Paramount Group (NYSE:PGRE) has seen a shift in its price target following a recent report by Morgan Stanley, which lowered the target from $4.70 to $4.50. Despite this adjustment, the financial services provider maintains an equal weight rating from Morgan Stanley.
In addition to Morgan Stanley’s assessment, other analysts have recently weighed in on Paramount Group. Evercore ISI upgraded the company’s rating from underperform to in-line, setting a $5.00 price objective. However, StockNews.com downgraded Paramount Group to a sell rating. Overall, three analysts rate the stock as sell, two as hold, and one as buy, with an average price target of $4.60.
Paramount Group’s stock (PGRE) experienced a modest increase of $0.13 during mid-day trading on Thursday, reaching $4.73. At the time of this report, the stock is trading at $4.7150, up $0.1150 (2.5000%) from previous levels.
The company’s stock has fluctuated between a 52-week low of $4.06 and a 52-week high of $5.92. With a market capitalization of $1.03 billion, Paramount Group boasts a price-to-earnings ratio of -3.91 and a beta of 1.22. Additionally, it maintains healthy liquidity ratios, including a quick ratio and current ratio of 4.61 each.
Paramount Group recently declared a quarterly dividend, to be paid on Monday, April 15th. Shareholders of record as of Thursday, March 28th, will receive a dividend of $0.035 per share. This equates to an annualized dividend of $0.14 per share and yields 2.96%. The ex-dividend date for this dividend is Wednesday, March 27th. Despite a negative dividend payout ratio of -11.67%, the company remains committed to rewarding its shareholders.
Institutional investors have shown varying levels of interest in Paramount Group. Quadrature Capital Ltd significantly increased its holdings by 202.6% during the fourth quarter, while Price T Rowe Associates Inc. MD saw a more modest 4.1% growth in its holdings. Legal & General Group Plc and Barclays PLC also augmented their positions, with increases of 5.7% and 108.7%, respectively. Moreover, Voloridge Investment Management LLC initiated a new position in Paramount Group during the fourth quarter.
Approximately 65.64% of Paramount Group’s stock is owned by institutional investors, indicating a mix of confidence and caution among industry professionals.
Despite a slight adjustment to its price target, Paramount Group continues to attract interest from both analysts and institutional investors. The company’s performance in the coming months will be closely monitored as it navigates evolving market dynamics and seeks to deliver value to its shareholders.
