Paramount Group (NYSE:PGRE) Sees Strong Trading Volume - Still a Buy?

Shares of Paramount Group, Inc. (NYSE:PGRE - Get Free Report) saw an uptick in trading volume on Wednesday . 5,952,068 shares were traded during mid-day trading, an increase of 311% from the previous session's volume of 1,448,698 shares.The stock last traded at $6.14 and had previously closed at $6.25.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Morgan Stanley reiterated an "underweight" rating and set a $3.25 target price on shares of Paramount Group in a research note on Tuesday, April 15th. 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 Paramount Group from an "in-line" rating to an "outperform" rating and increased their price target for the stock from $4.50 to $8.00 in a report on Tuesday, May 20th. Finally, Wall Street Zen downgraded Paramount Group from a "hold" rating to a "sell" rating in a report on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $5.19.

Paramount Group Stock Down 0.6%

The company's 50-day moving average is $5.51 and its 200 day moving average is $4.86. The company has a current ratio of 5.56, a quick ratio of 5.56 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $1.34 billion, a PE ratio of -19.73 and a beta of 1.32.

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

Hedge Funds Weigh In On Paramount Group

Institutional investors and hedge funds have recently modified their holdings of the business. Cohen & Steers Inc. purchased a new stake in Paramount Group during the 4th quarter worth approximately $9,231,000. Long Pond Capital LP lifted its holdings in Paramount Group by 16.8% in the first quarter. Long Pond Capital LP now owns 11,737,433 shares of the financial services provider's stock valued at $50,471,000 after acquiring an additional 1,684,098 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Paramount Group during the first quarter worth $6,164,000. Nuveen LLC purchased a new stake in shares of Paramount Group during the first quarter worth $6,096,000. Finally, Solel Partners LP acquired a new stake in Paramount Group in the 4th quarter valued at about $6,719,000. Hedge funds and other 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.