Paramount Group Inc (NASDAQ:PGRE) has been assigned a consensus recommendation of “Hold” from the eight ratings firms that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $16.00.
PGRE has been the topic of several research analyst reports. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Paramount Group in a report on Thursday, June 22nd. They issued a “sell” rating and a $15.00 price target on the stock. Zacks Investment Research raised shares of Paramount Group from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Wednesday, August 23rd. Morgan Stanley cut shares of Paramount Group from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $17.50 to $15.00 in a report on Tuesday, June 13th. Finally, Mizuho cut shares of Paramount Group from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $17.00 to $15.00 in a report on Monday, July 10th.
Shares of Paramount Group (NASDAQ:PGRE) traded up 0.50% during trading on Friday, reaching $16.23. The company had a trading volume of 1,454,933 shares. Paramount Group has a 12 month low of $14.58 and a 12 month high of $17.58. The firm has a 50 day moving average price of $15.92 and a 200 day moving average price of $16.07. The company has a market cap of $3.88 billion and a price-to-earnings ratio of 38.46.
Paramount Group (NASDAQ:PGRE) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.02. The firm had revenue of $177.70 million for the quarter, compared to analysts’ expectations of $170.11 million. Paramount Group had a net margin of 77.76% and a return on equity of 10.10%. The business’s revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.23 EPS. Analysts predict that Paramount Group will post $0.42 earnings per share for the current year.
Paramount Group declared that its Board of Directors has approved a stock buyback program on Thursday, August 3rd that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.095 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.38 annualized dividend and a dividend yield of 2.34%.
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Institutional investors and hedge funds have recently made changes to their positions in the company. Public Employees Retirement Association of Colorado increased its holdings in shares of Paramount Group by 9.2% during the second quarter. Public Employees Retirement Association of Colorado now owns 6,238 shares of the company’s stock worth $100,000 after purchasing an additional 526 shares during the period. Bank of Montreal Can increased its holdings in shares of Paramount Group by 18.2% during 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 during the period. Oppenheimer Asset Management Inc. bought a new position in shares of Paramount Group during the first quarter worth approximately $122,000. SG Americas Securities LLC increased its holdings in shares of Paramount Group by 25.6% during the first quarter. SG Americas Securities LLC now owns 13,237 shares of the company’s stock worth $215,000 after purchasing an additional 2,702 shares during the period. Finally, Oxford Asset Management bought a new position in shares of Paramount Group during the first quarter worth approximately $247,000.
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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