Paramount Group, Inc. (PGRE) Rating Increased to Buy at Zacks Investment Research

Paramount Group, Inc. (NYSE:PGRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $18.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.04% from the company’s current price.

According to Zacks, “Paramount Group, Inc. is a real estate investment trust focused on owning, operating and managing Class A office properties. It provides asset management, leasing, acquisitions, redevelopment and financing. The Company owns properties in New York City, Washington D.C. and San Francisco. Paramount Group, Inc. is based in the United States. “

Paramount Group (NYSE:PGRE) opened at $16.21 on Wednesday. The stock has a market capitalization of $3,920.40, a price-to-earnings ratio of 19.21, a P/E/G ratio of 3.15 and a beta of 0.80. Paramount Group has a 1-year low of $15.14 and a 1-year high of $17.58.

Paramount Group declared that its Board of Directors has initiated a stock repurchase program on Thursday, August 3rd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Boothbay Fund Management LLC raised its holdings in shares of Paramount Group by 33.9% in the third quarter. Boothbay Fund Management LLC now owns 33,440 shares of the financial services provider’s stock worth $535,000 after acquiring an additional 8,472 shares during the last quarter. AMP Capital Investors Ltd raised its holdings in shares of Paramount Group by 4.3% in the third quarter. AMP Capital Investors Ltd now owns 80,019 shares of the financial services provider’s stock worth $1,280,000 after acquiring an additional 3,300 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of Paramount Group by 964.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 119,370 shares of the financial services provider’s stock worth $1,910,000 after acquiring an additional 108,161 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Paramount Group by 28,976.5% in the third quarter. Asset Management One Co. Ltd. now owns 431,204 shares of the financial services provider’s stock worth $6,868,000 after acquiring an additional 429,721 shares during the last quarter. Finally, Long Pond Capital LP raised its holdings in shares of Paramount Group by 2.9% in the third quarter. Long Pond Capital LP now owns 14,606,205 shares of the financial services provider’s stock worth $233,699,000 after acquiring an additional 406,833 shares during the last quarter. 62.61% of the stock is owned by institutional investors.

About Paramount Group

Paramount Group, Inc is a fully-integrated real estate investment trust (REIT) focused on owning, operating, managing, acquiring and redeveloping Class A office properties in select central business district submarkets of New York City, Washington, District of Columbia (DC) and San Francisco. The Company conducts its business through, and substantially all its interests in properties and investments are held by, Paramount Group Operating Partnership LP (the Operating Partnership).

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