Paramount Group Inc (PGRE) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Paramount Group Inc (NASDAQ:PGRE) from a buy rating to a hold rating in a report issued 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. “
Several other research firms have also issued reports on PGRE. Morgan Stanley lowered shares of Paramount Group from an equal weight rating to an underweight rating and cut their price target for the stock from $17.50 to $15.00 in a report on Tuesday, June 13th. Goldman Sachs Group, Inc. (The) began coverage on shares of Paramount Group in a report on Thursday, June 22nd. They issued a sell rating and a $15.00 price target on the stock. TheStreet raised shares of Paramount Group from a d+ rating to a c rating in a report on Thursday, May 11th. Finally, Mizuho lowered shares of Paramount Group from a neutral rating to an underperform rating and cut their price target for the stock from $17.00 to $15.00 in a report on Monday, July 10th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Paramount Group currently has an average rating of Hold and a consensus price target of $16.42.
Shares of Paramount Group (NASDAQ PGRE) traded up 0.57% on Friday, reaching $15.80. The company’s stock had a trading volume of 908,566 shares. The company’s 50 day moving average price is $15.87 and its 200 day moving average price is $16.26. The company has a market cap of $3.77 billion and a P/E ratio of 37.44. Paramount Group has a 12-month low of $14.58 and a 12-month high of $18.28.
Paramount Group (NASDAQ:PGRE) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.02. Paramount Group had a net margin of 0.90% and a return on equity of 0.04%. The business had revenue of $177.70 million for the quarter, compared to analyst estimates of $170.11 million. During the same period in the previous year, the company earned $0.23 earnings per share. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. Analysts forecast that Paramount Group will post $0.48 EPS for the current fiscal year.
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Paramount Group announced that its board has approved a stock buyback 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 typically a sign that the company’s management believes its stock is undervalued.
Several large investors have recently bought and sold shares of PGRE. Oppenheimer Asset Management Inc. increased its stake in Paramount Group by 1.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 7,625 shares of the company’s stock valued at $122,000 after buying an additional 75 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Paramount Group by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 25,165 shares of the company’s stock valued at $403,000 after buying an additional 492 shares during the last quarter. Public Employees Retirement Association of Colorado increased its stake in Paramount Group by 9.2% in the second quarter. Public Employees Retirement Association of Colorado now owns 6,238 shares of the company’s stock valued at $100,000 after buying an additional 526 shares during the last quarter. Principal Financial Group Inc. increased its stake in Paramount Group by 2.4% in the first quarter. Principal Financial Group Inc. now owns 30,473 shares of the company’s stock valued at $494,000 after buying an additional 723 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Paramount Group by 3.2% in the first quarter. Amalgamated Bank now owns 25,888 shares of the company’s stock valued at $420,000 after buying an additional 806 shares during the last quarter.
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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