Paramount Group Inc (PGRE) Declares Quarterly Dividend of $0.10
Paramount Group Inc (NASDAQ:PGRE) announced a quarterly dividend on Friday, September 15th, Wall Street Journal reports. Investors of record on Friday, September 29th will be given a dividend of 0.095 per share on Friday, October 13th. This represents a $0.38 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Thursday, September 28th.
Paramount Group (NASDAQ:PGRE) traded down 1.36% during midday trading on Friday, hitting $16.01. 3,051,349 shares of the company traded hands. The stock has a market cap of $3.82 billion and a P/E ratio of 37.94. The stock has a 50 day moving average of $15.92 and a 200 day moving average of $16.16. Paramount Group has a 12-month low of $14.58 and a 12-month high of $17.58.
Paramount Group (NASDAQ:PGRE) last announced its 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. Paramount Group had a return on equity of 10.10% and a net margin of 77.76%. The business had revenue of $177.70 million during the quarter, compared to analysts’ expectations of $170.11 million. During the same quarter last year, the business posted $0.23 earnings per share. The company’s quarterly revenue was up 3.1% on a year-over-year basis. Equities research analysts predict that Paramount Group will post $0.42 EPS for the current fiscal year.
Several research analysts recently weighed in on the company. Zacks Investment Research cut Paramount Group from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Mizuho cut Paramount Group from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $17.00 to $15.00 in a research note on Monday, July 10th. Goldman Sachs Group, Inc. (The) assumed coverage on Paramount Group in a research note on Thursday, June 22nd. They set a “sell” rating and a $15.00 target price for the company. Finally, Morgan Stanley cut Paramount Group from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $17.50 to $15.00 in a research note on Tuesday, June 13th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $16.42.
Paramount Group declared that its Board of Directors has authorized a stock buyback plan on Thursday, August 3rd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is 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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