Home research company Paramount Group (NYSE:PGRE) downgraded to Hold at Zacks Investment Research

Paramount Group (NYSE:PGRE) downgraded to Hold at Zacks Investment Research

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Paramount Group (NYSE: PGRE – Get a rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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 has properties in New York, Washington DC and San Francisco. Paramount Group, Inc. is based in the United States.”

A number of other stock analysts also commented on PGRE. Mizuho moved Paramount Group shares from a ‘neutral’ rating to a ‘buy’ rating and lowered its price target for the stock from $11.00 to $10.50 in a Thursday research note January 20. Morgan Stanley raised its price target on Paramount Group shares from $10.50 to $14.00 and gave the company an “overweight” rating in a report on Tuesday. Two equity research analysts gave the stock a sell rating, two gave the company a hold rating and two gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.00.

NYSE:PGRE shares opened at $10.94 on Friday. The company’s 50-day moving average is $9.21 and its two-hundred-day moving average is $8.99. Paramount Group has a 52-week minimum of $7.79 and a 52-week maximum of $11.65. The company has a market capitalization of $2.40 billion, a P/E ratio of -121.54, a PEG ratio of 9.76 and a beta of 1.25. The company has a current ratio of 4.69, a quick ratio of 4.53 and a debt ratio of 0.86.

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Paramount Group (NYSE: PGRE – Get a rating) last released its quarterly earnings data on Tuesday, February 22. The financial services provider reported EPS of $0.01 for the quarter, missing the Zacks consensus estimate of $0.23 per ($0.22). Paramount Group had a negative net margin of 2.80% and a negative return on equity of 0.45%. The company posted revenue of $184.22 million for the quarter, versus analyst estimates of $181.88 million. In the same quarter of the previous year, the company had an EPS of $0.24. Paramount Group’s revenue increased by 1.0% compared to the same quarter last year. Analysts predict that Paramount Group will post an EPS of 0.93 for the current year.

Institutional investors and hedge funds have recently been buying and selling stocks. First Trust Advisors LP increased its stake in Paramount Group by 183.4% in the first quarter. First Trust Advisors LP now owns 106,388 shares of the financial services provider valued at $1,510,000 after buying an additional 68,853 shares in the last quarter. Macquarie Group Ltd. increased its stake in Paramount Group by 48.7% in the second quarter. Macquarie Group Ltd. now owns 97,576 shares of the financial services provider valued at $982,000 after purchasing an additional 31,948 shares last quarter. Goldman Sachs Group Inc. increased its stake in Paramount Group by 47.6% in the second quarter. Goldman Sachs Group Inc. now owns 1,483,547 shares of the financial services provider valued at $14,939,000 after buying an additional 478,168 shares last quarter. Nuveen Asset Management LLC increased its stake in Paramount Group by 43.0% in the second quarter. Nuveen Asset Management LLC now owns 2,537,781 shares of the financial services provider valued at $25,556,000 after purchasing an additional 763,028 shares last quarter. Finally, State Street Corp increased its stake in Paramount Group by 19.7% in the second quarter. State Street Corp now owns 7,431,051 shares of the financial services provider valued at $75,341,000 after buying an additional 1,220,551 shares last quarter. 52.84% of the shares are held by institutional investors and hedge funds.

About Paramount Group (Get a rating)

Paramount Group, Inc is a real estate investment and management company. It owns, operates, manages, acquires and redevelops office properties in the central business district submarkets of New York, the District of Columbia and San Francisco. The Company operates through the following geographic segments: New York, San Francisco and Washington.

Further reading

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Analyst Recommendations for Paramount Group (NYSE: PGRE)

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