Paramount Group Inc (PGRE) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Paramount Group Inc (NASDAQ:PGRE) from a hold rating to a buy rating in a report issued on Wednesday. Zacks Investment Research currently has $18.00 price objective on the stock.

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 research firms also recently issued reports on PGRE. BTIG Research initiated coverage on shares of Paramount Group in a report on Thursday, August 25th. They set a neutral rating on the stock. Deutsche Bank AG lifted their price objective on shares of Paramount Group from $20.00 to $21.00 and gave the stock a buy rating in a report on Monday, July 18th.

Paramount Group (NASDAQ:PGRE) opened at 15.79 on Wednesday. The company has a market capitalization of $3.47 billion and a price-to-earnings ratio of 526.33. Paramount Group has a 52-week low of $14.23 and a 52-week high of $18.56. The company’s 50-day moving average is $17.11 and its 200-day moving average is $16.67.

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

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Wednesday, September 28th.

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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