Paramount Group Inc (PGRE) Position Increased by Russell Investments Group Ltd.
Russell Investments Group Ltd. boosted its stake in shares of Paramount Group Inc (NASDAQ:PGRE) by 21.9% during the second quarter, Holdings Channel reports. The fund owned 1,001,617 shares of the company’s stock after buying an additional 179,704 shares during the period. Russell Investments Group Ltd.’s holdings in Paramount Group were worth $16,053,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of PGRE. DekaBank Deutsche Girozentrale purchased a new position in Paramount Group during the first quarter valued at $118,000. Bank of Montreal Can raised its position 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 valued at $120,000 after buying an additional 1,135 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Paramount Group during the first quarter valued at approximately $122,000. Orinda Asset Management LLC bought a new position in shares of Paramount Group during the first quarter valued at approximately $162,000. Finally, SG Americas Securities LLC raised its position in shares of Paramount Group by 25.6% in the first quarter. SG Americas Securities LLC now owns 13,237 shares of the company’s stock valued at $215,000 after buying an additional 2,702 shares in the last quarter.
Paramount Group Inc (NASDAQ PGRE) traded up 0.13% on Wednesday, hitting $15.99. 517,027 shares of the company were exchanged. Paramount Group Inc has a 52-week low of $14.58 and a 52-week high of $18.28. The stock’s market cap is $3.70 billion. The firm has a 50 day moving average of $16.04 and a 200-day moving average of $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 consensus estimate of $0.21 by $0.02. Paramount Group had a net margin of 0.90% and a return on equity of 0.04%. The firm had revenue of $177.70 million during the quarter, compared to analyst estimates of $170.11 million. During the same quarter in the previous year, the firm earned $0.23 earnings per share. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities analysts expect that Paramount Group Inc will post $0.04 earnings per share for the current fiscal year.
The company also recently declared 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 annualized dividend and a dividend yield of 2.38%.
Paramount Group declared that its board has approved a stock repurchase program on Thursday, August 3rd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Several equities analysts have recently commented on PGRE shares. Zacks Investment Research upgraded shares of Paramount Group from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a report on Wednesday, May 24th. TheStreet upgraded shares of Paramount Group from a “d+” rating to a “c” rating in a report on Thursday, May 11th. Evercore ISI upgraded shares of Paramount Group from an “in-line” rating to an “outperform” rating in a report on Monday, April 17th. Goldman Sachs Group, Inc. (The) started coverage on shares of Paramount Group in a report on Thursday, June 22nd. They issued a “sell” rating and a $15.00 price objective on the stock. Finally, Mizuho lowered shares of Paramount Group from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $17.00 to $15.00 in a report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $16.25.
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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