Citigroup Inc. trimmed its holdings in shares of Paramount Group Inc (NYSE:PGRE) by 40.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 459,410 shares of the financial services provider’s stock after selling 308,557 shares during the quarter. Citigroup Inc. owned 0.20% of Paramount Group worth $6,519,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of PGRE. Teachers Advisors LLC increased its stake in Paramount Group by 4.1% during the 3rd quarter. Teachers Advisors LLC now owns 290,366 shares of the financial services provider’s stock worth $4,382,000 after purchasing an additional 11,534 shares in the last quarter. Morgan Stanley boosted its position in Paramount Group by 6.4% during the 3rd quarter. Morgan Stanley now owns 8,551,935 shares of the financial services provider’s stock worth $129,048,000 after acquiring an additional 517,614 shares during the last quarter. Vanguard Group Inc boosted its position in Paramount Group by 3.9% during the 3rd quarter. Vanguard Group Inc now owns 30,802,997 shares of the financial services provider’s stock worth $464,817,000 after acquiring an additional 1,144,629 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Paramount Group during the 4th quarter worth approximately $100,000. Finally, Xact Kapitalforvaltning AB boosted its position in Paramount Group by 39.3% during the 4th quarter. Xact Kapitalforvaltning AB now owns 35,420 shares of the financial services provider’s stock worth $445,000 after acquiring an additional 10,000 shares during the last quarter. 60.85% of the stock is owned by institutional investors and hedge funds.
PGRE has been the subject of a number of recent research reports. Zacks Investment Research raised Paramount Group from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Friday. Morgan Stanley raised Paramount Group from an “underweight” rating to an “equal weight” rating and set a $14.46 price target for the company in a research report on Wednesday, March 13th. Finally, Evercore ISI raised Paramount Group from an “in-line” rating to an “outperform” rating in a research report on Monday, April 1st. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Paramount Group has an average rating of “Buy” and an average price target of $16.82.
Paramount Group (NYSE:PGRE) last released its quarterly earnings data on Wednesday, May 1st. The financial services provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.21). The company had revenue of $191.79 million during the quarter, compared to analyst estimates of $187.26 million. Paramount Group had a net margin of 1.53% and a return on equity of 0.24%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.23 EPS. Equities research analysts expect that Paramount Group Inc will post 0.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Thursday, June 27th. Paramount Group’s payout ratio is presently 41.67%.
About Paramount Group
Headquartered in New York City, Paramount Group, Inc is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, DC and San Francisco.
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