Paramount Group Inc (PGRE) Forecasted to Earn FY2017 Earnings of $0.86 Per Share
Paramount Group Inc (NASDAQ:PGRE) – Investment analysts at Capital One Financial Corporation upped their FY2017 earnings per share (EPS) estimates for Paramount Group in a report issued on Thursday. Capital One Financial Corporation analyst C. Lucas now anticipates that the company will earn $0.86 per share for the year, up from their prior forecast of $0.85. Capital One Financial Corporation also issued estimates for Paramount Group’s Q1 2018 earnings at $0.23 EPS, Q2 2018 earnings at $0.26 EPS, Q3 2018 earnings at $0.28 EPS, Q4 2018 earnings at $0.29 EPS and FY2018 earnings at $1.06 EPS.
Several other research analysts have also commented on PGRE. Zacks Investment Research raised shares of Paramount Group from a “sell” rating to a “hold” rating in a research note on Saturday, July 29th. Mizuho lowered shares of Paramount Group from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $17.00 to $15.00 in a research note on Monday, July 10th. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Paramount Group in a research note on Thursday, June 22nd. They set a “sell” rating and a $15.00 target price for the company. Morgan Stanley lowered shares of Paramount Group from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $17.50 to $15.00 in a research note on Tuesday, June 13th. Finally, TheStreet raised shares of Paramount Group from a “d+” rating to a “c” rating in a research note on Thursday, May 11th. Three equities research 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’s stock. Paramount Group currently has an average rating of “Hold” and a consensus price target of $16.25.
Paramount Group (NASDAQ:PGRE) traded up 0.69% during mid-day trading on Monday, hitting $16.08. 91,522 shares of the stock traded hands. Paramount Group has a 1-year low of $14.58 and a 1-year high of $18.28. The stock’s market cap is $3.72 billion. The company’s 50 day moving average price is $16.04 and its 200-day moving average price is $16.36.
Paramount Group (NASDAQ:PGRE) last released its 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. The firm had revenue of $177.70 million for the quarter, compared to analysts’ expectations of $170.11 million. Paramount Group had a net margin of 0.90% and a return on equity of 0.04%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.23 earnings per share.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a dividend of $0.095 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.38%.
Paramount Group announced that its Board of Directors has initiated a share repurchase 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement Association of Colorado increased its position in Paramount Group by 9.2% in the second quarter. Public Employees Retirement Association of Colorado now owns 6,238 shares of the company’s stock valued at $100,000 after buying an additional 526 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Paramount Group during the first quarter worth about $118,000. Bank of Montreal Can increased its stake in shares of Paramount Group by 18.2% in the first 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 during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Paramount Group during the first quarter worth about $122,000. Finally, Orinda Asset Management LLC bought a new stake in shares of Paramount Group during the first quarter worth about $162,000.
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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