Zacks: Brokerages Anticipate Paramount Group Inc (PGRE) Will Announce Quarterly Sales of $172.06 Million
Equities research analysts predict that Paramount Group Inc (NASDAQ:PGRE) will post $172.06 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Paramount Group’s earnings, with the lowest sales estimate coming in at $163.33 million and the highest estimate coming in at $180.79 million. Paramount Group posted sales of $171.32 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 0.4%. The company is scheduled to announce its next quarterly earnings results after the market closes on Monday, November 6th.
On average, analysts expect that Paramount Group will report full year sales of $172.06 million for the current year, with estimates ranging from $698.18 million to $736.84 million. For the next financial year, analysts anticipate that the company will report sales of $756.62 million per share, with estimates ranging from $738.15 million to $781.59 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Paramount Group.
Paramount Group (NASDAQ:PGRE) last posted its earnings results on Thursday, August 3rd. The company reported $0.23 EPS for the quarter, beating the 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 company had revenue of $177.70 million for the quarter, compared to the consensus estimate of $170.11 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis.
A number of equities research analysts recently commented on the stock. Zacks Investment Research raised shares of Paramount Group from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Wednesday, August 16th. Goldman Sachs Group, Inc. (The) assumed coverage on shares of Paramount Group in a report on Thursday, June 22nd. They issued a “sell” rating and a $15.00 price target on the stock. Finally, Mizuho cut shares of Paramount Group from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $17.00 to $15.00 in a report on Monday, July 10th. Three 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. Paramount Group currently has an average rating of “Hold” and a consensus price target of $16.42.
A number of hedge funds have recently modified their holdings of the business. Oppenheimer Asset Management Inc. raised its holdings in Paramount Group by 1.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,625 shares of the company’s stock valued at $122,000 after acquiring an additional 75 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Paramount Group by 2.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,165 shares of the company’s stock valued at $403,000 after purchasing an additional 492 shares in the last quarter. Public Employees Retirement Association of Colorado grew its position in shares of Paramount Group by 9.2% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 6,238 shares of the company’s stock valued at $100,000 after purchasing an additional 526 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Paramount Group by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 30,473 shares of the company’s stock valued at $494,000 after purchasing an additional 723 shares in the last quarter. Finally, Amalgamated Bank grew its position in shares of Paramount Group by 3.2% during the 1st quarter. Amalgamated Bank now owns 25,888 shares of the company’s stock valued at $420,000 after purchasing an additional 806 shares in the last quarter.
Paramount Group (PGRE) opened at 16.50 on Thursday. The stock has a 50 day moving average price of $16.07 and a 200 day moving average price of $16.08. The firm has a market cap of $3.94 billion and a P/E ratio of 39.10. Paramount Group has a 52-week low of $14.58 and a 52-week high of $17.58.
Paramount Group announced that its Board of Directors has initiated a share 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 reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were issued a dividend of $0.095 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.38 dividend on an annualized basis and a yield of 2.30%.
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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