Paramount Group (NYSE:PGRE) issued its quarterly earnings data on Monday. The financial services provider reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.01), Briefing.com reports. Paramount Group had a negative net margin of 6.89% and a negative return on equity of 1.01%. The firm had revenue of $192.60 million during the quarter, compared to analysts’ expectations of $191.24 million. During the same quarter in the prior year, the firm posted $0.22 EPS. Paramount Group’s quarterly revenue was up 7.0% compared to the same quarter last year. Paramount Group updated its FY18 guidance to $0.93-0.95 EPS.
PGRE stock traded up $0.12 on Monday, reaching $14.33. 343,864 shares of the company’s stock were exchanged, compared to its average volume of 2,135,959. Paramount Group has a twelve month low of $13.70 and a twelve month high of $16.50. The firm has a market capitalization of $3.42 billion, a PE ratio of 16.10, a P/E/G ratio of 5.08 and a beta of 0.68. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.49 and a quick ratio of 2.49.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, September 27th. Paramount Group’s dividend payout ratio is presently 44.94%.
Several equities research analysts have recently commented on the company. Zacks Investment Research cut Paramount Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 31st. ValuEngine raised Paramount Group from a “sell” rating to a “hold” rating in a report on Wednesday, October 24th. Finally, Deutsche Bank upped their price objective on Paramount Group from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, August 29th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $16.70.
A number of hedge funds have recently made changes to their positions in PGRE. BlackRock Inc. grew its holdings in Paramount Group by 1.4% in the second quarter. BlackRock Inc. now owns 15,349,289 shares of the financial services provider’s stock valued at $236,379,000 after purchasing an additional 215,466 shares during the last quarter. Morgan Stanley boosted its stake in shares of Paramount Group by 24.7% during the second quarter. Morgan Stanley now owns 8,034,321 shares of the financial services provider’s stock valued at $123,729,000 after acquiring an additional 1,589,475 shares during the last quarter. Presima Inc. boosted its stake in shares of Paramount Group by 17.7% during the second quarter. Presima Inc. now owns 4,306,600 shares of the financial services provider’s stock valued at $66,322,000 after acquiring an additional 648,300 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Paramount Group by 2.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,118,210 shares of the financial services provider’s stock valued at $48,020,000 after acquiring an additional 63,279 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Paramount Group by 9.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 2,775,946 shares of the financial services provider’s stock valued at $42,750,000 after acquiring an additional 229,377 shares during the last quarter. 63.44% of the stock is currently owned by hedge funds and other institutional investors.
About Paramount Group
Headquartered in New York City, Paramount Group, Inc is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, DC and San Francisco.
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