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

Paramount Group, Inc. (NYSE:PGRE) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. 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. The business had revenue of $186.27 million for the quarter, compared to analysts’ expectations of $180.41 million. Paramount Group had a negative net margin of 27.92% and a negative return on equity of 5.26%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Paramount Group

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Paramount Group by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 26,922,796 shares of the financial services provider’s stock worth $132,999,000 after purchasing an additional 477,940 shares during the period. Long Pond Capital LP boosted its holdings in shares of Paramount Group by 12.5% in the fourth quarter. Long Pond Capital LP now owns 10,053,335 shares of the financial services provider’s stock worth $49,663,000 after buying an additional 1,116,395 shares during the period. Legal & General Group Plc boosted its holdings in shares of Paramount Group by 2.9% in the fourth quarter. Legal & General Group Plc now owns 4,860,475 shares of the financial services provider’s stock worth $24,011,000 after buying an additional 135,654 shares during the period. Geode Capital Management LLC increased its position in shares of Paramount Group by 7.9% in the third quarter. Geode Capital Management LLC now owns 4,695,561 shares of the financial services provider’s stock worth $23,107,000 after acquiring an additional 345,450 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Paramount Group by 11.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,895,573 shares of the financial services provider’s stock valued at $14,304,000 after acquiring an additional 292,392 shares during the period. Institutional investors and hedge funds own 65.64% of the company’s stock.

Paramount Group Trading Down 2.0 %

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

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.