Paramount Group Inc (PGRE) Cut to “Hold” at Zacks Investment Research

Paramount Group Inc (NASDAQ:PGRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

According to Zacks, “Paramount Group, Inc. is a real estate investment trust focused on owning, operating and managing Class A office properties. It provides asset management, leasing, acquisitions, redevelopment and financing. The Company owns properties in New York City, Washington D.C. and San Francisco. Paramount Group, Inc. is based in the United States. “

A number of other analysts also recently commented on PGRE. Deutsche Bank AG raised their price objective on Paramount Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, July 18th. BTIG Research assumed coverage on Paramount Group in a research report on Thursday, August 25th. They issued a “neutral” rating for the company.

Paramount Group (NASDAQ:PGRE) opened at 15.80 on Friday. The stock has a 50 day moving average price of $16.89 and a 200 day moving average price of $16.65. The company has a market cap of $3.47 billion and a PE ratio of 526.67. Paramount Group has a 1-year low of $14.23 and a 1-year high of $18.56.

Paramount Group (NASDAQ:PGRE) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.03. The firm earned $172.30 million during the quarter, compared to the consensus estimate of $159.90 million. During the same quarter in the prior year, the business posted $0.22 EPS. Paramount Group’s revenue was up 5.8% compared to the same quarter last year. Equities analysts forecast that Paramount Group will post $0.85 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were given a dividend of $0.095 per share. The ex-dividend date was Wednesday, September 28th. This represents a $0.38 annualized dividend and a dividend yield of 2.41%.

About Paramount Group

Paramount Group, Inc is a 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 primarily through Paramount Group Operating Partnership LP.

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