Paramount Group Inc (NYSE:PGRE) declared a quarterly dividend on Monday, June 17th, Wall Street Journal reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.10 per share by the financial services provider on Monday, July 15th. This represents a $0.40 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Thursday, June 27th.
Paramount Group has increased its dividend by an average of 6.8% per year over the last three years. Paramount Group has a payout ratio of 42.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Paramount Group to earn $0.94 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 42.6%.
PGRE stock traded down $0.23 during trading on Wednesday, hitting $13.99. The stock had a trading volume of 129,931 shares, compared to its average volume of 1,240,039. The company has a 50 day moving average price of $14.51. Paramount Group has a 1-year low of $12.18 and a 1-year high of $16.05. The company has a market capitalization of $3.37 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 3.78 and a beta of 0.81. The company has a debt-to-equity ratio of 0.74, a quick ratio of 3.03 and a current ratio of 3.03.
Paramount Group (NYSE:PGRE) last issued its earnings results on Wednesday, May 1st. The financial services provider reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.21). The firm had revenue of $191.79 million for the quarter, compared to analysts’ expectations of $187.26 million. Paramount Group had a return on equity of 0.24% and a net margin of 1.53%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.23 EPS. As a group, analysts predict that Paramount Group will post 0.91 earnings per share for the current year.
Several equities research analysts recently issued reports on PGRE shares. Zacks Investment Research raised Paramount Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 25th. Evercore ISI raised Paramount Group from an “in-line” rating to an “outperform” rating in a research report on Monday, April 1st. They noted that the move was a valuation call. Finally, Morgan Stanley raised Paramount Group from an “underweight” rating to an “equal weight” rating and set a $14.46 price target on the stock in a research report on Wednesday, March 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $17.15.
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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