Paramount Group (NYSE:PGRE) Downgraded to “Hold” at Zacks Investment Research
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 equities research analysts have also recently issued reports on the company. Goldman Sachs Group began coverage on Paramount Group in a report on Friday, November 8th. They set a sell rating and a $13.00 price objective on the stock. ValuEngine cut Paramount Group from a hold rating to a sell rating in a report on Tuesday, November 5th. Finally, Morgan Stanley upgraded Paramount Group from an equal rating to a weight rating and set a $15.00 price objective on the stock in a report on Friday, October 11th. Two research analysts have rated the stock with a sell rating and two have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $14.33.
Paramount Group (NYSE:PGRE) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.21). Paramount Group had a return on equity of 0.44% and a net margin of 2.77%. The business had revenue of $198.32 million for the quarter, compared to analyst estimates of $190.88 million. During the same quarter last year, the business earned $0.24 EPS. Paramount Group’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Paramount Group will post 0.97 EPS for the current year.
Several institutional investors have recently made changes to their positions in PGRE. Manchester Capital Management LLC acquired a new stake in shares of Paramount Group during the second quarter valued at about $71,000. Redpoint Investment Management Pty Ltd acquired a new stake in shares of Paramount Group during the second quarter valued at about $142,000. Point72 Asset Management L.P. acquired a new stake in shares of Paramount Group during the second quarter valued at about $143,000. Point72 Hong Kong Ltd acquired a new stake in shares of Paramount Group during the second quarter valued at about $145,000. Finally, Barings LLC acquired a new stake in shares of Paramount Group during the second quarter valued at about $149,000. Institutional investors own 61.06% 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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