Zacks: Brokerages Expect Paramount Group Inc (PGRE) Will Post Quarterly Sales of $178.30 Million

Wall Street analysts expect Paramount Group Inc (NYSE:PGRE) to announce $178.30 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Paramount Group’s earnings, with estimates ranging from $175.92 million to $180.68 million. Paramount Group reported sales of $166.80 million during the same quarter last year, which indicates a positive year over year growth rate of 6.9%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Thursday, February 15th.

On average, analysts expect that Paramount Group will report full-year sales of $178.30 million for the current fiscal year, with estimates ranging from $698.18 million to $733.57 million. For the next financial year, analysts forecast that the business will report sales of $755.21 million per share, with estimates ranging from $745.95 million to $769.55 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that that provide coverage for Paramount Group.

A number of research analysts have weighed in on the company. TheStreet raised Paramount Group from a “d+” rating to a “c-” rating in a research note on Thursday, December 21st. Zacks Investment Research lowered Paramount Group from a “buy” rating to a “hold” rating in a research note on Tuesday, November 28th. Finally, Goldman Sachs Group raised Paramount Group from a “sell” rating to a “neutral” rating and set a $16.00 price target on the stock in a research note on Tuesday, February 6th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Paramount Group presently has an average rating of “Hold” and a consensus target price of $16.60.

Paramount Group (NYSE PGRE) opened at $14.20 on Wednesday. Paramount Group has a 52 week low of $13.70 and a 52 week high of $17.58. The firm has a market capitalization of $3,411.45, a price-to-earnings ratio of 38.38, a price-to-earnings-growth ratio of 3.05 and a beta of 0.67.

Several institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its position in shares of Paramount Group by 2.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,165 shares of the financial services provider’s stock worth $403,000 after buying an additional 492 shares during the period. Voya Investment Management LLC raised its position in shares of Paramount Group by 2.4% in the 2nd quarter. Voya Investment Management LLC now owns 55,571 shares of the financial services provider’s stock worth $889,000 after buying an additional 1,317 shares during the period. AMP Capital Investors Ltd raised its position in shares of Paramount Group by 4.3% in the 3rd quarter. AMP Capital Investors Ltd now owns 80,019 shares of the financial services provider’s stock worth $1,280,000 after buying an additional 3,300 shares during the period. Amalgamated Bank raised its position in shares of Paramount Group by 10.3% in the 4th quarter. Amalgamated Bank now owns 39,511 shares of the financial services provider’s stock worth $626,000 after buying an additional 3,693 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Paramount Group by 3.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,270 shares of the financial services provider’s stock worth $1,779,000 after buying an additional 3,828 shares during the period. 60.91% of the stock is currently owned by institutional investors and hedge funds.

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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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