Paramount Group (NYSE:PGRE) Sets New 1-Year High - Here's What Happened

Paramount Group, Inc. (NYSE:PGRE - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $6.60 and last traded at $6.59, with a volume of 965934 shares. The stock had previously closed at $6.45.

Analyst Upgrades and Downgrades

PGRE has been the subject of a number of recent analyst reports. Evercore ISI raised Paramount Group from an "in-line" rating to an "outperform" rating and raised their price objective for the stock from $4.50 to $8.00 in a research report on Tuesday, May 20th. Mizuho cut their price target on Paramount Group from $6.00 to $5.00 and set an "outperform" rating on the stock in a research report on Tuesday, February 25th. Wells Fargo & Company cut their price target on Paramount Group from $5.00 to $4.50 and set an "underweight" rating on the stock in a research report on Monday, May 19th. Wall Street Zen lowered Paramount Group from a "hold" rating to a "sell" rating in a report on Wednesday, April 23rd. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $3.25 price objective on shares of Paramount Group in a report on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating and two have issued a buy rating to the company. According to MarketBeat.com, Paramount Group presently has a consensus rating of "Hold" and an average target price of $5.19.

Paramount Group Trading Down 2.7%

The business has a fifty day moving average price of $5.08 and a 200 day moving average price of $4.76. The company has a market capitalization of $1.41 billion, a PE ratio of -6.56 and a beta of 1.32. The company has a debt-to-equity ratio of 0.91, a quick ratio of 4.45 and a current ratio of 4.45.

Paramount Group (NYSE:PGRE - Get Free Report) last announced its earnings results on Wednesday, April 30th. The financial services provider reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17. The business had revenue of $187.02 million for the quarter, compared to the consensus estimate of $180.79 million. Paramount Group had a negative return on equity of 5.26% and a negative net margin of 27.92%. Analysts expect that Paramount Group, Inc. will post 0.78 EPS for the current fiscal year.

Insider Activity

In related news, CEO Albert P. Behler acquired 10,000 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was purchased at an average cost of $4.15 per share, for a total transaction of $41,500.00. Following the purchase, the chief executive officer now directly owns 751,812 shares in the company, valued at $3,120,019.80. This represents a 1.35% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 13.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Quantinno Capital Management LP lifted its holdings in shares of Paramount Group by 22.0% during the fourth quarter. Quantinno Capital Management LP now owns 15,771 shares of the financial services provider's stock valued at $78,000 after purchasing an additional 2,845 shares during the last quarter. Metis Global Partners LLC raised its stake in shares of Paramount Group by 16.3% during the 4th quarter. Metis Global Partners LLC now owns 20,955 shares of the financial services provider's stock worth $104,000 after purchasing an additional 2,935 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Paramount Group by 1.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 239,200 shares of the financial services provider's stock worth $1,182,000 after purchasing an additional 3,000 shares in the last quarter. Nebula Research & Development LLC raised its stake in shares of Paramount Group by 7.0% during the 4th quarter. Nebula Research & Development LLC now owns 54,852 shares of the financial services provider's stock worth $271,000 after purchasing an additional 3,611 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Paramount Group by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 105,005 shares of the financial services provider's stock worth $519,000 after purchasing an additional 3,673 shares in the last quarter. Institutional investors 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.