Zacks Investment Research Downgrades Paramount Group Inc (PGRE) to Hold
Paramount Group Inc (NASDAQ:PGRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
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. “
PGRE has been the topic of a number of other research reports. Deutsche Bank AG boosted their price target on Paramount Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, July 18th. TheStreet upgraded Paramount Group from a “sell” rating to a “hold” rating in a research note on Monday, November 7th. BTIG Research assumed coverage on Paramount Group in a research note on Thursday, August 25th. They set a “neutral” rating on the stock. Finally, Mizuho dropped their price target on Paramount Group from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, November 7th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $18.33.
Shares of Paramount Group (NASDAQ:PGRE) opened at 16.20 on Friday. The company has a market cap of $3.58 billion and a PE ratio of 852.63. Paramount Group has a 1-year low of $14.23 and a 1-year high of $18.56. The firm’s 50-day moving average is $15.81 and its 200-day moving average is $16.58.
Paramount Group (NASDAQ:PGRE) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. The business had revenue of $171.32 million for the quarter, compared to analysts’ expectations of $166.14 million. During the same quarter in the previous year, the firm posted $0.20 EPS. Paramount Group’s revenue was up 2.1% on a year-over-year basis. On average, equities analysts forecast that Paramount Group will post $0.86 earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the stock. Profund Advisors LLC increased its position in shares of Paramount Group by 1.4% in the third quarter. Profund Advisors LLC now owns 10,195 shares of the company’s stock worth $167,000 after buying an additional 139 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Paramount Group by 31.3% in the third quarter. Pacer Advisors Inc. now owns 21,300 shares of the company’s stock worth $349,000 after buying an additional 5,078 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Paramount Group during the third quarter worth about $404,000. Quadrature Capital Ltd bought a new position in shares of Paramount Group during the third quarter worth about $406,000. Finally, Bailard Inc. increased its position in shares of Paramount Group by 8.3% in the third quarter. Bailard Inc. now owns 26,000 shares of the company’s stock worth $426,000 after buying an additional 2,000 shares during the last quarter.
About Paramount Group
Paramount Group, Inc is a 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 primarily through Paramount Group Operating Partnership LP.
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