Synovus Financial Corp bought a new position in Paramount Group Inc (NASDAQ:PGRE) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 16,077 shares of the company’s stock, valued at approximately $256,000.
A number of other large investors have also modified their holdings of the business. JPMorgan Chase & Co. raised its position in Paramount Group by 21,400.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 217,589 shares of the company’s stock worth $3,481,000 after buying an additional 216,577 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in Paramount Group by 1.0% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,625 shares of the company’s stock worth $122,000 after buying an additional 75 shares during the last quarter. Westpac Banking Corp raised its position in Paramount Group by 84.9% in the 2nd quarter. Westpac Banking Corp now owns 584,812 shares of the company’s stock worth $9,357,000 after buying an additional 268,528 shares during the last quarter. Swiss National Bank raised its position in Paramount Group by 12.0% in the 2nd quarter. Swiss National Bank now owns 326,643 shares of the company’s stock worth $5,226,000 after buying an additional 35,100 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Paramount Group by 49.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 98,368 shares of the company’s stock worth $1,574,000 after buying an additional 32,594 shares during the last quarter.
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Paramount Group Inc (NASDAQ:PGRE) opened at 15.75 on Friday. Paramount Group Inc has a 12 month low of $14.58 and a 12 month high of $17.68. The company’s 50-day moving average price is $15.92 and its 200 day moving average price is $16.19. The stock has a market capitalization of $3.76 billion and a PE ratio of 37.32.
Paramount Group (NASDAQ:PGRE) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. Paramount Group had a return on equity of 10.10% and a net margin of 77.76%. The company had revenue of $177.70 million during the quarter, compared to analysts’ expectations of $170.11 million. During the same period last year, the firm earned $0.23 EPS. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, analysts forecast that Paramount Group Inc will post $0.42 earnings per share for the current fiscal year.
Paramount Group declared that its Board of Directors has initiated a share repurchase program on Thursday, August 3rd that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.
A number of equities analysts have weighed in on PGRE shares. Zacks Investment Research raised Paramount Group from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a research report on Wednesday, May 24th. Morgan Stanley downgraded Paramount Group from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $17.50 to $15.00 in a research note on Tuesday, June 13th. Goldman Sachs Group, Inc. (The) started coverage on Paramount Group in a research note on Thursday, June 22nd. They set a “sell” rating and a $15.00 price objective for the company. Finally, Mizuho downgraded Paramount Group from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $17.00 to $15.00 in a research note on Monday, July 10th. Three analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price 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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