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

Paramount Group, Inc. (NYSE:PGRE - Get Free Report) shares 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 traded.

The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $180.41 million.

Wall Street Analyst Weigh In

Separately, Mizuho decreased their target price on shares of Paramount Group from $6.00 to $5.00 and set an "outperform" rating for the company in a research report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $4.63.

Institutional Investors Weigh In On Paramount Group

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings 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 valued at $132,999,000 after purchasing an additional 477,940 shares in the last quarter. Long Pond Capital LP increased its holdings in Paramount Group by 12.5% in 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 buying an additional 1,116,395 shares in the last quarter. Legal & General Group Plc raised its position 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 during the period. Geode Capital Management LLC raised its position in shares of Paramount Group by 7.9% in the third quarter. Geode Capital Management LLC now owns 4,695,561 shares of the financial services provider's stock worth $23,107,000 after acquiring an additional 345,450 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Paramount Group by 11.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,895,573 shares of the financial services provider's stock worth $14,304,000 after acquiring an additional 292,392 shares in the last quarter. Hedge funds and other institutional investors own 65.64% of the company's stock.

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Paramount Group Price Performance

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 stock has a 50-day moving average price of $4.72 and a 200 day moving average price of $4.87. The stock has a market capitalization of $940.77 million, a price-to-earnings ratio of -4.41 and a beta of 1.22.

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.