Paramount Group (NYSE:PGRE) Shares Gap Up After Strong Earnings

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

Analyst Ratings Changes

Separately, Mizuho reduced 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 given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $4.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cohen & Steers Inc. bought a new stake in shares of Paramount Group during the fourth quarter valued at approximately $9,231,000. Solel Partners LP bought a new position in shares of Paramount Group in the fourth quarter worth $6,719,000. Long Pond Capital LP raised its stake in shares of Paramount Group by 12.5% during the fourth quarter. Long Pond Capital LP now owns 10,053,335 shares of the financial services provider’s stock valued at $49,663,000 after purchasing an additional 1,116,395 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Paramount Group by 398.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,388,257 shares of the financial services provider’s stock valued at $6,830,000 after purchasing an additional 1,109,485 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Paramount Group by 40.1% in the fourth quarter. Northern Trust Corp now owns 2,891,068 shares of the financial services provider’s stock valued at $14,282,000 after acquiring an additional 827,187 shares in the last quarter. Institutional investors and hedge funds own 65.64% of the company’s stock.

Paramount Group Price Performance

The company’s 50 day moving average price is $4.74 and its 200-day moving average price is $4.87. The company has a debt-to-equity ratio of 0.91, a quick ratio of 4.45 and a current ratio of 4.45. The company has a market cap of $974.49 million, a price-to-earnings ratio of -4.57 and a beta of 1.22.

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.