Paramount Group’s (PGRE) “Market Perform” Rating Reiterated at Wells Fargo & Co

Wells Fargo & Co reaffirmed their market perform rating on shares of Paramount Group (NYSE:PGRE) in a research report sent to investors on Sunday morning, AnalystRatings.com reports. Wells Fargo & Co currently has a $15.00 price objective on the financial services provider’s stock.

A number of other research analysts have also recently weighed in on the company. Mizuho lowered their price objective on Paramount Group from $15.00 to $9.00 and set a neutral rating on the stock in a research report on Tuesday, April 28th. Zacks Investment Research cut Paramount Group from a buy rating to a hold rating in a research report on Wednesday, July 1st. Goldman Sachs Group raised Paramount Group from a sell rating to a neutral rating in a research report on Thursday, April 2nd. Morgan Stanley lowered their price objective on Paramount Group from $9.50 to $9.00 and set an overweight rating on the stock in a research report on Thursday, June 25th. Finally, ValuEngine cut Paramount Group from a hold rating to a sell rating in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $11.92.

Shares of NYSE:PGRE opened at $7.13 on Friday. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -41.94, a PEG ratio of 6.62 and a beta of 1.03. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.34 and a current ratio of 1.34. The stock’s 50-day simple moving average is $7.99 and its two-hundred day simple moving average is $10.58. Paramount Group has a 52-week low of $6.42 and a 52-week high of $15.00.

Paramount Group (NYSE:PGRE) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.24). Paramount Group had a negative net margin of 4.54% and a negative return on equity of 0.77%. The company had revenue of $184.00 million for the quarter, compared to analysts’ expectations of $190.53 million. During the same period in the previous year, the firm earned $0.24 earnings per share. The firm’s quarterly revenue was down .2% on a year-over-year basis. As a group, equities analysts forecast that Paramount Group will post 0.96 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 5.61%. The ex-dividend date of this dividend is Monday, June 29th. Paramount Group’s dividend payout ratio (DPR) is presently 40.82%.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Diversified Trust Co bought a new stake in Paramount Group during the 2nd quarter valued at approximately $167,000. State Street Corp raised its stake in Paramount Group by 8.7% during the 1st quarter. State Street Corp now owns 7,248,555 shares of the financial services provider’s stock valued at $64,465,000 after purchasing an additional 581,704 shares during the period. Royal Bank of Canada increased its stake in Paramount Group by 109,108.5% in the 1st quarter. Royal Bank of Canada now owns 485,978 shares of the financial services provider’s stock worth $4,277,000 after acquiring an additional 485,533 shares during the last quarter. AXA increased its stake in Paramount Group by 6.7% in the 1st quarter. AXA now owns 455,780 shares of the financial services provider’s stock worth $4,011,000 after acquiring an additional 28,700 shares during the last quarter. Finally, Morgan Stanley increased its stake in Paramount Group by 16.3% in the 1st quarter. Morgan Stanley now owns 5,638,594 shares of the financial services provider’s stock worth $49,619,000 after acquiring an additional 788,481 shares during the last quarter. 58.57% of the stock is currently owned by institutional investors.

Paramount Group Company Profile

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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Analyst Recommendations for Paramount Group (NYSE:PGRE)

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