Paramount Group (NYSE:PGRE) Shares Gap Down - Here's Why

Key Points

• Paramount Group's stock dropped significantly, opening at $6.53 after a previous close of $7.39, amid active trading with a volume of 38,768,680 shares.
• Analysts have mixed views on the stock, with price targets ranging from $4.20 to $8.00, and a consensus rating of "Hold".
• The company reported an earnings per share of $0.17 for the last quarter, exceeding estimates, despite a negative net margin of 10.49%.

Paramount Group, Inc. (NYSE:PGRE - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $7.39, but opened at $6.53. Paramount Group shares last traded at $6.53, with a volume of 38,768,680 shares traded.

Analysts Set New Price Targets

Several analysts recently issued reports on PGRE shares. BTIG Research reiterated a "neutral" rating on shares of Paramount Group in a research report on Wednesday. Wells Fargo & Company upgraded shares of Paramount Group from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $4.20 to $6.60 in a research report on Thursday. Finally, Mizuho raised their price target on shares of Paramount Group from $5.00 to $6.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $5.96.

Paramount Group Price Performance

The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -18.14 and a beta of 1.38. The business's fifty day moving average price is $6.74 and its 200-day moving average price is $5.67. The company has a debt-to-equity ratio of 0.90, a current ratio of 5.91 and a quick ratio of 5.91.

Paramount Group (NYSE:PGRE - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.03. The business had revenue of $177.05 million for the quarter, compared to analysts' expectations of $173.98 million. Paramount Group had a negative net margin of 10.49% and a negative return on equity of 1.92%. Paramount Group has set its FY 2025 guidance at 0.550-0.590 EPS. On average, research analysts forecast that Paramount Group, Inc. will post 0.78 EPS for the current year.

Institutional Trading of Paramount Group

Several hedge funds and other institutional investors have recently modified their holdings of PGRE. Manchester Capital Management LLC raised its position in shares of 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 purchasing an additional 4,415 shares during the period. Signaturefd LLC boosted its holdings in 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 purchasing an additional 4,167 shares during the period. Wolverine Asset Management LLC boosted its holdings in Paramount Group by 86.6% in the 1st 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 during the period. Levin Capital Strategies L.P. bought a new position in Paramount Group in the 1st quarter valued at $64,000. Finally, Adero Partners LLC bought a new position in Paramount Group in the 1st quarter valued at $67,000. Institutional investors own 65.64% of the company's stock.

Paramount Group Company Profile

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.