Paramount Group Inc (PGRE) Shares Bought by Legal & General Group Plc
Legal & General Group Plc raised its position in shares of Paramount Group Inc (NASDAQ:PGRE) by 21.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,194,404 shares of the company’s stock after buying an additional 213,821 shares during the period. Legal & General Group Plc owned approximately 0.52% of Paramount Group worth $19,110,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Paramount Group by 4.7% in the first quarter. Vanguard Group Inc. now owns 27,889,308 shares of the company’s stock worth $452,086,000 after buying an additional 1,262,456 shares during the last quarter. BlackRock Inc. increased its stake in shares of Paramount Group by 4,569.1% in the first quarter. BlackRock Inc. now owns 11,605,356 shares of the company’s stock worth $188,123,000 after buying an additional 11,356,799 shares during the last quarter. Morgan Stanley increased its stake in shares of Paramount Group by 49.7% in the first quarter. Morgan Stanley now owns 7,438,641 shares of the company’s stock worth $120,580,000 after buying an additional 2,470,071 shares during the last quarter. State Street Corp increased its stake in shares of Paramount Group by 76.1% in the first quarter. State Street Corp now owns 4,712,199 shares of the company’s stock worth $76,387,000 after buying an additional 2,036,684 shares during the last quarter. Finally, Presima Inc. increased its stake in shares of Paramount Group by 5.4% in the second quarter. Presima Inc. now owns 3,252,400 shares of the company’s stock worth $52,038,000 after buying an additional 166,500 shares during the last quarter.
Shares of Paramount Group Inc (NASDAQ PGRE) opened at 15.81 on Friday. The firm’s 50-day moving average price is $15.91 and its 200 day moving average price is $16.22. Paramount Group Inc has a 12-month low of $14.58 and a 12-month high of $18.28. The firm has a market cap of $3.77 billion and a P/E ratio of 37.46.
Paramount Group (NASDAQ:PGRE) last issued its earnings results on Thursday, August 3rd. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.02. Paramount Group had a return on equity of 10.10% and a net margin of 77.76%. The firm had revenue of $177.70 million for the quarter, compared to analysts’ expectations of $170.11 million. During the same quarter last year, the business earned $0.23 earnings per share. The company’s revenue was up 3.1% compared to the same quarter last year. On average, equities analysts expect that Paramount Group Inc will post $0.42 earnings per share for the current fiscal year.
Paramount Group declared that its Board of Directors has initiated a share buyback program on Thursday, August 3rd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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PGRE has been the subject of a number of research analyst reports. Mizuho downgraded shares of Paramount Group from a “neutral” rating to an “underperform” rating and cut their price target for the company from $17.00 to $15.00 in a report on Monday, July 10th. Zacks Investment Research downgraded shares of Paramount Group from a “buy” rating to a “hold” rating in a report on Friday, May 26th. TheStreet raised shares of Paramount Group from a “d+” rating to a “c” rating in a report on Thursday, May 11th. Morgan Stanley downgraded shares of Paramount Group from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $17.50 to $15.00 in a report on Tuesday, June 13th. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on shares of Paramount Group in a report on Thursday, June 22nd. They issued a “sell” rating and a $15.00 price target for the company. Three investment analysts have rated the stock with a sell rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $16.42.
About Paramount Group
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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