Paramount Group (NYSE:PGRE) Hits New 1-Year High - What's Next?

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) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $6.93 and last traded at $6.90, with a volume of 6527339 shares. The stock had previously closed at $6.81.

Analyst Ratings Changes

A number of research analysts recently commented on PGRE shares. Wells Fargo & Company lowered their price objective on Paramount Group from $5.00 to $4.50 and set an "underweight" rating for the company in a research note on Monday, May 19th. Evercore ISI upgraded shares of Paramount Group from an "in-line" rating to an "outperform" rating and upped their price target for the stock from $4.50 to $8.00 in a research report on Tuesday, May 20th. Mizuho lifted their price objective on shares of Paramount Group from $5.00 to $6.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Morgan Stanley reaffirmed an "underweight" rating and set a $3.25 price target on shares of Paramount Group in a report on Tuesday, April 15th. Finally, Wall Street Zen downgraded Paramount Group from a "hold" rating to a "sell" rating in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $5.44.

Paramount Group Trading Up 1.2%

The company has a debt-to-equity ratio of 0.90, a quick ratio of 5.91 and a current ratio of 5.91. The company has a 50-day simple moving average of $6.35 and a 200 day simple moving average of $5.21. The company has a market capitalization of $1.52 billion, a P/E ratio of -19.15 and a beta of 1.35.

Paramount Group (NYSE:PGRE - Get Free Report) last released its earnings results on Wednesday, July 30th. The financial services provider reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. The business had revenue of $177.05 million for the quarter, compared to the consensus estimate of $173.98 million. Paramount Group had a negative return on equity of 1.92% and a negative net margin of 10.49%. Sell-side analysts expect that Paramount Group, Inc. will post 0.78 earnings per share for the current year.

Institutional Trading of Paramount Group

A number of hedge funds and other institutional investors have recently modified their holdings of PGRE. Sterling Capital Management LLC increased its position in shares of Paramount Group by 806.3% in the 4th quarter. Sterling Capital Management LLC now owns 5,909 shares of the financial services provider's stock valued at $29,000 after buying an additional 5,257 shares in the last quarter. Manchester Capital Management LLC increased its position in shares of Paramount Group by 99.2% in the 1st quarter. Manchester Capital Management LLC now owns 8,864 shares of the financial services provider's stock valued at $38,000 after buying an additional 4,415 shares in the last quarter. Signaturefd LLC increased its position in shares of Paramount Group by 101.0% in the 2nd quarter. Signaturefd LLC now owns 8,291 shares of the financial services provider's stock valued at $51,000 after buying an additional 4,167 shares in the last quarter. Gotham Asset Management LLC bought a new position in Paramount Group in the fourth quarter valued at approximately $52,000. Finally, Wolverine Asset Management LLC lifted its holdings in shares of Paramount Group by 86.6% in the first quarter. Wolverine Asset Management LLC now owns 12,195 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 5,659 shares in the last quarter. 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.

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