Paramount Group (NYSE:PGRE) Shares Gap Up on 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 trading hands.

The financial services provider reported $0.19 EPS for the quarter, beating 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 company had revenue of $186.27 million during the quarter, compared to analyst estimates of $180.41 million.

Analyst Upgrades and Downgrades

Separately, Mizuho lowered their price target on shares of Paramount Group from $6.00 to $5.00 and set an “outperform” rating for the company 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, the stock has a consensus rating of “Hold” and an average price target of $4.63.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC raised its holdings in 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 worth $29,000 after purchasing an additional 5,257 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its holdings in 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 worth $35,000 after purchasing an additional 4,950 shares in the last quarter. Point72 DIFC Ltd bought a new position in Paramount Group in the 3rd quarter worth $37,000. Gotham Asset Management LLC bought a new position in Paramount Group in the 4th quarter worth $52,000. Finally, Commerce Bank bought a new position in Paramount Group in the 4th quarter worth $54,000. 65.64% of the stock is currently owned by institutional investors.

Paramount Group Stock Down 2.0 %

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 capitalization of $981.01 million, a P/E ratio of -4.60 and a beta of 1.22. The company’s fifty day simple moving average is $4.73 and its 200 day simple moving average is $4.87.

Paramount Group Company Profile

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.