Paramount Group (NYSE:PGRE) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Paramount Group (NYSE:PGRE) from a hold rating to a buy rating in a research note issued to investors on Thursday, Zacks.com reports. Zacks Investment Research currently has $15.00 target price on the financial services provider’s stock.

According to Zacks, “Paramount Group, Inc. is a real estate investment trust focused on owning, operating and managing Class A office properties. It provides asset management, leasing, acquisitions, redevelopment and financing. The Company owns properties in New York City, Washington D.C. and San Francisco. Paramount Group, Inc. is based in the United States. “

Several other equities analysts have also recently commented on PGRE. ValuEngine cut shares of Paramount Group from a hold rating to a sell rating in a research note on Tuesday, November 5th. Morgan Stanley raised shares of Paramount Group from an equal rating to a weight rating and set a $15.00 target price on the stock in a research note on Friday, October 11th. Finally, Goldman Sachs Group started coverage on shares of Paramount Group in a research note on Friday, November 8th. They set a sell rating and a $13.00 target price on the stock. Two analysts have rated the stock with a sell rating and two have issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $14.33.

Paramount Group stock remained flat at $$13.57 during trading hours on Thursday. 623,090 shares of the company’s stock traded hands, compared to its average volume of 1,693,001. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 3.77 and a beta of 0.77. The company has a current ratio of 2.88, a quick ratio of 2.88 and a debt-to-equity ratio of 0.76. The firm’s fifty day moving average price is $13.20 and its 200-day moving average price is $13.73. Paramount Group has a 52-week low of $12.18 and a 52-week high of $15.11.

Paramount Group (NYSE:PGRE) last released its earnings results on Wednesday, November 6th. The financial services provider reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.21). The company had revenue of $198.32 million for the quarter, compared to analyst estimates of $190.88 million. Paramount Group had a net margin of 2.77% and a return on equity of 0.44%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.24 EPS. Analysts anticipate that Paramount Group will post 0.97 EPS for the current year.

Several large investors have recently bought and sold shares of PGRE. Long Pond Capital LP boosted its position in shares of Paramount Group by 30.3% during the 2nd quarter. Long Pond Capital LP now owns 8,181,308 shares of the financial services provider’s stock valued at $114,620,000 after purchasing an additional 1,903,023 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Paramount Group by 26.9% during the 2nd quarter. Renaissance Technologies LLC now owns 5,099,299 shares of the financial services provider’s stock valued at $71,441,000 after purchasing an additional 1,081,299 shares in the last quarter. Crestline Management LP bought a new position in shares of Paramount Group during the 2nd quarter valued at about $13,353,000. Nuveen Asset Management LLC boosted its position in shares of Paramount Group by 141.5% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,514,333 shares of the financial services provider’s stock valued at $21,216,000 after purchasing an additional 887,291 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Paramount Group by 17.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,698,327 shares of the financial services provider’s stock valued at $37,494,000 after purchasing an additional 392,972 shares in the last quarter. Institutional investors own 61.06% of the company’s stock.

About Paramount Group

Headquartered in New York City, Paramount Group, Inc 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 City, Washington, DC and San Francisco.

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