Paramount Group Inc (PGRE) Position Reduced by ProShare Advisors LLC
ProShare Advisors LLC lessened its stake in Paramount Group Inc (NASDAQ:PGRE) by 2.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,725 shares of the company’s stock after selling 1,294 shares during the quarter. ProShare Advisors LLC’s holdings in Paramount Group were worth $780,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGRE. Vanguard Group Inc. raised its holdings in 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 purchasing an additional 1,262,456 shares during the period. BlackRock Inc. boosted its position in shares of Paramount Group by 13.0% during the second quarter. BlackRock Inc. now owns 13,109,633 shares of the company’s stock worth $209,754,000 after purchasing an additional 1,504,277 shares in the last quarter. Morgan Stanley boosted its position in shares of Paramount Group by 49.7% during the first quarter. Morgan Stanley now owns 7,438,641 shares of the company’s stock worth $120,580,000 after purchasing an additional 2,470,071 shares in the last quarter. State Street Corp boosted its position in shares of Paramount Group by 76.1% during the first quarter. State Street Corp now owns 4,712,199 shares of the company’s stock worth $76,387,000 after purchasing an additional 2,036,684 shares in the last quarter. Finally, Presima Inc. boosted its position in shares of Paramount Group by 5.4% during the second quarter. Presima Inc. now owns 3,252,400 shares of the company’s stock worth $52,038,000 after purchasing an additional 166,500 shares in the last quarter.
PGRE has been the subject of several research analyst reports. Morgan Stanley lowered shares of Paramount Group from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $17.50 to $15.00 in a report on Tuesday, June 13th. Goldman Sachs Group, Inc. (The) started coverage on Paramount Group in a research note on Thursday, June 22nd. They set a “sell” rating and a $15.00 price objective on the stock. Mizuho downgraded Paramount Group from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $17.00 to $15.00 in a research note on Monday, July 10th. Finally, Zacks Investment Research upgraded Paramount Group from a “sell” rating to a “hold” rating in a report on Saturday, July 29th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $16.42.
Shares of Paramount Group Inc (NASDAQ:PGRE) opened at 16.00 on Tuesday. The firm’s 50-day moving average is $15.87 and its 200 day moving average is $16.08. Paramount Group Inc has a one year low of $14.58 and a one year high of $17.58. The firm has a market capitalization of $3.82 billion and a P/E ratio of 37.91.
Paramount Group (NASDAQ:PGRE) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.02. The firm had revenue of $177.70 million for the quarter, compared to analyst estimates of $170.11 million. Paramount Group had a return on equity of 10.10% and a net margin of 77.76%. The company’s revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.23 earnings per share. Equities research analysts predict that Paramount Group Inc will post $0.42 earnings per share for the current year.
Paramount Group declared that its board has initiated a share buyback plan 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 plans are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, September 28th.
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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