Paramount Group (NYSE:PGRE) Hits New 52-Week High - Should You Buy?

Key Points

• Paramount Group (NYSE:PGRE) shares reached a new 52-week high of $6.93, trading at $6.90 with a volume of 6,527,339 shares.
• Recent analyst ratings show mixed sentiments, with Wells Fargo lowering its price target to $4.50, while Evercore ISI increased its target to $8.00 after upgrading the stock to "outperform."
• The company reported earnings of $0.17 per share, exceeding analysts' expectations, and has a market capitalization of $1.52 billion.

Paramount Group, Inc. (NYSE:PGRE - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $6.93 and last traded at $6.90, with a volume of 6527339 shares changing hands. The stock had previously closed at $6.81.

Analyst Ratings Changes

Several analysts recently weighed in on PGRE shares. Wells Fargo & Company decreased their price target on Paramount Group from $5.00 to $4.50 and set an "underweight" rating on the stock in a report on Monday, May 19th. Wall Street Zen downgraded shares of Paramount Group from a "hold" rating to a "sell" rating in a research note on Wednesday, April 23rd. Evercore ISI upgraded Paramount Group from an "in-line" rating to an "outperform" rating and increased their target price for the stock from $4.50 to $8.00 in a research note on Tuesday, May 20th. Finally, Mizuho increased their target price on Paramount Group from $5.00 to $6.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. Three research analysts have rated the stock with a sell rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $5.44.

Paramount Group Price Performance

The firm has a 50 day simple moving average of $6.38 and a 200-day simple moving average of $5.26. The company has a quick ratio of 5.91, a current ratio of 5.91 and a debt-to-equity ratio of 0.90. The company has a market cap of $1.50 billion, a PE ratio of -18.90 and a beta of 1.35.

Paramount Group (NYSE:PGRE - Get Free Report) last posted its earnings results on Wednesday, July 30th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.03. Paramount Group had a negative return on equity of 1.92% and a negative net margin of 10.49%. The company had revenue of $177.05 million for the quarter, compared to analyst estimates of $173.98 million. As a group, research analysts predict that Paramount Group, Inc. will post 0.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Paramount Group

A number of institutional investors and hedge funds have recently modified their holdings of PGRE. Rush Island Management LP acquired a new stake in shares of Paramount Group during the second quarter worth about $12,295,000. Long Pond Capital LP lifted its holdings in shares of Paramount Group by 16.8% during the first quarter. Long Pond Capital LP now owns 11,737,433 shares of the financial services provider's stock worth $50,471,000 after purchasing an additional 1,684,098 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Paramount Group during the first quarter worth about $6,164,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Paramount Group by 40.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 4,933,121 shares of the financial services provider's stock worth $30,092,000 after purchasing an additional 1,419,763 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Paramount Group during the first quarter worth about $6,096,000. Institutional investors and hedge funds own 65.64% of the company's stock.

About Paramount Group

Paramount Group, Inc ("Paramount" or the "Company") 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 and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.