Paramount Group Inc (NASDAQ:PGRE) Stock Rating Lowered by Mizuho
Mizuho cut shares of Paramount Group Inc (NASDAQ:PGRE) from a neutral rating to an underperform rating in a research note released on Monday, July 10th, MarketBeat Ratings reports. They currently have $15.00 price objective on the stock, down from their previous price objective of $17.00.
PGRE has been the topic of several other reports. Deutsche Bank AG dropped their price objective on shares of Paramount Group from $20.00 to $19.00 and set a buy rating on the stock in a research report on Monday, March 20th. Zacks Investment Research raised shares of Paramount Group from a hold rating to a buy rating and set a $17.00 price target on the stock in a research report on Wednesday, May 24th. Morgan Stanley lowered shares of Paramount Group from an equal weight rating to an underweight rating and lowered their price target for the stock from $17.50 to $15.00 in a research report on Tuesday, June 13th. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Paramount Group in a research report on Thursday, June 22nd. They set a sell rating and a $15.00 price target on the stock. Finally, TheStreet raised shares of Paramount Group from a d+ rating to a c rating in a research report on Thursday, May 11th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $16.25.
Shares of Paramount Group (PGRE) traded up 1.73% during midday trading on Monday, hitting $16.48. The stock had a trading volume of 2,478,691 shares. Paramount Group has a one year low of $14.58 and a one year high of $18.28. The firm has a 50 day moving average of $16.04 and a 200-day moving average of $16.36. The company’s market cap is $3.81 billion.
Paramount Group (NASDAQ:PGRE) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.02. The company had revenue of $177.70 million for the quarter, compared to analyst estimates of $170.11 million. Paramount Group had a net margin of 0.90% and a return on equity of 0.04%. The company’s revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.23 earnings per share. On average, analysts forecast that Paramount Group will post $0.04 earnings per share for the current fiscal year.
Paramount Group announced that its board has authorized a share repurchase plan on Thursday, August 3rd that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were paid a $0.095 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.31%.
Several large investors have recently bought and sold shares of the stock. State Street Corp increased its stake in Paramount Group by 1.2% in the fourth quarter. State Street Corp now owns 2,675,515 shares of the company’s stock worth $42,783,000 after buying an additional 30,948 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Paramount Group by 16.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,012,676 shares of the company’s stock worth $32,181,000 after buying an additional 289,017 shares during the last quarter. Bank of Montreal Can increased its stake in Paramount Group by 18.2% in the first quarter. Bank of Montreal Can now owns 7,358 shares of the company’s stock valued at $120,000 after buying an additional 1,135 shares in the last quarter. Orinda Asset Management LLC acquired a new stake in Paramount Group during the first quarter valued at approximately $162,000. Finally, State of Alaska Department of Revenue increased its stake in Paramount Group by 29.5% in the first quarter. State of Alaska Department of Revenue now owns 77,440 shares of the company’s stock valued at $1,254,000 after buying an additional 17,650 shares in the last quarter.
Paramount Group Company Profile
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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