Paramount Group Inc (PGRE) Lowered to Hold at Zacks Investment Research
Paramount Group Inc (NASDAQ:PGRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
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. “
Other equities research analysts have also recently issued reports about the company. TheStreet raised Paramount Group from a “sell” rating to a “hold” rating in a research note on Monday, November 7th. Mizuho decreased their price objective on Paramount Group from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, November 7th. Finally, BTIG Research initiated coverage on Paramount Group in a research note on Thursday, August 25th. They set a “neutral” rating for the company. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $18.33.
Shares of Paramount Group (NASDAQ:PGRE) opened at 15.53 on Thursday. The stock has a market capitalization of $3.43 billion and a P/E ratio of 817.37. Paramount Group has a 1-year low of $14.23 and a 1-year high of $18.56. The stock’s 50 day moving average price is $15.75 and its 200-day moving average price is $16.56.
Paramount Group (NASDAQ:PGRE) last released its earnings results on Wednesday, November 2nd. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The firm earned $171.32 million during the quarter, compared to analyst estimates of $166.14 million. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the business posted $0.20 earnings per share. Equities research analysts anticipate that Paramount Group will post $0.85 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. APG Asset Management US Inc. acquired a new position in Paramount Group during the third quarter worth about $36,501,000. Morgan Stanley boosted its position in Paramount Group by 92.4% in the third quarter. Morgan Stanley now owns 4,082,310 shares of the company’s stock worth $66,910,000 after buying an additional 1,960,547 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its position in Paramount Group by 71.6% in the third quarter. D. E. Shaw & Co. Inc. now owns 752,023 shares of the company’s stock worth $12,326,000 after buying an additional 313,768 shares during the last quarter. Presima Inc. boosted its position in Paramount Group by 12.1% in the third quarter. Presima Inc. now owns 2,683,600 shares of the company’s stock worth $43,984,000 after buying an additional 289,500 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in Paramount Group by 174.5% in the third quarter. Prudential Financial Inc. now owns 351,500 shares of the company’s stock worth $5,761,000 after buying an additional 223,438 shares during the last quarter.
Paramount Group Company Profile
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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