Paramount Group, Inc. (PGRE) Plans $0.10 Quarterly Dividend
Paramount Group, Inc. (NYSE:PGRE) declared a quarterly dividend on Friday, September 15th, Zacks reports. Stockholders of record on Friday, September 29th will be paid a dividend of 0.095 per share by the financial services provider on Friday, October 13th. This represents a $0.38 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, September 28th.
Paramount Group has a dividend payout ratio of 43.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Paramount Group to earn $0.97 per share next year, which means the company should continue to be able to cover its $0.38 annual dividend with an expected future payout ratio of 39.2%.
Shares of Paramount Group (NYSE PGRE) remained flat at $16.00 during trading on Friday. The company had a trading volume of 650,634 shares. The firm’s 50-day moving average price is $15.89 and its 200 day moving average price is $16.11. Paramount Group has a 52 week low of $14.58 and a 52 week high of $17.58. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 37.91 and a beta of 0.80.
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A number of equities research analysts recently issued reports on PGRE shares. Goldman Sachs Group, Inc. (The) restated a “sell” rating on shares of Paramount Group in a report on Thursday, June 22nd. Morgan Stanley downgraded shares of Paramount Group from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $17.50 to $15.00 in a report on Tuesday, June 13th. Finally, BidaskClub upgraded shares of Paramount Group from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the stock. Paramount Group currently has an average rating of “Hold” and an average target price of $15.50.
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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