Paramount Group Inc (NASDAQ:PGRE) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Paramount Group Inc (NASDAQ:PGRE) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.
According to Zacks, “Paramount Group, Inc. is a real estate investment trust focused on owning, operating and managing Class A office properties. It provides asset management, leasing, acquisitions, redevelopment and financing. The Company owns properties in New York City, Washington D.C. and San Francisco. Paramount Group, Inc. is based in the United States. “
PGRE has been the topic of a number of other reports. Mizuho cut Paramount Group from a neutral rating to an underperform rating and dropped their price target for the stock from $17.00 to $15.00 in a research report on Monday, July 10th. Morgan Stanley cut Paramount Group from an equal weight rating to an underweight rating and dropped their price target for the stock from $17.50 to $15.00 in a research report on Tuesday, June 13th. Goldman Sachs Group, Inc. (The) initiated coverage on Paramount Group in a research report on Thursday, June 22nd. They issued a sell rating and a $15.00 price target on the stock. TheStreet raised Paramount Group from a d+ rating to a c rating in a research report on Thursday, May 11th. Finally, Evercore ISI raised Paramount Group from an in-line rating to an outperform rating in a research report on Monday, April 17th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Paramount Group currently has an average rating of Hold and a consensus target price of $16.25.
Paramount Group (NASDAQ:PGRE) opened at 16.41 on Friday. Paramount Group has a 12-month low of $14.58 and a 12-month high of $18.28. The stock has a 50 day moving average price of $16.05 and a 200-day moving average price of $16.35. The company’s market cap is $3.80 billion.
Paramount Group (NASDAQ:PGRE) last issued its quarterly earnings results on Thursday, May 4th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. Paramount Group had a return on equity of 0.04% and a net margin of 0.90%. The firm had revenue of $181.24 million for the quarter, compared to analysts’ expectations of $171.42 million. During the same period in the previous year, the firm posted $0.23 EPS. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, analysts predict that Paramount Group will post $0.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were given a $0.095 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.38 annualized dividend and a yield of 2.32%.
Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its position in Paramount Group by 25.6% in the first 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 period. Oxford Asset Management acquired a new position in Paramount Group during the first quarter valued at about $247,000. BlackRock Inc. boosted its position in Paramount Group by 4,569.1% in the first quarter. BlackRock Inc. now owns 11,605,356 shares of the company’s stock valued at $188,123,000 after buying an additional 11,356,799 shares during the period. New Mexico Educational Retirement Board boosted its position 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 valued at $462,000 after buying an additional 1,600 shares during the period. Finally, State Street Corp boosted its position in Paramount Group by 76.1% in the first quarter. State Street Corp now owns 4,712,199 shares of the company’s stock valued at $76,387,000 after buying an additional 2,036,684 shares during the period.
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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