Capital One Financial Corporation Comments on Paramount Group Inc’s FY2017 Earnings (NASDAQ:PGRE)
Paramount Group Inc (NASDAQ:PGRE) – Equities research analysts at Capital One Financial Corporation increased their FY2017 earnings per share (EPS) estimates for shares of Paramount Group in a report issued on Thursday. Capital One Financial Corporation analyst C. Lucas now anticipates that the company will earn $0.86 per share for the year, up from their previous forecast of $0.85. Capital One Financial Corporation also issued estimates for Paramount Group’s Q1 2018 earnings at $0.23 EPS, Q2 2018 earnings at $0.26 EPS, Q3 2018 earnings at $0.28 EPS, Q4 2018 earnings at $0.29 EPS and FY2018 earnings at $1.06 EPS.
Other equities research analysts have also issued reports about the stock. Evercore ISI raised shares of Paramount Group from an “in-line” rating to an “outperform” rating in a report on Monday, April 17th. Zacks Investment Research lowered shares of Paramount Group from a “buy” rating to a “hold” rating in a report on Friday, May 26th. TheStreet raised shares of Paramount Group from a “d+” rating to a “c” rating in a report on Thursday, May 11th. Goldman Sachs Group, Inc. (The) assumed coverage on shares of Paramount Group in a report on Thursday, June 22nd. They set a “sell” rating and a $15.00 price objective on the stock. Finally, Morgan Stanley lowered shares of Paramount Group from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $17.50 to $15.00 in a report on Tuesday, June 13th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Paramount Group presently has a consensus rating of “Hold” and an average target price of $16.25.
Paramount Group (PGRE) opened at 16.48 on Monday. Paramount Group has a 12-month low of $14.58 and a 12-month high of $18.28. The company’s market capitalization is $3.81 billion. The stock’s 50 day moving average price is $16.04 and its 200 day moving average price is $16.36.
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 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 return on equity of 0.04% and a net margin of 0.90%. The company’s revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 EPS.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Wednesday, June 28th.
Paramount Group declared that its board has initiated a share repurchase plan on Thursday, August 3rd that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to repurchase up to 5.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Several large investors have recently made changes to their positions in PGRE. Public Employees Retirement Association of Colorado raised its stake in shares of Paramount Group by 9.2% in the second quarter. Public Employees Retirement Association of Colorado now owns 6,238 shares of the company’s stock worth $100,000 after buying an additional 526 shares during the period. Principal Financial Group Inc. increased its position in Paramount Group by 2.4% in the first quarter. Principal Financial Group Inc. now owns 30,473 shares of the company’s stock worth $494,000 after buying an additional 723 shares in the last quarter. Amalgamated Bank increased its position in Paramount Group by 3.2% in the first quarter. Amalgamated Bank now owns 25,888 shares of the company’s stock worth $420,000 after buying an additional 806 shares in the last quarter. Bank of Montreal Can increased 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 buying an additional 1,135 shares in the last quarter. Finally, New Mexico Educational Retirement Board increased its position in Paramount Group by 5.9% in the first quarter. New Mexico Educational Retirement Board now owns 28,500 shares of the company’s stock worth $462,000 after buying an additional 1,600 shares in the last quarter.
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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