Paramount Group (NYSE:PGRE) Trading Up 0.2% – What’s Next?

Paramount Group, Inc. (NYSE:PGRE) shares were up 0.2% during trading on Friday . The stock traded as high as $6.60 and last traded at $6.60. Approximately 6,790,611 shares changed hands during trading, an increase of 178% from the average daily volume of 2,441,394 shares. The stock had previously closed at $6.59.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGRE. Evercore ISI set a $6.60 target price on Paramount Group and gave the company an “in-line” rating in a research report on Monday, September 22nd. Wells Fargo & Company upgraded shares of Paramount Group from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $4.20 to $6.60 in a report on Thursday, September 18th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Paramount Group in a research report on Monday, December 15th. Finally, Morgan Stanley set a $6.60 target price on shares of Paramount Group and gave the stock an “equal weight” rating in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Paramount Group has an average rating of “Hold” and a consensus price target of $6.45.

Paramount Group Trading Up 0.2%

The stock has a 50-day moving average of $6.59 and a 200 day moving average of $6.61. The company has a quick ratio of 4.91, a current ratio of 4.91 and a debt-to-equity ratio of 0.91. The stock has a market cap of $1.46 billion, a PE ratio of -14.67 and a beta of 0.93.

Paramount Group (NYSE:PGRE) last announced its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The business had revenue of $172.96 million during the quarter, compared to analysts’ expectations of $167.65 million. Paramount Group had a negative net margin of 13.47% and a negative return on equity of 2.39%. As a group, sell-side analysts anticipate that Paramount Group, Inc. will post 0.78 earnings per share for the current year.

Hedge Funds Weigh In On Paramount Group

A number of institutional investors have recently modified their holdings of PGRE. PenderFund Capital Management Ltd. acquired a new stake in Paramount Group during the third quarter worth about $33,000. Signaturefd LLC boosted its position in Paramount Group by 101.0% in the 2nd quarter. Signaturefd LLC now owns 8,291 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 4,167 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Paramount Group during the 3rd quarter worth approximately $65,000. Truist Financial Corp purchased a new position in shares of Paramount Group during the 2nd quarter valued at approximately $67,000. Finally, Ethic Inc. purchased a new position in shares of Paramount Group during the 2nd quarter valued at approximately $76,000. Hedge funds and other institutional investors own 65.64% of the company’s stock.

Paramount Group Company Profile

Paramount Group, Inc (NYSE: PGRE) is a publicly traded real estate investment trust focused on the ownership, management and development of Class A office properties in key U.S. urban markets. The company’s portfolio comprises premier office buildings strategically located in gateway cities, where it seeks to deliver high-quality workspace solutions and drive long-term value through active asset management, redevelopment initiatives and sustainable operating practices.

Tracing its origins to 1978, Paramount Group converted to a real estate investment trust in 1997 and subsequently completed its initial public offering.