Paramount Group Inc (PGRE) Rating 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 report issued 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. “
PGRE has been the topic of a number of other research reports. Mizuho cut shares of Paramount Group from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $17.00 to $15.00 in a research note on Monday, July 10th. Morgan Stanley cut shares of Paramount Group from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $17.50 to $15.00 in a research note on Tuesday, June 13th. Goldman Sachs Group, Inc. (The) began coverage on shares of Paramount Group in a research note on Thursday, June 22nd. They issued a “sell” rating and a $15.00 price target on the stock. Finally, TheStreet upgraded shares of Paramount Group from a “d+” rating to a “c” rating in a research note on Thursday, May 11th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $16.42.
Paramount Group (NASDAQ:PGRE) opened at 15.75 on Thursday. The company has a market capitalization of $3.76 billion and a price-to-earnings ratio of 37.32. Paramount Group has a 1-year low of $14.58 and a 1-year high of $17.68. The firm has a 50 day moving average of $15.92 and a 200-day moving average of $16.19.
Paramount Group (NASDAQ:PGRE) last announced its earnings results on Thursday, August 3rd. The company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.02. Paramount Group had a net margin of 77.76% and a return on equity of 10.10%. The firm had revenue of $177.70 million for the quarter, compared to analysts’ expectations of $170.11 million. During the same quarter in the previous year, the business posted $0.23 EPS. The company’s quarterly revenue was up 3.1% on a year-over-year basis. On average, equities research analysts anticipate that Paramount Group 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 permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
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Institutional investors have recently made changes to their positions in the stock. Public Employees Retirement Association of Colorado boosted its stake in Paramount Group by 9.2% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 6,238 shares of the company’s stock worth $100,000 after purchasing an additional 526 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in Paramount Group in the 1st quarter worth about $118,000. Bank of Montreal Can boosted its stake in Paramount Group by 18.2% in the 1st quarter. Bank of Montreal Can now owns 7,358 shares of the company’s stock worth $120,000 after purchasing an additional 1,135 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in Paramount Group in the 1st quarter worth about $122,000. Finally, SG Americas Securities LLC boosted its stake in Paramount Group by 25.6% in the 1st quarter. SG Americas Securities LLC now owns 13,237 shares of the company’s stock worth $215,000 after purchasing an additional 2,702 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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