Paramount Group (NYSE:PGRE) Stock Rating Lowered by Zacks Investment Research

Paramount Group (NYSE:PGRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

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 research firms also recently commented on PGRE. Goldman Sachs Group began coverage on Paramount Group in a research note on Friday, November 8th. They issued a “sell” rating and a $13.00 price target on the stock. Morgan Stanley upgraded Paramount Group from an “equal” rating to a “weight” rating and set a $15.00 price target on the stock in a research report on Friday, October 11th. Finally, ValuEngine upgraded Paramount Group from a “sell” rating to a “hold” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $14.33.

NYSE PGRE opened at $13.80 on Friday. The stock has a market cap of $3.14 billion, a P/E ratio of 14.38, a PEG ratio of 3.68 and a beta of 0.77. The company’s 50-day simple moving average is $13.44 and its 200 day simple moving average is $13.63. Paramount Group has a twelve month low of $12.18 and a twelve month high of $15.11. The company has a quick ratio of 2.88, a current ratio of 2.88 and a debt-to-equity ratio of 0.76.

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

In other Paramount Group news, Director Katharina Otto-Bernstein purchased 33,363 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was purchased at an average cost of $13.49 per share, with a total value of $450,066.87. Following the acquisition, the director now directly owns 12,164,852 shares of the company’s stock, valued at approximately $164,103,853.48. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Alexander Otto sold 16,487 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $13.49, for a total value of $222,409.63. Following the sale, the insider now directly owns 13,656,206 shares of the company’s stock, valued at $184,222,218.94. The disclosure for this sale can be found here. Company insiders own 8.00% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of PGRE. Millennium Management LLC raised its stake in shares of Paramount Group by 969.3% in the third quarter. Millennium Management LLC now owns 958,780 shares of the financial services provider’s stock worth $12,799,000 after acquiring an additional 869,117 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Paramount Group during the third quarter valued at approximately $1,057,000. Barclays PLC grew its stake in shares of Paramount Group by 33.5% during the third quarter. Barclays PLC now owns 439,222 shares of the financial services provider’s stock valued at $5,863,000 after purchasing an additional 110,134 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Paramount Group by 112.7% during the third quarter. Point72 Asset Management L.P. now owns 21,700 shares of the financial services provider’s stock valued at $290,000 after purchasing an additional 11,500 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of Paramount Group by 0.3% in the third quarter. California State Teachers Retirement System now owns 320,929 shares of the financial services provider’s stock valued at $4,284,000 after purchasing an additional 869 shares in the last quarter. Hedge funds and other institutional investors own 62.90% 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.

Recommended Story: Bond

Get a free copy of the Zacks research report on Paramount Group (PGRE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Paramount Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paramount Group and related companies with MarketBeat.com's FREE daily email newsletter.