Paramount Group (NYSE:PGRE) Shares Gap Up on Earnings Beat

Paramount Group, Inc. (NYSE:PGRE) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $4.60, but opened at $4.82. Paramount Group shares last traded at $4.46, with a volume of 131,180 shares changing hands.

The financial services provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $186.27 million for the quarter, compared to analyst estimates of $180.41 million.

Analyst Upgrades and Downgrades

Separately, Mizuho cut their price target on shares of Paramount Group from $6.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.63.

Institutional Investors Weigh In On Paramount Group

Institutional investors have recently made changes to their positions in the business. Sterling Capital Management LLC boosted its stake in shares of Paramount Group by 806.3% in the 4th 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Paramount Group by 226.0% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 7,140 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 4,950 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Paramount Group in the 3rd quarter valued at $37,000. Gotham Asset Management LLC purchased a new stake in shares of Paramount Group in the 4th quarter valued at $52,000. Finally, Commerce Bank purchased a new stake in shares of Paramount Group in the 4th quarter valued at $54,000. Hedge funds and other institutional investors own 65.64% of the company’s stock.

Paramount Group Stock Down 2.0 %

The company has a market cap of $981.01 million, a PE ratio of -4.60 and a beta of 1.22. The stock’s 50 day moving average price is $4.73 and its 200-day moving average price is $4.87. The company has a debt-to-equity ratio of 0.91, a quick ratio of 4.45 and a current ratio of 4.45.

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.