Paramount Group announces quarterly dividend
© Reuters.
NEW YORK – Paramount Group, Inc. (NYSE: NYSE:), a real estate investment trust, has declared a regular quarterly cash dividend for its common stock shareholders. The company announced on Friday that a dividend of $0.035 per share will be distributed for the first quarter of 2024, covering the period from January 1 to March 31.
The declared dividend is scheduled to be paid on April 15, 2024, to all shareholders of record by the close of business on March 28, 2024. This announcement follows Paramount Group’s routine practice of providing quarterly dividends to its stockholders.
Paramount Group, headquartered in New York City, specializes in the ownership, operation, management, acquisition, and redevelopment of high-quality, Class A office properties. The company’s portfolio is concentrated in central business district submarkets of New York City and San Francisco.
The dividend distribution is part of the company’s strategy to deliver value to its shareholders through regular income. The company’s focus on prime locations and its property management expertise are key to attracting and retaining high-quality tenants, which in turn supports its ability to provide consistent returns to investors.
The information regarding the dividend declaration is based on a press release statement from Paramount Group, Inc.
InvestingPro Insights
As Paramount Group, Inc. (NYSE: PGRE) continues its commitment to delivering shareholder value through regular dividend payments, it’s important for investors to consider the company’s financial health and market performance. Based on the latest data from InvestingPro, here are some key insights that could influence investor sentiment:
InvestingPro Data indicates that Paramount Group has a market capitalization of approximately $1.08 billion USD. The company’s Price / Book ratio, as of the last twelve months ending Q4 2023, stands at a low 0.34, which might suggest the stock is undervalued relative to its assets. However, it’s worth noting that the company’s net income is not expected to be profitable for the year, and the P/E ratio is negative at -5.05, reflecting challenges in generating earnings relative to the share price.
In terms of revenue, there has been a significant decline, with a -31.23% change over the last twelve months as of Q4 2023. This decrease is a critical factor for investors to consider, especially when looking at the company’s ability to sustain dividend payments in the long term.
InvestingPro Tips for Paramount Group highlight that while the company is trading at a low Price / Book multiple, which might attract value investors, there are concerns regarding its profitability. Analysts do not anticipate the company will be profitable this year, and it has not been profitable over the last twelve months. Additionally, the company’s short-term obligations exceed its liquid assets, which could pose liquidity risks.
Investors interested in a deeper analysis of Paramount Group can find additional InvestingPro Tips by visiting https://www.investing.com/pro/PGRE. Currently, there are a total of 8 tips available to help investors make more informed decisions. For those considering a subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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