Paramount Group Inc (PGRE) Upgraded to “Buy” at Zacks Investment Research
Paramount Group Inc (NASDAQ:PGRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $18.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 14.21% from the stock’s current price.
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 research firms have also recently commented on PGRE. BTIG Research started coverage on Paramount Group in a research report on Thursday, August 25th. They set a “neutral” rating on the stock. Deutsche Bank AG raised their target price on Paramount Group from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, July 18th.
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Shares of Paramount Group (NASDAQ:PGRE) traded down 0.57% during midday trading on Wednesday, reaching $15.76. The company’s stock had a trading volume of 756,728 shares. The firm has a market cap of $3.46 billion and a price-to-earnings ratio of 525.33. Paramount Group has a one year low of $14.23 and a one year high of $18.56. The stock’s 50 day moving average price is $17.16 and its 200 day moving average price is $16.65.
Paramount Group (NASDAQ:PGRE) last posted its earnings results on Thursday, August 4th. The company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.03. The business had revenue of $172.30 million for the quarter, compared to analyst estimates of $159.90 million. During the same quarter last year, the business earned $0.22 earnings per share. Paramount Group’s revenue was up 5.8% on a year-over-year basis. Analysts predict that Paramount Group will post $0.85 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 2.41%. The ex-dividend date is Wednesday, September 28th.
About Paramount Group
Paramount Group, Inc is a 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 primarily through Paramount Group Operating Partnership LP.
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