BlackRock Inc. increased its holdings in Paramount Group Inc (NASDAQ:PGRE) by 13.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,109,633 shares of the company’s stock after buying an additional 1,504,277 shares during the period. BlackRock Inc. owned about 5.67% of Paramount Group worth $209,754,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado boosted its position in shares of 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 buying an additional 526 shares in the last quarter. Bank of Montreal Can boosted its position in shares of 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 buying an additional 1,135 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Paramount Group in the 1st quarter valued at about $122,000. SG Americas Securities LLC raised 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 valued at $215,000 after purchasing an additional 2,702 shares during the last quarter. Finally, Oxford Asset Management acquired a new position in Paramount Group in the 1st quarter valued at about $247,000.
PGRE has been the subject of several analyst reports. Mizuho downgraded shares of Paramount Group from a “neutral” rating to an “underperform” rating and cut their target price for the company from $17.00 to $15.00 in a research note on Monday, July 10th. Zacks Investment Research raised shares of Paramount Group from a “sell” rating to a “hold” rating in a research note on Saturday, July 29th. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on shares of Paramount Group in a research note on Thursday, June 22nd. They issued a “sell” rating and a $15.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Paramount Group currently has a consensus rating of “Hold” and a consensus target price of $16.42.
Paramount Group Inc (NASDAQ PGRE) opened at 16.60 on Wednesday. Paramount Group Inc has a 1-year low of $14.58 and a 1-year high of $17.58. The firm has a market cap of $3.96 billion and a P/E ratio of 39.34. The stock’s 50 day moving average is $16.00 and its 200-day moving average is $16.08.
Paramount Group (NASDAQ:PGRE) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.23 earnings per share for the quarter, beating 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 business had revenue of $177.70 million during the quarter, compared to analyst estimates of $170.11 million. During the same quarter last year, the company posted $0.23 EPS. Paramount Group’s revenue for the quarter was up 3.1% on a year-over-year basis. Analysts forecast that Paramount Group Inc will post $0.42 EPS for the current year.
Paramount Group announced that its Board of Directors has approved a share buyback program on Thursday, August 3rd that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were given a dividend of $0.095 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.38 dividend on an annualized basis and a yield of 2.29%.
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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