Forward Management LLC reduced its stake in Paramount Group Inc (NASDAQ:PGRE) by 3.3% during the second quarter, Holdings Channel reports. The institutional investor owned 189,000 shares of the company’s stock after selling 6,400 shares during the period. Forward Management LLC’s holdings in Paramount Group were worth $3,024,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in PGRE. SG Americas Securities LLC increased 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 during the period. Oxford Asset Management purchased a new stake in Paramount Group during the first quarter worth $247,000. BlackRock Inc. increased 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 during the period. State Street Corp increased 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 during the period. Finally, New Mexico Educational Retirement Board increased 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 during the period.

Paramount Group Inc (NASDAQ PGRE) opened at 15.88 on Thursday. Paramount Group Inc has a one year low of $14.58 and a one year high of $18.28. The firm’s market cap is $3.67 billion. The stock’s 50 day moving average price is $16.01 and its 200-day moving average price is $16.35.

Paramount Group (NASDAQ:PGRE) last released its earnings results on Thursday, August 3rd. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. Paramount Group had a return on equity of 0.04% and a net margin of 0.90%. The business had revenue of $177.70 million for the quarter, compared to analyst estimates of $170.11 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. Paramount Group’s revenue was up 3.1% on a year-over-year basis. Analysts forecast that Paramount Group Inc will post $0.04 earnings per share for the current year.

Paramount Group announced that its board has initiated a stock repurchase program on Thursday, August 3rd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a dividend of $0.095 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.38 annualized dividend and a yield of 2.39%.

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PGRE has been the subject of a number of recent research reports. Zacks Investment Research raised Paramount Group from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a research note on Wednesday, May 24th. TheStreet raised Paramount Group from a “d+” rating to a “c” rating in a report on Thursday, May 11th. Evercore ISI raised Paramount Group from an “in-line” rating to an “outperform” rating in a report on Monday, April 17th. Goldman Sachs Group, Inc. (The) started coverage on Paramount Group in a report on Thursday, June 22nd. They set a “sell” rating and a $15.00 price objective on the stock. Finally, Mizuho lowered Paramount Group from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $17.00 to $15.00 in a report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Paramount Group has an average rating of “Hold” and an average price target of $16.25.

Paramount Group Company Profile

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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Institutional Ownership by Quarter for Paramount Group (NASDAQ:PGRE)

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