American Century Companies Inc. raised its stake in Paramount Group Inc (NASDAQ:PGRE) by 8.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,382,891 shares of the company’s stock after purchasing an additional 193,616 shares during the period. American Century Companies Inc. owned 1.00% of Paramount Group worth $38,126,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in PGRE. Vanguard Group Inc. boosted its holdings in shares of Paramount Group by 8.1% in the second quarter. Vanguard Group Inc. now owns 30,137,386 shares of the company’s stock valued at $482,198,000 after acquiring an additional 2,248,078 shares during the period. BlackRock Inc. boosted its holdings in shares of Paramount Group by 13.0% in the second quarter. BlackRock Inc. now owns 13,109,633 shares of the company’s stock valued at $209,754,000 after acquiring an additional 1,504,277 shares during the period. PGGM Investments boosted its holdings in shares of Paramount Group by 2.0% in the third quarter. PGGM Investments now owns 4,945,000 shares of the company’s stock valued at $79,120,000 after acquiring an additional 99,000 shares during the period. State Street Corp boosted its holdings in shares of Paramount Group by 1.3% in the second quarter. State Street Corp now owns 4,774,995 shares of the company’s stock valued at $76,398,000 after acquiring an additional 62,796 shares during the period. Finally, Duff & Phelps Investment Management Co. boosted its holdings in shares of Paramount Group by 8.7% in the third quarter. Duff & Phelps Investment Management Co. now owns 3,390,902 shares of the company’s stock valued at $54,254,000 after acquiring an additional 271,900 shares during the period.
Shares of Paramount Group Inc (NASDAQ PGRE) opened at $16.33 on Tuesday. Paramount Group Inc has a fifty-two week low of $15.14 and a fifty-two week high of $17.58.
Paramount Group (NASDAQ:PGRE) last issued its quarterly earnings results on Monday, November 6th. The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. Paramount Group had a return on equity of 10.10% and a net margin of 77.76%. The firm had revenue of $179.80 million during the quarter, compared to the consensus estimate of $172.85 million. During the same period last year, the company earned $0.20 earnings per share. The company’s revenue for the quarter was up 5.0% on a year-over-year basis.
Paramount Group announced that its Board of Directors has authorized a stock buyback program on Thursday, August 3rd that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Separately, Zacks Investment Research raised Paramount Group from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a report on Wednesday, August 16th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Paramount Group presently has a consensus rating of “Hold” and a consensus price target of $16.42.
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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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