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. “
A number of other research firms also recently issued reports on PGRE. Morgan Stanley cut their target price on shares of Paramount Group from $9.50 to $9.00 and set an overweight rating on the stock in a research report on Thursday, June 25th. Deutsche Bank downgraded shares of Paramount Group from a buy rating to a hold rating and set a $9.00 target price on the stock. in a research report on Monday, July 20th. Goldman Sachs Group upgraded shares of Paramount Group from a sell rating to a neutral rating in a research report on Thursday, April 2nd. Wells Fargo & Co restated a market perform rating and set a $15.00 target price on shares of Paramount Group in a research report on Sunday, July 5th. Finally, ValuEngine downgraded shares of Paramount Group from a hold rating to a sell rating in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $11.36.
Paramount Group (NYSE:PGRE) last issued its quarterly earnings results on Wednesday, July 29th. The financial services provider reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.27). The company had revenue of $171.12 million for the quarter, compared to analyst estimates of $179.54 million. Paramount Group had a negative return on equity of 1.08% and a negative net margin of 6.18%. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the company earned $0.23 EPS. On average, equities analysts expect that Paramount Group will post 0.96 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.61%. Paramount Group’s dividend payout ratio is 40.82%.
Large investors have recently made changes to their positions in the stock. Parallel Advisors LLC grew its stake in shares of Paramount Group by 2,675.0% during the 1st quarter. Parallel Advisors LLC now owns 3,663 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 3,531 shares in the last quarter. Usca Ria LLC bought a new position in shares of Paramount Group during the 1st quarter worth approximately $89,000. Redpoint Investment Management Pty Ltd grew its stake in shares of Paramount Group by 19.5% during the 2nd quarter. Redpoint Investment Management Pty Ltd now owns 12,105 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,974 shares in the last quarter. Wetherby Asset Management Inc. bought a new position in shares of Paramount Group during the 1st quarter worth approximately $101,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Paramount Group during the 1st quarter worth approximately $105,000. Institutional investors and hedge funds own 57.50% of the company’s stock.
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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