Paramount Group (NYSE:PGRE) Rating Increased to Outperform at Evercore ISI

Paramount Group (NYSE:PGRE) was upgraded by equities researchers at Evercore ISI from an “in-line” rating to an “outperform” rating in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $8.00 price target on the financial services provider’s stock. Evercore ISI’s target price would indicate a potential upside of 48.15% from the stock’s previous close.

PGRE has been the subject of several other reports. StockNews.com lowered Paramount Group from a “hold” rating to a “sell” rating in a research report on Wednesday, April 23rd. Mizuho lowered their target price on Paramount Group from $6.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, February 25th. Morgan Stanley reaffirmed an “underweight” rating and issued a $3.25 price target on shares of Paramount Group in a research report on Tuesday, April 15th. Finally, 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 report on Monday. Three research analysts have rated the stock with a sell rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.19.

Paramount Group Stock Performance

Shares of Paramount Group stock opened at $5.40 on Tuesday. The firm has a market cap of $1.18 billion, a PE ratio of -5.51 and a beta of 1.12. The company has a quick ratio of 4.45, a current ratio of 4.45 and a debt-to-equity ratio of 0.91. Paramount Group has a 52 week low of $3.75 and a 52 week high of $5.75. The business’s fifty day simple moving average is $4.32 and its 200-day simple moving average is $4.60.

Paramount Group (NYSE:PGRE) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $0.17 EPS for the quarter, meeting analysts’ consensus estimates of $0.17. The company had revenue of $187.02 million for the quarter, compared to analysts’ expectations of $180.79 million. Paramount Group had a negative net margin of 27.92% and a negative return on equity of 5.26%. Equities analysts forecast that Paramount Group will post 0.78 earnings per share for the current year.

Insider Transactions at Paramount Group

In other news, CEO Albert P. Behler purchased 10,000 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were acquired at an average cost of $4.15 per share, for a total transaction of $41,500.00. Following the completion of the purchase, the chief executive officer now directly owns 751,812 shares in the company, valued at $3,120,019.80. The trade was a 1.35% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 13.80% of the company’s stock.

Hedge Funds Weigh In On Paramount Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Paramount Group by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 26,922,796 shares of the financial services provider’s stock worth $132,999,000 after purchasing an additional 477,940 shares in the last quarter. Franklin Resources Inc. purchased a new position in shares of Paramount Group in the 3rd quarter valued at about $643,000. Barclays PLC lifted its stake in shares of Paramount Group by 95.5% in the third quarter. Barclays PLC now owns 455,700 shares of the financial services provider’s stock valued at $2,242,000 after purchasing an additional 222,656 shares during the period. Northern Trust Corp boosted its holdings in Paramount Group by 40.1% during the fourth quarter. Northern Trust Corp now owns 2,891,068 shares of the financial services provider’s stock worth $14,282,000 after buying an additional 827,187 shares in the last quarter. Finally, Solel Partners LP purchased a new stake in Paramount Group during the fourth quarter worth about $6,719,000. Institutional investors and hedge funds 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.