Paramount Group Inc (PGRE) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Paramount Group Inc (NASDAQ:PGRE) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $18.00 target price on the stock.
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 equities analysts have also recently weighed in on PGRE. Deutsche Bank AG lifted 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. BTIG Research initiated coverage on Paramount Group in a research note on Thursday, August 25th. They issued a neutral rating on the stock. 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. Finally, TheStreet raised Paramount Group from a sell rating to a hold rating in a research note on Monday, November 7th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $18.33.
Paramount Group (NASDAQ:PGRE) traded down 2.45% on Tuesday, reaching $15.53. 254,642 shares of the company traded hands. The firm has a 50 day moving average price of $15.81 and a 200 day moving average price of $16.58. The stock has a market capitalization of $3.43 billion and a price-to-earnings ratio of 817.37. Paramount Group has a 52-week low of $14.23 and a 52-week high of $18.56.
Paramount Group (NASDAQ:PGRE) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.19 by $0.01. The business earned $171.32 million during the quarter, compared to the consensus estimate of $166.14 million. During the same quarter last year, the firm posted $0.20 earnings per share. Paramount Group’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts predict that Paramount Group will post $0.85 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in PGRE. Strs Ohio boosted its position in Paramount Group by 2.4% in the third quarter. Strs Ohio now owns 221,310 shares of the company’s stock valued at $3,627,000 after buying an additional 5,224 shares during the period. Presima Inc. boosted its stake in shares of Paramount Group by 12.1% in the third quarter. Presima Inc. now owns 2,683,600 shares of the company’s stock valued at $43,984,000 after buying an additional 289,500 shares during the last quarter. Capital Fund Management S.A. purchased a new stake in shares of Paramount Group during the third quarter valued at approximately $1,298,000. Virginia Retirement Systems ET AL boosted its stake in shares of Paramount Group by 4.9% in the third quarter. Virginia Retirement Systems ET AL now owns 62,000 shares of the company’s stock valued at $1,016,000 after buying an additional 2,900 shares during the last quarter. Finally, APG Asset Management US Inc. purchased a new stake in shares of Paramount Group during the third quarter valued at approximately $36,501,000.
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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