Teachers Advisors LLC raised its stake in shares of Paramount Group Inc (NASDAQ:PGRE) by 6.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 253,796 shares of the company’s stock after buying an additional 16,033 shares during the period. Teachers Advisors LLC owned 0.11% of Paramount Group worth $4,114,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. boosted its position in shares of Paramount Group by 2.4% in the first quarter. Principal Financial Group Inc. now owns 30,473 shares of the company’s stock valued at $494,000 after buying an additional 723 shares during the last quarter. Credit Agricole S A boosted its position in shares of Paramount Group by 12.6% in the first quarter. Credit Agricole S A now owns 134,827 shares of the company’s stock valued at $2,186,000 after buying an additional 15,104 shares during the last quarter. Rafferty Asset Management LLC acquired a new position in shares of Paramount Group during the first quarter valued at $529,000. Kempen Capital Management N.V. boosted its position in shares of Paramount Group by 9.7% in the first quarter. Kempen Capital Management N.V. now owns 80,375 shares of the company’s stock valued at $1,303,000 after buying an additional 7,101 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Paramount Group by 7.8% in the first quarter. Alliancebernstein L.P. now owns 216,002 shares of the company’s stock valued at $3,501,000 after buying an additional 15,573 shares in the last quarter.
Shares of Paramount Group Inc (PGRE) opened at 15.57 on Friday. Paramount Group Inc has a 52 week low of $14.58 and a 52 week high of $18.28. The stock has a market cap of $3.72 billion and a price-to-earnings ratio of 36.90. The stock’s 50 day moving average is $15.90 and its 200 day moving average is $16.29.
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 consensus estimate of $0.21 by $0.02. The firm had revenue of $177.70 million for the quarter, compared to the consensus estimate of $170.11 million. Paramount Group had a net margin of 0.90% and a return on equity of 0.04%. The business’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.23 earnings per share. On average, equities analysts forecast that Paramount Group Inc will post $0.48 EPS for the current year.
Paramount Group declared that its Board of Directors has initiated a stock repurchase program on Thursday, August 3rd that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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Several equities analysts have commented on PGRE shares. Mizuho cut shares of Paramount Group from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $17.00 to $15.00 in a research report on Monday, July 10th. Morgan Stanley cut shares of Paramount Group from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $17.50 to $15.00 in a research report on Tuesday, June 13th. Zacks Investment Research raised shares of Paramount Group from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research report on Wednesday, May 24th. Goldman Sachs Group, Inc. (The) started coverage on shares of Paramount Group in a research report on Thursday, June 22nd. They set a “sell” rating and a $15.00 target price on the stock. Finally, TheStreet raised shares of Paramount Group from a “d+” rating to a “c” rating in a research report on Thursday, May 11th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $16.42.
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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