Paramount Group (NYSE:PGRE – Get Rating) had its price target trimmed by Mizuho from $8.00 to $7.00 in a research note released on Wednesday morning, The Fly reports. The firm currently has a buy rating on the financial services provider's stock.
PGRE has been the subject of a number of other reports. Evercore ISI cut shares of Paramount Group from an in-line rating to an underperform rating and decreased their price target for the company from $8.00 to $6.50 in a report on Monday, November 21st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Paramount Group from $10.00 to $8.00 and set a hold rating for the company in a research report on Thursday, October 13th. Morgan Stanley lowered shares of Paramount Group from an overweight rating to an equal weight rating and cut their price objective for the company from $8.00 to $6.50 in a research report on Wednesday, November 23rd. Wells Fargo & Company cut their price objective on shares of Paramount Group from $6.00 to $5.00 and set an underweight rating for the company in a research report on Tuesday, October 18th. Finally, StockNews.com began coverage on shares of Paramount Group in a research report on Wednesday, October 12th. They set a hold rating for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $6.60.
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Paramount Group Stock Up 2.5 %
PGRE stock opened at $5.78 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.48 and a quick ratio of 3.48. Paramount Group has a 52-week low of $5.48 and a 52-week high of $11.53. The company has a 50-day moving average of $6.15 and a two-hundred day moving average of $6.73. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 289.14 and a beta of 1.15.
Paramount Group Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Friday, December 30th will be paid a dividend of $0.078 per share. The ex-dividend date is Thursday, December 29th. This represents a $0.31 annualized dividend and a yield of 5.40%. Paramount Group's dividend payout ratio is 1,550.78%.
Insiders Place Their Bets
In other news, Director Thomas Armbrust acquired 20,000 shares of the firm's stock in a transaction on Wednesday, December 7th. The shares were purchased at an average cost of $5.71 per share, with a total value of $114,200.00. Following the completion of the purchase, the director now owns 232,853 shares of the company's stock, valued at $1,329,590.63. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Thomas Armbrust acquired 20,000 shares of the firm's stock in a transaction on Wednesday, December 7th. The shares were purchased at an average cost of $5.71 per share, with a total value of $114,200.00. Following the completion of the purchase, the director now owns 232,853 shares of the company's stock, valued at $1,329,590.63. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Albert P. Behler acquired 40,000 shares of the firm's stock in a transaction on Wednesday, December 7th. The shares were purchased at an average cost of $5.75 per share, for a total transaction of $230,000.00. Following the completion of the purchase, the chief executive officer now directly owns 171,812 shares of the company's stock, valued at approximately $987,919. The disclosure for this purchase can be found here. Insiders own 10.40% of the company's stock.
Institutional Trading of Paramount Group
Hedge funds have recently modified their holdings of the stock. Wipfli Financial Advisors LLC bought a new stake in shares of Paramount Group during the third quarter valued at approximately $43,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Paramount Group during the second quarter valued at approximately $52,000. Vestmark Advisory Solutions Inc. bought a new stake in shares of Paramount Group during the second quarter valued at approximately $73,000. Stephens Inc. AR bought a new position in Paramount Group in the second quarter valued at approximately $73,000. Finally, Xponance Inc. bought a new position in Paramount Group in the second quarter valued at approximately $73,000. 59.17% of the stock is owned by institutional investors.
About Paramount Group
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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 and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
Further Reading
- Get a free copy of the StockNews.com research report on Paramount Group (PGRE)
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