Wells Fargo & Company MN boosted its position in shares of Paramount Group Inc (NASDAQ:PGRE) by 336.5% during the first quarter, Holdings Channel reports. The firm owned 164,059 shares of the company’s stock after buying an additional 126,471 shares during the period. Wells Fargo & Company MN’s holdings in Paramount Group were worth $2,660,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Bank of Montreal Can raised its stake in shares of Paramount Group by 18.2% in the first quarter. Bank of Montreal Can now owns 7,358 shares of the company’s stock worth $120,000 after buying an additional 1,135 shares during the period. Orinda Asset Management LLC purchased a new stake in shares of Paramount Group during the first quarter worth approximately $162,000. Commerzbank Aktiengesellschaft FI raised its stake in shares of Paramount Group by 2.8% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 11,246 shares of the company’s stock worth $180,000 after buying an additional 311 shares during the period. Teton Advisors Inc. purchased a new stake in shares of Paramount Group during the fourth quarter worth approximately $208,000. Finally, Cadence Capital Management LLC purchased a new stake in shares of Paramount Group during the fourth quarter worth approximately $233,000.
Shares of Paramount Group Inc (PGRE) opened at 16.32 on Tuesday. The company’s market capitalization is $3.78 billion. The stock has a 50 day moving average price of $15.93 and a 200-day moving average price of $16.40. Paramount Group Inc has a one year low of $14.58 and a one year high of $18.28.
Paramount Group (NASDAQ:PGRE) last released its quarterly earnings data on Thursday, May 4th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.02. The company had revenue of $181.24 million for the quarter, compared to analysts’ expectations of $171.42 million. Paramount Group had a net margin of 0.90% and a return on equity of 0.04%. The business’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS. On average, equities research analysts expect that Paramount Group Inc will post $0.04 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.33%.
A number of brokerages have recently commented on PGRE. Zacks Investment Research upgraded Paramount Group from a “sell” rating to a “hold” rating in a report on Wednesday, April 19th. Morgan Stanley lowered Paramount Group from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $17.50 to $15.00 in a report on Tuesday, June 13th. Evercore ISI lowered Paramount Group to a “buy” rating in a report on Friday, March 3rd. TheStreet lowered Paramount Group from a “c” rating to a “d+” rating in a report on Tuesday, March 7th. Finally, Deutsche Bank AG cut their price target on Paramount Group from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Paramount Group currently has a consensus rating of “Hold” and an average target price of $16.70.
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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