Paramount Group Inc (PGRE) Sees Large Volume Increase After Dividend Announcement

Paramount Group Inc (NASDAQ:PGRE) shares saw unusually-strong trading volume on Friday following a dividend announcement from the company. Approximately 8,630,271 shares traded hands during trading, an increase of 877% from the previous session’s volume of 882,922 shares.The stock last traded at $16.66 and had previously closed at $16.61.

The newly announced dividend which will be paid on Friday, April 14th. Shareholders of record on Friday, March 31st will be paid a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Wednesday, March 29th.

A number of analysts have issued reports on PGRE shares. Wells Fargo & Co reissued a “hold” rating and issued a $16.50 price target on shares of Paramount Group in a research note on Thursday, December 1st. Zacks Investment Research lowered Paramount Group from a “buy” rating to a “hold” rating in a research note on Saturday, December 3rd. Evercore ISI lowered Paramount Group to a “buy” rating in a research note on Friday, March 3rd. TheStreet lowered Paramount Group from a “c” rating to a “d+” rating in a research note on Tuesday, March 7th. Finally, Morgan Stanley lowered Paramount Group from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 12th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Paramount Group currently has an average rating of “Hold” and an average target price of $17.88.

The firm’s 50 day moving average price is $16.84 and its 200 day moving average price is $16.39. The firm’s market capitalization is $3.84 billion.

Paramount Group (NASDAQ:PGRE) last issued its earnings results on Wednesday, February 22nd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by $0.02. The business earned $166.80 million during the quarter, compared to analysts’ expectations of $171.95 million. During the same quarter in the prior year, the business earned $0.21 EPS. Paramount Group’s quarterly revenue was down 2.2% on a year-over-year basis. Equities research analysts forecast that Paramount Group Inc will post $0.09 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Commerzbank Aktiengesellschaft FI increased its position in shares of Paramount Group by 2.8% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 11,246 shares of the company’s stock worth $180,000 after buying an additional 311 shares during the period. Teton Advisors Inc. purchased a new position in shares of Paramount Group during the fourth quarter worth approximately $208,000. Cadence Capital Management LLC purchased a new position in shares of Paramount Group during the fourth quarter worth approximately $233,000. Martingale Asset Management L P increased its position in shares of Paramount Group by 25.7% in the fourth quarter. Martingale Asset Management L P now owns 19,615 shares of the company’s stock worth $314,000 after buying an additional 4,015 shares during the period. Finally, Cantab Capital Partners LLP purchased a new position in shares of Paramount Group during the fourth quarter worth approximately $343,000.

Your IP Address:

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).

5 Day Chart for NASDAQ:PGRE

Receive News & Ratings for Paramount Group Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paramount Group Inc and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply