Paramount Group (NYSE:PGRE) Sees Strong Trading Volume – Here’s Why

Paramount Group, Inc. (NYSE:PGRE) saw unusually-high trading volume on Wednesday . Approximately 2,872,245 shares were traded during mid-day trading, an increase of 4% from the previous session’s volume of 2,763,129 shares.The stock last traded at $6.5550 and had previously closed at $6.55.

Analyst Upgrades and Downgrades

Several research firms recently commented on PGRE. Morgan Stanley set a $6.60 price target on shares of Paramount Group and gave the company an “equal weight” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “sell (d)” rating on shares of Paramount Group in a research note on Thursday, November 13th. 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 Paramount Group from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $4.20 to $6.60 in a report on Thursday, September 18th. Finally, BTIG Research reissued a “neutral” rating on shares of Paramount Group in a research note on Wednesday, September 17th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $6.45.

Paramount Group Trading Up 0.1%

The firm has a market cap of $1.45 billion, a P/E ratio of -14.57 and a beta of 1.32. The company’s fifty day moving average price is $6.61 and its two-hundred day moving average price is $6.38. The company has a current ratio of 4.91, a quick ratio of 4.91 and a debt-to-equity ratio of 0.91.

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

Institutional Investors Weigh In On Paramount Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nuveen LLC bought a new position in shares of Paramount Group in the first quarter valued at about $6,096,000. XTX Topco Ltd boosted its holdings in shares of Paramount Group by 249.9% during the first quarter. XTX Topco Ltd now owns 162,968 shares of the financial services provider’s stock worth $701,000 after acquiring an additional 116,394 shares during the period. American Century Companies Inc. grew its position in shares of Paramount Group by 222.1% in the first quarter. American Century Companies Inc. now owns 49,749 shares of the financial services provider’s stock valued at $214,000 after purchasing an additional 34,306 shares during the last quarter. GSA Capital Partners LLP increased its stake in shares of Paramount Group by 102.8% during the first quarter. GSA Capital Partners LLP now owns 402,937 shares of the financial services provider’s stock worth $1,733,000 after purchasing an additional 204,248 shares during the period. Finally, Long Pond Capital LP lifted its holdings in Paramount Group by 16.8% during the 1st quarter. Long Pond Capital LP now owns 11,737,433 shares of the financial services provider’s stock worth $50,471,000 after purchasing an additional 1,684,098 shares during the last quarter. 65.64% of the stock is currently owned by institutional investors and hedge funds.

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.