The PNC Financial Services Group Inc. raised its holdings in shares of Paramount Group, Inc. (NYSE:PGRE) by 341.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,410 shares of the financial services provider’s stock after buying an additional 18,108 shares during the period. The PNC Financial Services Group Inc.’s holdings in Paramount Group were worth $237,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of PGRE. Norges Bank bought a new stake in Paramount Group during the fourth quarter worth approximately $179,734,000. Principal Financial Group Inc. boosted its holdings in Paramount Group by 4,188.0% during the fourth quarter. Principal Financial Group Inc. now owns 16,877,771 shares of the financial services provider’s stock worth $152,575,000 after buying an additional 16,484,165 shares in the last quarter. Spring Creek Capital LLC bought a new stake in Paramount Group during the fourth quarter worth approximately $52,161,000. Davidson Kempner Capital Management LP bought a new stake in Paramount Group during the fourth quarter worth approximately $22,589,000. Finally, BlackRock Inc. boosted its stake in Paramount Group by 7.4% in the 4th quarter. BlackRock Inc. now owns 12,336,225 shares of the financial services provider’s stock worth $111,521,000 after purchasing an additional 851,241 shares during the period. Hedge funds and other institutional investors own 53.00% of the company’s stock.
A number of research firms recently commented on PGRE. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Paramount Group from $10.00 to $11.00 and gave the stock a “hold” rating in a research note on Monday, April 19th. Zacks Investment Research raised shares of Paramount Group from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Tuesday, June 1st. Mizuho raised shares of Paramount Group from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $8.00 to $11.00 in a research note on Friday, March 19th. Finally, Morgan Stanley raised their price objective on shares of Paramount Group from $10.50 to $11.50 and gave the stock an “overweight” rating in a research note on Wednesday, April 7th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Paramount Group currently has an average rating of “Hold” and an average price target of $10.29.
Paramount Group (NYSE:PGRE) last released its earnings results on Wednesday, April 28th. The financial services provider reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. Paramount Group had a negative net margin of 4.45% and a negative return on equity of 0.55%. The company had revenue of $181.17 million during the quarter, compared to the consensus estimate of $173.64 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The company’s revenue was down 1.5% compared to the same quarter last year. As a group, analysts expect that Paramount Group, Inc. will post 0.85 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st were issued a dividend of $0.07 per share. The ex-dividend date was Tuesday, March 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.43%. Paramount Group’s dividend payout ratio is currently 29.17%.
About Paramount Group
Headquartered in New York City, Paramount Group, Inc is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
Featured Story: What causes a yield curve to invert?
Receive News & Ratings for Paramount Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paramount Group and related companies with MarketBeat.com's FREE daily email newsletter.