Paramount Group (NYSE:PGRE) Trading 0.2% Higher – Time to Buy?

Paramount Group, Inc. (NYSE:PGRE)’s share price rose 0.2% 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.

Analyst Ratings Changes

PGRE has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Paramount Group in a research note on Monday, December 15th. 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. Finally, Evercore ISI set a $6.60 price target on shares of Paramount Group and gave the stock an “in-line” rating in a research note on Monday, September 22nd. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $6.45.

Paramount Group Trading Up 0.2%

The business’s 50-day simple moving average is $6.59 and its two-hundred day simple moving average is $6.61. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -14.67 and a beta of 0.93. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.91 and a quick ratio of 4.91.

Paramount Group (NYSE:PGRE) last posted its earnings results on Wednesday, October 29th. The financial services provider reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.02. Paramount Group had a negative net margin of 13.47% and a negative return on equity of 2.39%. The business had revenue of $172.96 million for the quarter, compared to analyst estimates of $167.65 million. On average, research analysts anticipate that Paramount Group, Inc. will post 0.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Paramount Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in shares of Paramount Group by 265.5% in the third quarter. JPMorgan Chase & Co. now owns 4,391,256 shares of the financial services provider’s stock valued at $28,719,000 after purchasing an additional 3,189,695 shares during the period. Wellington Management Group LLP increased its position in shares of Paramount Group by 3,252.7% during the third quarter. Wellington Management Group LLP now owns 3,182,378 shares of the financial services provider’s stock worth $20,813,000 after acquiring an additional 3,087,459 shares during the last quarter. Quinn Opportunity Partners LLC increased its position in shares of Paramount Group by 1,159.0% during the third quarter. Quinn Opportunity Partners LLC now owns 2,447,400 shares of the financial services provider’s stock worth $16,006,000 after acquiring an additional 2,253,000 shares during the last quarter. Rush Island Management LP acquired a new position in shares of Paramount Group in the second quarter worth about $12,295,000. Finally, Pentwater Capital Management LP purchased a new stake in Paramount Group during the 3rd quarter worth approximately $13,089,000. Hedge funds and other institutional investors own 65.64% of the company’s stock.

About Paramount Group

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.