Paramount Group Inc (PGRE) Expected to Post Quarterly Sales of $178.30 Million
Wall Street brokerages forecast that Paramount Group Inc (NYSE:PGRE) will announce $178.30 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Paramount Group’s earnings, with estimates ranging from $175.92 million to $180.68 million. Paramount Group posted sales of $166.80 million in the same quarter last year, which suggests a positive year over year growth rate of 6.9%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Thursday, February 15th.
On average, analysts expect that Paramount Group will report full year sales of $178.30 million for the current financial year, with estimates ranging from $698.18 million to $733.57 million. For the next fiscal year, analysts forecast that the firm will report sales of $755.21 million per share, with estimates ranging from $745.95 million to $769.55 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Paramount Group.
A number of equities analysts have recently issued reports on the stock. Goldman Sachs Group upgraded shares of Paramount Group from a “sell” rating to a “neutral” rating and set a $16.00 target price on the stock in a research report on Tuesday, February 6th. TheStreet upgraded shares of Paramount Group from a “d+” rating to a “c-” rating in a report on Thursday, December 21st. Finally, Zacks Investment Research lowered shares of Paramount Group from a “buy” rating to a “hold” rating in a report on Tuesday, November 28th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $16.60.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Long Pond Capital LP lifted its holdings in Paramount Group by 2.2% in the fourth quarter. Long Pond Capital LP now owns 14,921,426 shares of the financial services provider’s stock valued at $236,505,000 after buying an additional 315,221 shares during the period. BlackRock Inc. lifted its holdings in Paramount Group by 6.1% in the fourth quarter. BlackRock Inc. now owns 14,882,909 shares of the financial services provider’s stock valued at $235,895,000 after buying an additional 855,620 shares during the period. PGGM Investments raised its holdings in Paramount Group by 2.0% in the third quarter. PGGM Investments now owns 4,945,000 shares of the financial services provider’s stock worth $79,120,000 after purchasing an additional 99,000 shares during the period. State Street Corp raised its holdings in Paramount Group by 1.3% in the second quarter. State Street Corp now owns 4,774,995 shares of the financial services provider’s stock worth $76,398,000 after purchasing an additional 62,796 shares during the period. Finally, Cbre Clarion Securities LLC acquired a new stake in Paramount Group in the fourth quarter worth $63,771,000. Institutional investors and hedge funds own 60.91% of the company’s stock.
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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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