Paramount Group (NYSE:PGRE) PT Raised to $3.50 at Wells Fargo & Company

Paramount Group (NYSE:PGRE) had its price target raised by Wells Fargo & Company from $3.00 to $3.50 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 31.91% from the stock’s previous close.

A number of other brokerages have also issued reports on PGRE. StockNews.com assumed coverage on shares of Paramount Group in a research note on Thursday, August 17th. They set a “sell” rating for the company. Morgan Stanley reissued an “equal weight” rating and set a $4.50 target price on shares of Paramount Group in a research note on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.83.

Paramount Group Stock Down 0.6 %

Shares of PGRE opened at $5.14 on Wednesday. The firm has a market capitalization of $1.12 billion, a P/E ratio of -13.18 and a beta of 1.21. Paramount Group has a 12-month low of $3.90 and a 12-month high of $7.33. The company has a current ratio of 4.59, a quick ratio of 4.59 and a debt-to-equity ratio of 0.88. The firm has a fifty day moving average price of $4.87 and a 200-day moving average price of $4.73.

Institutional Trading of Paramount Group

A number of hedge funds have recently added to or reduced their stakes in PGRE. BlackRock Inc. increased its holdings in shares of Paramount Group by 3.3% during the second quarter. BlackRock Inc. now owns 28,873,007 shares of the financial services provider’s stock valued at $127,907,000 after acquiring an additional 934,130 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Paramount Group by 1.5% during the third quarter. Vanguard Group Inc. now owns 27,375,371 shares of the financial services provider’s stock valued at $170,549,000 after acquiring an additional 404,776 shares in the last quarter. Norges Bank acquired a new position in Paramount Group in the 4th quarter worth approximately $109,167,000. State Street Corp increased its holdings in Paramount Group by 1.5% in the 2nd quarter. State Street Corp now owns 9,536,197 shares of the financial services provider’s stock worth $69,644,000 after buying an additional 137,749 shares during the period. Finally, Jupiter Asset Management Ltd. increased its holdings in Paramount Group by 1,049.3% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 8,532,443 shares of the financial services provider’s stock worth $37,713,000 after buying an additional 7,790,033 shares during the period. 59.93% of the stock is owned by hedge funds and other institutional investors.

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 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.