Paramount Group (NYSE:PGRE) Rating Increased to Equal Weight at Wells Fargo & Company

Key Points

• Wells Fargo & Company upgraded Paramount Group's stock rating from "underweight" to "equal weight" with a new price objective of $6.60.
• Paramount Group reported an earnings per share (EPS) of $0.17 for its last quarter, surpassing the consensus estimate by $0.03.
• 65.64% of Paramount Group's stock is currently held by institutional investors, indicating significant interest from large financial entities.

Paramount Group (NYSE:PGRE - Get Free Report) was upgraded by investment analysts at Wells Fargo & Company from an "underweight" rating to an "equal weight" rating in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage presently has a $6.60 target price on the financial services provider's stock, up from their prior target price of $4.20. Wells Fargo & Company's price objective indicates a potential upside of 0.84% from the stock's current price.

A number of other equities analysts have also commented on the stock. Mizuho increased their price target on shares of Paramount Group from $5.00 to $6.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. BTIG Research reaffirmed a "neutral" rating on shares of Paramount Group in a research note on Wednesday, September 17th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $5.61.

Paramount Group Trading Up 0.2%

PGRE stock traded up $0.02 during midday trading on Thursday, reaching $6.55. The company's stock had a trading volume of 1,157,369 shares, compared to its average volume of 2,767,794. The stock has a market cap of $1.44 billion, a PE ratio of -18.18 and a beta of 1.38. Paramount Group has a 52 week low of $3.75 and a 52 week high of $7.85. The business's 50-day simple moving average is $6.74 and its 200-day simple moving average is $5.68. The company has a quick ratio of 5.91, a current ratio of 5.91 and a debt-to-equity ratio of 0.90.

Paramount Group (NYSE:PGRE - Get Free Report) last issued its earnings results on Wednesday, July 30th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.03. The company 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. As a group, sell-side analysts expect that Paramount Group will post 0.78 EPS for the current year.

Hedge Funds Weigh In On Paramount Group

Several institutional investors and hedge funds have recently made changes to their positions in PGRE. Ameriprise Financial Inc. increased its holdings in shares of Paramount Group by 159.7% during the fourth quarter. Ameriprise Financial Inc. now owns 43,239 shares of the financial services provider's stock valued at $214,000 after purchasing an additional 26,590 shares during the period. BNP Paribas Financial Markets increased its position in Paramount Group by 8.4% in the 4th quarter. BNP Paribas Financial Markets now owns 96,923 shares of the financial services provider's stock worth $479,000 after buying an additional 7,489 shares during the period. Gotham Asset Management LLC bought a new stake in shares of Paramount Group during the fourth quarter valued at approximately $52,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Paramount Group by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 105,005 shares of the financial services provider's stock valued at $519,000 after buying an additional 3,673 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in Paramount Group by 22.0% in the fourth quarter. Quantinno Capital Management LP now owns 15,771 shares of the financial services provider's stock worth $78,000 after purchasing an additional 2,845 shares in the last quarter. 65.64% of the stock is currently owned by hedge funds and other institutional investors.

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.