Paramount Group Inc (PGRE) Given Average Rating of “Hold” by Brokerages
Shares of Paramount Group Inc (NASDAQ:PGRE) have been given a consensus rating of “Hold” by the eight brokerages that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $16.00.
Several research analysts have recently weighed in on PGRE shares. Zacks Investment Research upgraded shares of Paramount Group from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research note on Wednesday, August 23rd. Mizuho lowered shares of Paramount Group from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $17.00 to $15.00 in a research note on Monday, July 10th.
Shares of Paramount Group (NASDAQ:PGRE) opened at 15.92 on Wednesday. The company has a market capitalization of $3.80 billion and a price-to-earnings ratio of 37.73. The company’s 50-day moving average is $16.10 and its 200-day moving average is $16.04. Paramount Group has a 12-month low of $14.58 and a 12-month high of $17.58.
Paramount Group (NASDAQ:PGRE) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.02. The company had revenue of $177.70 million for the quarter, compared to analyst estimates of $170.11 million. Paramount Group had a net margin of 77.76% and a return on equity of 10.10%. Paramount Group’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 EPS. Analysts predict that Paramount Group will post $0.42 EPS for the current year.
Paramount Group declared that its Board of Directors has approved a share buyback plan on Thursday, August 3rd that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a $0.095 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.38 dividend on an annualized basis and a yield of 2.39%.
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A number of institutional investors and hedge funds have recently made changes to their positions in PGRE. Parametric Portfolio Associates LLC grew its stake in Paramount Group by 42.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 156,775 shares of the company’s stock valued at $2,541,000 after buying an additional 46,682 shares during the last quarter. SG Americas Securities LLC grew its stake in Paramount Group by 25.6% in the 1st quarter. SG Americas Securities LLC now owns 13,237 shares of the company’s stock valued at $215,000 after buying an additional 2,702 shares during the last quarter. Alliancebernstein L.P. grew its stake in Paramount Group by 7.8% in the 1st quarter. Alliancebernstein L.P. now owns 216,002 shares of the company’s stock valued at $3,501,000 after buying an additional 15,573 shares during the last quarter. Principal Financial Group Inc. grew its stake in Paramount Group by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 30,473 shares of the company’s stock valued at $494,000 after buying an additional 723 shares during the last quarter. Finally, Teachers Advisors LLC grew its stake in Paramount Group by 6.7% in the 1st quarter. Teachers Advisors LLC now owns 253,796 shares of the company’s stock valued at $4,114,000 after buying an additional 16,033 shares during 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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