Paramount Group Inc (PGRE) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS
Paramount Group Inc (NASDAQ:PGRE) announced its quarterly earnings results on Monday. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.01, Bloomberg Earnings reports. The company had revenue of $179.80 million during the quarter, compared to the consensus estimate of $172.85 million. Paramount Group had a net margin of 77.76% and a return on equity of 10.10%. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.20 earnings per share. Paramount Group updated its FY17 guidance to $0.88-$0.90 EPS.
Paramount Group (NASDAQ:PGRE) traded up $0.02 during midday trading on Wednesday, reaching $15.95. The company had a trading volume of 711,430 shares, compared to its average volume of 1,130,000. Paramount Group has a 1-year low of $14.58 and a 1-year high of $17.58.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were issued a $0.095 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.38 dividend on an annualized basis and a yield of 2.38%.
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Paramount Group announced that its board has authorized a share buyback plan on Thursday, August 3rd that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
Separately, Zacks Investment Research upgraded shares of Paramount Group from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Wednesday, August 16th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Paramount Group presently has an average rating of “Hold” and an average target price of $16.42.
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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