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

Shares of Paramount Group, Inc. (NYSE:PGRE - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $6.62 and last traded at $6.59, with a volume of 1117299 shares traded. The stock had previously closed at $6.34.

Analyst Upgrades and Downgrades

PGRE has been the topic of several recent research reports. Wells Fargo & Company lowered their price objective 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. Morgan Stanley reiterated an "underweight" rating and set a $3.25 price objective on shares of Paramount Group in a research report on Tuesday, April 15th. Evercore ISI upgraded Paramount Group from an "in-line" rating to an "outperform" rating and increased their price objective for the stock from $4.50 to $8.00 in a research report on Tuesday, May 20th. Finally, Wall Street Zen cut Paramount Group from a "hold" rating to a "sell" rating in a research report on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating and two have given a buy rating to the company. Based on data from MarketBeat, Paramount Group has an average rating of "Hold" and a consensus target price of $5.19.

Paramount Group Stock Performance

The company has a debt-to-equity ratio of 0.90, a current ratio of 5.56 and a quick ratio of 5.56. The stock has a 50-day simple moving average of $5.87 and a 200-day simple moving average of $4.96. The stock has a market cap of $1.45 billion, a P/E ratio of -21.29 and a beta of 1.31.

Paramount Group (NYSE:PGRE - Get Free Report) last released its earnings results on Wednesday, April 30th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.17. Paramount Group had a negative return on equity of 1.63% and a negative net margin of 8.76%. The firm had revenue of $187.02 million for the quarter, compared to analysts' expectations of $180.79 million. Research analysts forecast that Paramount Group, Inc. will post 0.78 earnings per share for the current year.

Hedge Funds Weigh In On Paramount Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC lifted its stake in shares of Paramount Group by 806.3% in the fourth quarter. Sterling Capital Management LLC now owns 5,909 shares of the financial services provider's stock worth $29,000 after acquiring an additional 5,257 shares during the period. Manchester Capital Management LLC lifted its stake in Paramount Group by 99.2% in the first 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 during the period. Gotham Asset Management LLC acquired a new position in Paramount Group in the fourth quarter valued at approximately $52,000. Wolverine Asset Management LLC lifted its stake in 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 buying an additional 5,659 shares during the period. Finally, Commerce Bank acquired a new position in Paramount Group in the fourth quarter valued at approximately $54,000. 65.64% of the stock is owned by institutional investors and hedge funds.

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.