Wells Fargo & Company Cuts Paramount Group (NYSE:PGRE) Price Target to $4.50

Paramount Group (NYSE:PGRE) had its target price decreased by Wells Fargo & Company from $5.00 to $4.50 in a research note released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

Several other research analysts also recently commented on PGRE. StockNews.com downgraded Paramount Group from a “hold” rating to a “sell” rating in a research note on Wednesday, April 23rd. 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. Finally, Mizuho reduced 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. Three analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $5.19.

Paramount Group Stock Up 2.0%

PGRE stock opened at $5.75 on Monday. 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 twelve month low of $3.75 and a twelve month high of $5.78. The business has a 50 day moving average price of $4.39 and a two-hundred day moving average price of $4.61. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -5.86 and a beta of 1.12.

Paramount Group (NYSE:PGRE) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. Paramount Group had a negative return on equity of 5.26% and a negative net margin of 27.92%. The company had revenue of $187.02 million during the quarter, compared to the consensus estimate of $180.79 million. Analysts anticipate that Paramount Group will post 0.78 EPS for the current fiscal year.

Insider Activity at Paramount Group

In other news, CEO Albert P. Behler purchased 10,000 shares of Paramount Group stock in a transaction that occurred on Friday, March 21st. The stock was acquired at an average cost of $4.15 per share, for a total transaction of $41,500.00. Following the purchase, the chief executive officer now directly owns 751,812 shares of the company’s stock, valued at $3,120,019.80. This trade represents a 1.35% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 13.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Paramount Group

Several institutional investors have recently added to or reduced their stakes in PGRE. Vanguard Group Inc. raised its holdings in Paramount Group by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 26,922,796 shares of the financial services provider’s stock valued at $132,999,000 after acquiring an additional 477,940 shares in the last quarter. Northern Trust Corp raised its holdings in Paramount Group by 40.1% in the 4th quarter. Northern Trust Corp now owns 2,891,068 shares of the financial services provider’s stock valued at $14,282,000 after acquiring an additional 827,187 shares in the last quarter. Franklin Resources Inc. acquired a new position in Paramount Group in the 3rd quarter valued at $643,000. Barclays PLC raised its holdings in Paramount Group by 95.5% in the 3rd quarter. Barclays PLC now owns 455,700 shares of the financial services provider’s stock valued at $2,242,000 after acquiring an additional 222,656 shares in the last quarter. Finally, Solel Partners LP acquired a new position in Paramount Group in the 4th quarter valued at $6,719,000. 65.64% of the stock is currently owned by 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.