Paramount Group Inc (PGRE) Position Boosted by Teacher Retirement System of Texas
Teacher Retirement System of Texas raised its position in shares of Paramount Group Inc (NASDAQ:PGRE) by 7.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 327,103 shares of the company’s stock after buying an additional 22,158 shares during the period. Teacher Retirement System of Texas’ holdings in Paramount Group were worth $5,234,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. boosted its stake in Paramount Group by 14.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,888,930 shares of the company’s stock worth $30,223,000 after buying an additional 231,993 shares in the last quarter. HGI Capital Management LLC boosted its stake in Paramount Group by 44.8% in the second quarter. HGI Capital Management LLC now owns 286,801 shares of the company’s stock worth $4,589,000 after buying an additional 88,672 shares in the last quarter. TD Asset Management Inc. boosted its stake in Paramount Group by 8.1% in the second quarter. TD Asset Management Inc. now owns 55,901 shares of the company’s stock worth $894,000 after buying an additional 4,200 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Paramount Group by 5.6% in the second quarter. Great West Life Assurance Co. Can now owns 108,007 shares of the company’s stock worth $1,726,000 after buying an additional 5,711 shares in the last quarter. Finally, Presima Inc. boosted its stake in Paramount Group by 5.4% in the second quarter. Presima Inc. now owns 3,252,400 shares of the company’s stock worth $52,038,000 after buying an additional 166,500 shares in the last quarter.
Paramount Group Inc (NASDAQ:PGRE) opened at 15.90 on Wednesday. The firm has a 50-day moving average price of $15.94 and a 200-day moving average price of $16.31. Paramount Group Inc has a 12 month low of $14.58 and a 12 month high of $18.28. The company has a market capitalization of $3.80 billion and a price-to-earnings ratio of 37.68.
Paramount Group (NASDAQ:PGRE) last announced its quarterly 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. The company had revenue of $177.70 million during the quarter, compared to the consensus estimate of $170.11 million. Paramount Group had a net margin of 0.90% and a return on equity of 0.04%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.23 earnings per share. On average, equities analysts anticipate that Paramount Group Inc will post $0.04 earnings per share for the current fiscal year.
Paramount Group declared that its Board of Directors has initiated a stock repurchase program on Thursday, August 3rd that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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A number of equities research analysts recently weighed in on the company. Zacks Investment Research raised Paramount Group from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Wednesday. Mizuho lowered Paramount Group from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $17.00 to $15.00 in a research report on Monday, July 10th. Goldman Sachs Group, Inc. (The) began coverage on Paramount Group in a research report on Thursday, June 22nd. They issued a “sell” rating and a $15.00 price objective on the stock. Morgan Stanley lowered Paramount Group from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $17.50 to $15.00 in a research report on Tuesday, June 13th. Finally, TheStreet upgraded Paramount Group from a “d+” rating to a “c” rating in a research report on Thursday, May 11th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target 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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