Paramount Group Inc (NASDAQ:PGRE) has received a consensus rating of “Hold” from the eight ratings firms that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $16.00.
A number of equities research analysts have issued reports on PGRE shares. Zacks Investment Research upgraded shares of Paramount Group from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a report on Wednesday, May 24th. Goldman Sachs Group, Inc. (The) started coverage on shares of Paramount Group in a report on Thursday, June 22nd. They set a “sell” rating and a $15.00 price target for the company. Mizuho cut shares of Paramount Group from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $17.00 to $15.00 in a report on Monday, July 10th. Finally, Morgan Stanley cut shares of Paramount Group from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $17.50 to $15.00 in a report on Tuesday, June 13th.
Shares of Paramount Group (NASDAQ:PGRE) traded down 1.36% during mid-day trading on Tuesday, hitting $16.01. The stock had a trading volume of 3,051,349 shares. Paramount Group has a one year low of $14.58 and a one year high of $17.58. The firm’s 50 day moving average price is $15.92 and its 200-day moving average price is $16.16. The company has a market cap of $3.82 billion and a PE ratio of 37.94.
Paramount Group (NASDAQ:PGRE) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.02. Paramount Group had a net margin of 77.76% and a return on equity of 10.10%. The company had revenue of $177.70 million during the quarter, compared to analysts’ expectations of $170.11 million. During the same period in the prior year, the company earned $0.23 earnings per share. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. On average, equities research analysts anticipate that Paramount Group will post $0.42 earnings per share for the current fiscal year.
Paramount Group declared that its board has initiated a stock buyback program on Thursday, August 3rd that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Thursday, September 28th.
A number of large investors have recently bought and sold shares of PGRE. Bank of Montreal Can raised its position in Paramount Group by 18.2% in the first quarter. Bank of Montreal Can now owns 7,358 shares of the company’s stock worth $120,000 after purchasing an additional 1,135 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in Paramount Group by 26.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 45,313 shares of the company’s stock worth $734,000 after purchasing an additional 9,522 shares in the last quarter. Wells Fargo & Company MN raised its position in Paramount Group by 336.5% in the first quarter. Wells Fargo & Company MN now owns 164,059 shares of the company’s stock worth $2,660,000 after purchasing an additional 126,471 shares in the last quarter. Great West Life Assurance Co. Can raised its position in Paramount Group by 565.2% in the first quarter. Great West Life Assurance Co. Can now owns 102,296 shares of the company’s stock worth $1,657,000 after purchasing an additional 86,917 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in Paramount Group in the first quarter worth about $25,444,000.
About Paramount Group
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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