Paramount Group (PGRE) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Paramount Group (NYSE:PGRE) from a hold rating to a sell rating in a research note released on Wednesday.

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 analysts have also recently weighed in on PGRE. ValuEngine raised Paramount Group from a sell rating to a hold rating in a research report on Thursday, July 5th. Deutsche Bank increased their price objective on Paramount Group from $20.00 to $21.00 and gave the stock a buy rating in a research report on Wednesday, August 29th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $16.70.

NYSE:PGRE opened at $14.21 on Wednesday. The company has a market cap of $3.42 billion, a P/E ratio of 15.97, a PEG ratio of 5.08 and a beta of 0.68. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.71. Paramount Group has a 52-week low of $13.70 and a 52-week high of $16.50.

Paramount Group (NYSE:PGRE) last released its quarterly earnings results on Wednesday, August 1st. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Paramount Group had a negative return on equity of 1.01% and a negative net margin of 6.89%. The firm had revenue of $191.40 million for the quarter, compared to the consensus estimate of $186.41 million. During the same quarter last year, the business posted $0.23 EPS. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, research analysts expect that Paramount Group will post 0.94 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were issued a $0.10 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.40 annualized dividend and a dividend yield of 2.81%. Paramount Group’s dividend payout ratio is currently 44.94%.

Several institutional investors and hedge funds have recently bought and sold shares of PGRE. Wells Fargo & Company MN lifted its holdings in shares of Paramount Group by 20.0% in the 1st quarter. Wells Fargo & Company MN now owns 144,117 shares of the financial services provider’s stock valued at $2,052,000 after buying an additional 23,999 shares during the period. UBS Group AG lifted its holdings in shares of Paramount Group by 76.3% in the 1st quarter. UBS Group AG now owns 136,804 shares of the financial services provider’s stock valued at $1,948,000 after buying an additional 59,203 shares during the period. Xact Kapitalforvaltning AB lifted its holdings in shares of Paramount Group by 75.1% in the 1st quarter. Xact Kapitalforvaltning AB now owns 25,420 shares of the financial services provider’s stock valued at $362,000 after buying an additional 10,900 shares during the period. Bank of Montreal Can lifted its holdings in shares of Paramount Group by 82.5% in the 2nd quarter. Bank of Montreal Can now owns 1,349,806 shares of the financial services provider’s stock valued at $20,786,000 after buying an additional 610,342 shares during the period. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Paramount Group in the 2nd quarter valued at approximately $306,000. 63.25% of the stock is owned by institutional investors and hedge funds.

About Paramount Group

Headquartered in New York City, Paramount Group, Inc is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, DC and San Francisco.

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