Morgan Stanley boosted its holdings in Paramount Group Inc (NYSE:PGRE) by 24.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,034,321 shares of the financial services provider’s stock after purchasing an additional 1,589,475 shares during the quarter. Morgan Stanley’s holdings in Paramount Group were worth $123,729,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of PGRE. Centersquare Investment Management LLC bought a new position in Paramount Group in the 2nd quarter worth approximately $29,860,000. Zimmer Partners LP bought a new position in shares of Paramount Group during the 1st quarter valued at approximately $18,156,000. JPMorgan Chase & Co. boosted its position in shares of Paramount Group by 265.7% during the 1st quarter. JPMorgan Chase & Co. now owns 1,081,398 shares of the financial services provider’s stock valued at $15,399,000 after acquiring an additional 785,662 shares during the last quarter. Citadel Advisors LLC lifted its position in Paramount Group by 237.1% in the first quarter. Citadel Advisors LLC now owns 1,101,025 shares of the financial services provider’s stock worth $15,678,000 after buying an additional 774,446 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Paramount Group by 44.0% in the first quarter. Nuveen Asset Management LLC now owns 2,346,794 shares of the financial services provider’s stock worth $33,418,000 after buying an additional 716,866 shares during the last quarter. Institutional investors and hedge funds own 63.42% of the company’s stock.
A number of analysts recently issued reports on PGRE shares. Morgan Stanley lowered their price target on Paramount Group from $15.00 to $14.50 and set an “underweight” rating for the company in a research report on Thursday, June 14th. Zacks Investment Research downgraded Paramount Group from a “buy” rating to a “hold” rating in a research report on Friday, August 31st. ValuEngine downgraded Paramount Group from a “hold” rating to a “sell” rating in a research report on Monday, June 11th. Finally, Deutsche Bank increased their target price on Paramount Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, August 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $16.70.
Paramount Group (NYSE:PGRE) last announced its quarterly earnings results on Wednesday, August 1st. The financial services provider reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. Paramount Group had a negative return on equity of 1.01% and a negative net margin of 6.89%. The firm had revenue of $191.40 million for the quarter, compared to analyst estimates of $186.41 million. During the same quarter last year, the firm posted $0.23 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. sell-side analysts predict that Paramount Group Inc will post 0.95 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Thursday, September 27th. Paramount Group’s payout ratio is currently 44.94%.
About Paramount Group
Headquartered in New York City, Paramount Group, Inc is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, DC and San Francisco.
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