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Paramount Group, Inc. (NYSE:PGRE) Given Average Recommendation of "Hold" by Brokerages

Defense World · Feb 4, 2023 02:31

Shares of Paramount Group, Inc. (NYSE:PGRE – Get Rating) have received an average recommendation of "Hold" from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $6.60.

PGRE has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft decreased their price target on Paramount Group from $10.00 to $8.00 and set a "hold" rating for the company in a research report on Thursday, October 13th. BTIG Research lowered Paramount Group from a "buy" rating to a "neutral" rating in a research report on Wednesday, October 19th. Wells Fargo & Company decreased their price objective on Paramount Group from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Tuesday, October 18th. Morgan Stanley lowered Paramount Group from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $8.00 to $6.50 in a research report on Wednesday, November 23rd. Finally, Evercore ISI downgraded Paramount Group from an "in-line" rating to an "underperform" rating and cut their price target for the stock from $8.00 to $6.50 in a research note on Monday, November 21st.

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Paramount Group Price Performance

NYSE:PGRE opened at $6.45 on Friday. The business's 50-day moving average price is $6.06 and its 200 day moving average price is $6.58. The firm has a market cap of $1.42 billion, a P/E ratio of 322.66 and a beta of 1.18. Paramount Group has a 52-week low of $5.48 and a 52-week high of $11.53. The company has a quick ratio of 3.48, a current ratio of 3.48 and a debt-to-equity ratio of 0.87.

Paramount Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were paid a $0.078 dividend. This represents a $0.31 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date was Thursday, December 29th. Paramount Group's payout ratio is 1,550.78%.

Insider Activity at Paramount Group

In related news, CEO Albert P. Behler acquired 40,000 shares of the business's stock in a transaction that occurred on Wednesday, December 7th. The shares were acquired at an average cost of $5.75 per share, with a total value of $230,000.00. Following the purchase, the chief executive officer now owns 171,812 shares of the company's stock, valued at $987,919. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Paramount Group news, Director Thomas Armbrust purchased 20,000 shares of the company's stock in a transaction on Wednesday, December 7th. The shares were bought at an average cost of $5.71 per share, with a total value of $114,200.00. Following the transaction, the director now directly owns 232,853 shares in the company, valued at approximately $1,329,590.63. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Albert P. Behler purchased 40,000 shares of the company's stock in a transaction on Wednesday, December 7th. The stock was acquired at an average cost of $5.75 per share, for a total transaction of $230,000.00. Following the completion of the transaction, the chief executive officer now owns 171,812 shares in the company, valued at $987,919. The disclosure for this purchase can be found here. 10.40% of the stock is owned by company insiders.

Institutional Trading of Paramount Group

Several institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp grew its holdings in shares of Paramount Group by 3.2% during the 1st quarter. Mackenzie Financial Corp now owns 39,466 shares of the financial services provider's stock worth $431,000 after purchasing an additional 1,229 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Paramount Group by 1.7% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 76,170 shares of the financial services provider's stock valued at $551,000 after buying an additional 1,304 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Paramount Group by 3.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 47,173 shares of the financial services provider's stock valued at $294,000 after buying an additional 1,568 shares in the last quarter. Royal Bank of Canada boosted its stake in Paramount Group by 13.9% in the 3rd quarter. Royal Bank of Canada now owns 13,986 shares of the financial services provider's stock valued at $87,000 after buying an additional 1,706 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in Paramount Group by 3.5% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 54,155 shares of the financial services provider's stock valued at $337,000 after buying an additional 1,822 shares in the last quarter. Institutional investors and hedge funds own 59.17% of the company's stock.

About Paramount Group

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Paramount Group, Inc is a real estate investment and management company. It owns, operates, manages, acquires and redevelops office properties in central business district submarkets of New York, District of Columbia and San Francisco. The company operates through the following geographical segments: New York, San Francisco and Washington.