 7th. Finally, Deutsche Bank AG cut their price objective on shares of Paramount Group from $20.00 to $19.00 and set a buy rating on the stock in a report on Monday, March 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $16.70.
Shares of Paramount Group (PGRE) traded down 0.30% during midday trading on Wednesday, reaching $16.37. The company had a trading volume of 2,909,613 shares. The company’s market capitalization is $3.79 billion. The firm’s 50 day moving average price is $15.93 and its 200-day moving average price is $16.38. Paramount Group has a 12 month low of $14.58 and a 12 month high of $18.28.
Paramount Group (NASDAQ:PGRE) last announced its earnings results on Thursday, May 4th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.02. The company had revenue of $181.24 million for the quarter, compared to analyst estimates of $171.42 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. Paramount Group’s revenue for the quarter was up 4.8% on a year-over-year basis. Analysts anticipate that Paramount Group will post $0.04 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.38 annualized dividend and a yield of 2.32%.
A number of large investors have recently bought and sold shares of the company. Teton Advisors Inc. purchased a new stake in Paramount Group during the fourth quarter valued at $208,000. Martingale Asset Management L P raised its stake in Paramount Group by 25.7% in the fourth quarter. Martingale Asset Management L P now owns 19,615 shares of the company’s stock valued at $314,000 after buying an additional 4,015 shares during the period. Dimensional Fund Advisors LP raised its stake in Paramount Group by 16.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,012,676 shares of the company’s stock valued at $32,181,000 after buying an additional 289,017 shares during the period. State Street Corp raised its stake in Paramount Group by 1.2% in the fourth quarter. State Street Corp now owns 2,675,515 shares of the company’s stock valued at $42,783,000 after buying an additional 30,948 shares during the period. Finally, Heitman Real Estate Securities LLC raised its stake in Paramount Group by 39.2% in the fourth quarter. Heitman Real Estate Securities LLC now owns 303,215 shares of the company’s stock valued at $4,848,000 after buying an additional 85,455 shares during the period.
Paramount Group Company Profile
Paramount Group, Inc is a fully-integrated real estate investment trust (REIT) focused on owning, operating, managing, acquiring and redeveloping Class A office properties in select central business district submarkets of New York City, Washington, District of Columbia (DC) and San Francisco. The Company conducts its business through, and substantially all its interests in properties and investments are held by, Paramount Group Operating Partnership LP (the Operating Partnership).
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