BlueCrest Capital Management Ltd purchased a new position in Paramount Group Inc (NASDAQ:PGRE) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 23,543 shares of the company’s stock, valued at approximately $377,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Paramount Group by 8.1% in the 2nd quarter. Vanguard Group Inc. now owns 30,137,386 shares of the company’s stock worth $482,198,000 after purchasing an additional 2,248,078 shares during the last quarter. BlackRock Inc. grew its position in Paramount Group by 13.0% in the 2nd quarter. BlackRock Inc. now owns 13,109,633 shares of the company’s stock worth $209,754,000 after purchasing an additional 1,504,277 shares during the last quarter. State Street Corp grew its position in Paramount Group by 1.3% in the 2nd quarter. State Street Corp now owns 4,774,995 shares of the company’s stock worth $76,398,000 after purchasing an additional 62,796 shares during the last quarter. Presima Inc. grew its position in Paramount Group by 5.4% in the 2nd quarter. Presima Inc. now owns 3,252,400 shares of the company’s stock worth $52,038,000 after purchasing an additional 166,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Paramount Group by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,678,913 shares of the company’s stock worth $42,864,000 after purchasing an additional 205,210 shares during the last quarter.
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Several analysts have recently weighed in on PGRE shares. Zacks Investment Research lowered shares of Paramount Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 26th. Mizuho lowered shares of Paramount Group from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $17.00 to $15.00 in a research report on Monday, July 10th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $16.42.
Shares of Paramount Group Inc (NASDAQ:PGRE) traded up 0.06% during trading on Friday, reaching $15.91. 78,646 shares of the company traded hands. Paramount Group Inc has a 12 month low of $14.58 and a 12 month high of $17.58. The stock has a market capitalization of $3.80 billion and a PE ratio of 37.70. The company has a 50-day moving average of $16.09 and a 200-day moving average of $16.07.
Paramount Group (NASDAQ:PGRE) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 77.76% and a return on equity of 10.10%. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 earnings per share. Analysts forecast that Paramount Group Inc will post $0.42 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a dividend of $0.095 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.38 dividend on an annualized basis and a yield of 2.39%.
Paramount Group announced that its Board of Directors has initiated a share repurchase program on Thursday, August 3rd that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
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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