APG Asset Management US Inc. maintained its position in shares of Paramount Group Inc (NASDAQ:PGRE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,182,783 shares of the company’s stock at the end of the second quarter. APG Asset Management US Inc. owned approximately 0.94% of Paramount Group worth $34,925,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Paramount Group by 4.7% in the first quarter. Vanguard Group Inc. now owns 27,889,308 shares of the company’s stock valued at $452,086,000 after buying an additional 1,262,456 shares during the period. BlackRock Inc. boosted its position in shares of Paramount Group by 4,569.1% in the first quarter. BlackRock Inc. now owns 11,605,356 shares of the company’s stock valued at $188,123,000 after buying an additional 11,356,799 shares during the period. Morgan Stanley boosted its position in shares of Paramount Group by 49.7% in the first quarter. Morgan Stanley now owns 7,438,641 shares of the company’s stock valued at $120,580,000 after buying an additional 2,470,071 shares during the period. PGGM Investments boosted its position in shares of Paramount Group by 56.5% in the first quarter. PGGM Investments now owns 4,846,000 shares of the company’s stock valued at $78,554,000 after buying an additional 1,750,000 shares during the period. Finally, State Street Corp boosted its position in shares of Paramount Group by 76.1% in the first quarter. State Street Corp now owns 4,712,199 shares of the company’s stock valued at $76,387,000 after buying an additional 2,036,684 shares during the period.
Paramount Group Inc (NASDAQ PGRE) opened at 15.63 on Friday. The company has a market capitalization of $3.73 billion and a PE ratio of 37.04. Paramount Group Inc has a one year low of $14.58 and a one year high of $18.28. The firm’s 50 day moving average price is $15.97 and its 200-day moving average price is $16.33.
Paramount Group (NASDAQ:PGRE) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. Paramount Group had a return on equity of 0.04% and a net margin of 0.90%. The firm had revenue of $177.70 million during the quarter, compared to analysts’ expectations of $170.11 million. During the same period in the prior year, the business earned $0.23 EPS. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. Equities analysts forecast that Paramount Group Inc will post $0.04 earnings per share for the current fiscal year.
Paramount Group declared that its board has initiated a share repurchase program on Thursday, August 3rd that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Wednesday, June 28th.
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Several research analysts recently commented on PGRE shares. Zacks Investment Research raised Paramount Group from a “sell” rating to a “hold” rating in a research report on Wednesday, April 19th. Mizuho cut Paramount Group from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $17.00 to $15.00 in a research report on Monday, July 10th. Evercore ISI raised Paramount Group from an “in-line” rating to an “outperform” rating in a report on Monday, April 17th. TheStreet raised Paramount Group from a “d+” rating to a “c” rating in a report on Thursday, May 11th. Finally, Morgan Stanley cut Paramount Group from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $17.50 to $15.00 in a report on Tuesday, June 13th. Three analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Paramount Group currently has an average rating of “Hold” and a consensus price target of $16.25.
About Paramount Group
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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