Stock Buyback Program Declared by Paramount Group (NASDAQ:PGRE)

Paramount Group (NASDAQ:PGRE) announced that its board has authorized a share buyback program, which allows the company to buyback $200.00 million in outstanding shares on Thursday, August 3rd, EventVestor reports. This buyback authorization allows the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

PGRE has been the topic of several recent analyst reports. TheStreet raised Paramount Group from a “d+” rating to a “c” rating in a report on Thursday, May 11th. Zacks Investment Research raised Paramount Group from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a report on Wednesday, May 24th. Morgan Stanley cut Paramount Group from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $17.50 to $15.00 in a research note on Tuesday, June 13th. Goldman Sachs Group, Inc. (The) assumed coverage on Paramount Group in a research note on Thursday, June 22nd. They issued a “sell” rating and a $15.00 price target for the company. Finally, Mizuho lowered Paramount Group from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $17.00 to $15.00 in a research report on Monday, July 10th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $16.42.

Paramount Group (NASDAQ PGRE) traded down 1.21% during midday trading on Friday, hitting $15.57. The stock had a trading volume of 1,488,918 shares. The stock’s 50-day moving average is $15.90 and its 200-day moving average is $16.29. The stock has a market capitalization of $3.72 billion and a PE ratio of 36.90. Paramount Group has a 1-year low of $14.58 and a 1-year high of $18.28.

Paramount Group (NASDAQ:PGRE) last issued its earnings results on Thursday, August 3rd. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $170.11 million. During the same period in the previous year, the firm posted $0.23 earnings per share. The business’s revenue was up 3.1% compared to the same quarter last year. On average, equities research analysts anticipate that Paramount Group will post $0.48 EPS for the current fiscal year.

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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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