Paramount Group Inc (NYSE: PGRE) said on Friday that its Board of Directors had suspended the regular quarterly dividend, which would have otherwise been paid on October 15th.
In 2024, the company paid three regular quarterly dividends totaling $0.1050 per share of common stock.
“The decision by our Board of Directors to suspend our regular quarterly dividend aligns with our commitment to fortify our balance sheet and maintain the utmost financial flexibility,” Albert Behler, Chairman, Chief Executive Officer and President, said in a press release.
Stock Performance
The shares of Paramount Group Inc (PGRE) closed 2.23% ($0.11) higher at $5.05 in New York on Friday, as they extended the gains from the previous two market sessions.
The company’s total market cap now stands at $1.2 billion.
The shares of Paramount Group Inc (PGRE) went down 12.96% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have retreated 2.32% so far this year.
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