American Century Companies Inc. Has $35.03 Million Position in Paramount Group Inc (PGRE)
American Century Companies Inc. boosted its position in shares of Paramount Group Inc (NASDAQ:PGRE) by 39.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,189,275 shares of the company’s stock after buying an additional 619,614 shares during the period. American Century Companies Inc. owned 0.95% of Paramount Group worth $35,028,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its stake in Paramount Group by 25.6% in the first quarter. SG Americas Securities LLC now owns 13,237 shares of the company’s stock worth $215,000 after buying an additional 2,702 shares in the last quarter. Oxford Asset Management purchased a new stake in Paramount Group during the first quarter worth $247,000. BlackRock Inc. raised its stake in Paramount Group by 4,569.1% in the first quarter. BlackRock Inc. now owns 11,605,356 shares of the company’s stock worth $188,123,000 after buying an additional 11,356,799 shares in the last quarter. State Street Corp raised its stake in Paramount Group by 76.1% in the first quarter. State Street Corp now owns 4,712,199 shares of the company’s stock worth $76,387,000 after buying an additional 2,036,684 shares in the last quarter. Finally, New Mexico Educational Retirement Board raised its stake in Paramount Group by 5.9% in the first quarter. New Mexico Educational Retirement Board now owns 28,500 shares of the company’s stock worth $462,000 after buying an additional 1,600 shares in the last quarter.
Shares of Paramount Group Inc (PGRE) opened at 15.68 on Thursday. The stock has a market cap of $3.74 billion and a P/E ratio of 37.16. The stock’s 50 day moving average is $15.87 and its 200-day moving average is $16.26. Paramount Group Inc has a one year low of $14.58 and a one year high of $18.28.
Paramount Group (NASDAQ:PGRE) last released 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. The company had revenue of $177.70 million for the quarter, compared to analyst estimates of $170.11 million. Paramount Group had a return on equity of 10.10% and a net margin of 77.76%. The firm’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 earnings per share. On average, equities analysts forecast that Paramount Group Inc will post $0.42 EPS for the current year.
Paramount Group declared that its board has initiated 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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A number of analysts have weighed in on PGRE shares. Mizuho lowered shares of Paramount Group from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $17.00 to $15.00 in a research note on Monday, July 10th. Morgan Stanley lowered shares of Paramount Group from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $17.50 to $15.00 in a research note on Tuesday, June 13th. Zacks Investment Research upgraded shares of Paramount Group from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research note on Wednesday, May 24th. Goldman Sachs Group, Inc. (The) started coverage on shares of Paramount Group in a research note on Thursday, June 22nd. They set a “sell” rating and a $15.00 price objective for the company. Finally, TheStreet upgraded shares of Paramount Group from a “d+” rating to a “c” rating in a research note on Thursday, May 11th. Three equities research 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 stock has an average rating of “Hold” and an average target price of $16.42.
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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