$0.21 EPS Expected for Paramount Group Inc (PGRE) This Quarter
Equities research analysts expect Paramount Group Inc (NASDAQ:PGRE) to announce earnings per share of $0.21 for the current quarter, according to Zacks. Two analysts have made estimates for Paramount Group’s earnings, with the highest EPS estimate coming in at $0.22 and the lowest estimate coming in at $0.19. The firm is expected to announce its next quarterly earnings report on Wednesday, November 1st.
On average, analysts expect that Paramount Group will report full-year earnings of $0.88 per share for the current year, with EPS estimates ranging from $0.86 to $0.90. For the next year, analysts expect that the firm will post earnings of $0.97 per share, with EPS estimates ranging from $0.91 to $1.06. Zacks’ earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Paramount Group.
Paramount Group (NASDAQ:PGRE) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.21 by $0.02. Paramount Group had a net margin of 77.76% and a return on equity of 10.10%. The firm had revenue of $177.70 million during the quarter, compared to analyst estimates of $170.11 million. During the same quarter in the prior year, the business posted $0.23 earnings per share. Paramount Group’s revenue for the quarter was up 3.1% compared to the same quarter last year.
Several analysts recently commented on the stock. Zacks Investment Research cut shares of Paramount Group from a “buy” rating to a “hold” rating in a report on Thursday. Mizuho cut shares of Paramount Group from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $17.00 to $15.00 in a report on Monday, July 10th. 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 target for the company. Finally, Morgan Stanley cut shares of Paramount Group from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock 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, one has given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $16.42.
A number of institutional investors and hedge funds have recently modified their holdings of PGRE. BlackRock Inc. raised its position in Paramount Group by 4,569.1% during the first quarter. BlackRock Inc. now owns 11,605,356 shares of the company’s stock valued at $188,123,000 after acquiring an additional 11,356,799 shares in the last quarter. Morgan Stanley raised its position in Paramount Group by 49.7% during the first quarter. Morgan Stanley now owns 7,438,641 shares of the company’s stock valued at $120,580,000 after acquiring an additional 2,470,071 shares in the last quarter. Vanguard Group Inc. raised its position in Paramount Group by 8.1% during 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 in the last quarter. State Street Corp raised its position in Paramount Group by 76.1% during the first quarter. State Street Corp now owns 4,712,199 shares of the company’s stock valued at $76,387,000 after acquiring an additional 2,036,684 shares in the last quarter. Finally, American Century Companies Inc. bought a new position in Paramount Group during the first quarter valued at approximately $25,444,000.
Paramount Group (NASDAQ PGRE) opened at 15.75 on Friday. The firm has a market cap of $3.76 billion and a price-to-earnings ratio of 37.32. The company’s 50-day moving average is $15.92 and its 200 day moving average is $16.19. Paramount Group has a 12 month low of $14.58 and a 12 month high of $17.68.
Paramount Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, August 3rd that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to buy up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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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