Paramount Group (NYSE:PGRE) Shares Gap Up – Here’s What Happened

Paramount Group, Inc. (NYSE:PGRE) shares gapped up before the market opened on Tuesday . The stock had previously closed at $4.11, but opened at $4.35. Paramount Group shares last traded at $4.22, with a volume of 113,542 shares changing hands.

Analysts Set New Price Targets

Separately, Mizuho dropped their price objective on shares of Paramount Group from $6.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $4.63.

Paramount Group Stock Performance

The company has a debt-to-equity ratio of 0.91, a current ratio of 4.45 and a quick ratio of 4.45. The company has a market capitalization of $908.18 million, a PE ratio of -4.29 and a beta of 1.22. The firm’s fifty day simple moving average is $4.57 and its 200 day simple moving average is $4.82.

Paramount Group (NYSE:PGRE) last posted its quarterly earnings results on Thursday, February 27th. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02. Paramount Group had a negative net margin of 27.92% and a negative return on equity of 5.26%. The company had revenue of $186.27 million for the quarter, compared to analyst estimates of $180.41 million. On average, research analysts predict that Paramount Group, Inc. will post 0.78 EPS for the current year.

Institutional Investors Weigh In On Paramount Group

Hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC boosted its holdings in Paramount Group by 806.3% in the fourth quarter. Sterling Capital Management LLC now owns 5,909 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 5,257 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Paramount Group by 226.0% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 7,140 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 4,950 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Paramount Group during the 3rd quarter worth about $37,000. Gotham Asset Management LLC purchased a new stake in shares of Paramount Group during the 4th quarter worth about $52,000. Finally, Commerce Bank purchased a new stake in shares of Paramount Group during the 4th quarter worth about $54,000. 65.64% of the stock is owned by hedge funds and other institutional investors.

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.