Paramount Group (NYSE:PGRE) Coverage Initiated at Goldman Sachs Group

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Goldman Sachs Group began coverage on shares of Paramount Group (NYSE:PGRE) in a report published on Friday morning, Benzinga’s Daily Ratings Newsletter reports. The firm issued a sell rating and a $13.00 target price on the financial services provider’s stock.

Other equities research analysts also recently issued reports about the company. Zacks Investment Research upgraded Paramount Group from a hold rating to a buy rating and set a $14.00 price objective for the company in a report on Friday, October 18th. Morgan Stanley upgraded Paramount Group from an equal rating to a weight rating and set a $15.00 price objective for the company in a report on Friday, October 11th. Finally, ValuEngine downgraded Paramount Group from a hold rating to a sell rating in a report on Tuesday, November 5th. Two analysts have rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $14.00.

Shares of NYSE:PGRE traded down $0.08 on Friday, hitting $13.70. 1,769,296 shares of the company traded hands, compared to its average volume of 1,317,996. Paramount Group has a 52 week low of $12.18 and a 52 week high of $15.11. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.74. The stock has a 50 day simple moving average of $13.15 and a 200-day simple moving average of $13.75. The company has a market cap of $3.13 billion, a PE ratio of 14.27, a PEG ratio of 3.44 and a beta of 0.77.

Paramount Group (NYSE:PGRE) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $0.03 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.21). Paramount Group had a return on equity of 1.06% and a net margin of 6.77%. The business had revenue of $198.32 million during the quarter, compared to the consensus estimate of $190.88 million. During the same quarter in the previous year, the business posted $0.24 earnings per share. Paramount Group’s quarterly revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Paramount Group will post 0.95 earnings per share for the current year.

The firm also recently disclosed a — dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a yield of 3%. Paramount Group’s payout ratio is 41.67%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGRE. Manchester Capital Management LLC bought a new stake in Paramount Group in the 2nd quarter worth about $71,000. Redpoint Investment Management Pty Ltd bought a new stake in Paramount Group in the 2nd quarter worth about $142,000. Point72 Asset Management L.P. bought a new stake in Paramount Group in the 2nd quarter worth about $143,000. Point72 Hong Kong Ltd bought a new stake in Paramount Group in the 2nd quarter worth about $145,000. Finally, Barings LLC bought a new stake in Paramount Group in the 2nd quarter worth about $149,000. Institutional investors own 61.06% of the company’s stock.

About Paramount Group

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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