Northern Trust Corp increased its stake in Paramount Group Inc (NASDAQ:PGRE) by 31.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,894,274 shares of the company’s stock after purchasing an additional 451,599 shares during the period. Northern Trust Corp owned approximately 0.82% of Paramount Group worth $30,309,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of PGRE. BlackRock Inc. grew its position in Paramount Group by 4,569.1% during the first quarter. BlackRock Inc. now owns 11,605,356 shares of the company’s stock valued at $188,123,000 after acquiring an additional 11,356,799 shares during the last quarter. State Street Corp grew its position in Paramount Group by 76.1% during the first quarter. State Street Corp now owns 4,712,199 shares of the company’s stock valued at $76,387,000 after acquiring an additional 2,036,684 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Paramount Group by 300.2% during the first quarter. Goldman Sachs Group Inc. now owns 1,702,280 shares of the company’s stock valued at $27,594,000 after acquiring an additional 1,276,963 shares during the last quarter. Vanguard Group Inc. grew its position in Paramount Group by 4.7% during the first quarter. Vanguard Group Inc. now owns 27,889,308 shares of the company’s stock valued at $452,086,000 after acquiring an additional 1,262,456 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Paramount Group by 117.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,656,937 shares of the company’s stock valued at $26,859,000 after acquiring an additional 895,956 shares during the last quarter.
Shares of Paramount Group Inc (PGRE) opened at 15.91 on Friday. The stock’s 50 day moving average price is $16.09 and its 200-day moving average price is $16.07. The stock has a market cap of $3.80 billion and a price-to-earnings ratio of 37.70. Paramount Group Inc has a 1-year low of $14.58 and a 1-year high of $17.58.
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 Thomson Reuters’ 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 return on equity of 10.10% and a net margin of 77.76%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 EPS. On average, equities research analysts forecast that Paramount Group Inc will post $0.42 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were given a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, September 28th.
Paramount Group declared that its board has authorized a stock buyback plan on Thursday, August 3rd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
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A number of brokerages have commented on PGRE. Zacks Investment Research cut shares of Paramount Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 26th. Mizuho cut shares of Paramount Group from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $17.00 to $15.00 in a research report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $16.42.
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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