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

Paramount Group, Inc. (NYSE:PGRE)’s stock price gapped up prior to trading 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 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02. The company had revenue of $186.27 million for the quarter, compared to the consensus estimate of $180.41 million. Paramount Group had a negative return on equity of 5.26% and a negative net margin of 27.92%.

Wall Street Analysts Forecast Growth

Separately, Mizuho lowered their target price on Paramount Group from $6.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday. One equities 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 stock. Based on data from MarketBeat, Paramount Group presently has a consensus rating of “Hold” and an average target price of $4.63.

Institutional Investors Weigh In On Paramount Group

A number of institutional investors have recently added to or reduced their stakes in PGRE. Vanguard Group Inc. lifted its position in shares of Paramount Group by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 26,922,796 shares of the financial services provider’s stock worth $132,999,000 after buying an additional 477,940 shares during the period. Long Pond Capital LP grew its position in shares of Paramount Group by 12.5% during the 4th 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 increased 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 acquiring an additional 135,654 shares in the last quarter. Geode Capital Management LLC boosted its stake in Paramount Group by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,695,561 shares of the financial services provider’s stock worth $23,107,000 after purchasing an additional 345,450 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in Paramount Group by 11.2% in 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 purchasing an additional 292,392 shares in the last quarter. 65.64% of the stock is owned by institutional investors and hedge funds.

Paramount Group Stock Down 2.6 %

The firm has a market cap of $974.49 million, a P/E ratio of -4.57 and a beta of 1.22. The company has a quick ratio of 4.45, a current ratio of 4.45 and a debt-to-equity ratio of 0.91. The firm has a fifty day moving average of $4.74 and a 200-day moving average of $4.87.

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.