Paramount Group (NYSE:PGRE) Announces Quarterly Earnings Results, Misses Expectations By $0.21 EPS

Paramount Group (NYSE:PGRE – Get Rating) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.21), MarketWatch Earnings reports. Paramount Group had a negative net margin of 1.84% and a negative return on equity of 0.30%. During the same quarter in the prior year, the company earned $0.23 earnings per share. Paramount Group updated its FY22 guidance to $0.93-0.97 EPS.

Shares of NYSE PGRE traded down $0.27 during midday trading on Friday, reaching $9.51. The company’s stock had a trading volume of 3,650,824 shares, compared to its average volume of 2,211,498. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 0.86. The company has a 50 day moving average price of $10.52 and a 200 day moving average price of $9.47. Paramount Group has a one year low of $7.79 and a one year high of $11.65.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 15th. Investors of record on Thursday, March 31st were issued a $0.0775 dividend. This is an increase from Paramount Group’s previous quarterly dividend of $0.07. This represents a $0.31 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date was Wednesday, March 30th. Paramount Group’s payout ratio is presently -619.88%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Paramount Group by 6.5% in the fourth quarter. BlackRock Inc. now owns 19,272,090 shares of the financial services provider’s stock worth $160,730,000 after acquiring an additional 1,171,028 shares in the last quarter. State Street Corp increased its position in shares of Paramount Group by 8.5% in the fourth quarter. State Street Corp now owns 8,203,317 shares of the financial services provider’s stock worth $68,976,000 after acquiring an additional 641,747 shares in the last quarter. Legal & General Group Plc increased its position in shares of Paramount Group by 7.4% in the fourth quarter. Legal & General Group Plc now owns 2,969,315 shares of the financial services provider’s stock worth $24,765,000 after acquiring an additional 205,118 shares in the last quarter. Deutsche Bank AG increased its position in shares of Paramount Group by 76.3% in the fourth quarter. Deutsche Bank AG now owns 1,481,419 shares of the financial services provider’s stock worth $12,356,000 after acquiring an additional 641,005 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Paramount Group by 34.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,315,730 shares of the financial services provider’s stock worth $10,973,000 after acquiring an additional 339,540 shares in the last quarter. Institutional investors and hedge funds own 52.84% of the company’s stock.

Several analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Paramount Group from $11.00 to $12.00 and gave the company a “hold” rating in a research report on Thursday, April 14th. Morgan Stanley boosted their price target on shares of Paramount Group from $10.50 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 1st. Zacks Investment Research upgraded shares of Paramount Group from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Saturday, March 5th. Mizuho boosted their price target on shares of Paramount Group from $10.50 to $11.00 in a research report on Friday, April 22nd. Finally, StockNews.com began coverage on shares of Paramount Group in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $11.42.

Paramount Group Company Profile (Get Rating)

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.

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