Evercore ISI Lowers Paramount Group (NYSE:PGRE) to Underperform

Evercore ISI cut shares of Paramount Group (NYSE:PGREGet Rating) from an in-line rating to an underperform rating in a research report released on Monday, MarketBeat Ratings reports. Evercore ISI currently has $6.50 price objective on the financial services provider’s stock, down from their previous price objective of $8.00.

Several other equities analysts have also commented on PGRE. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Paramount Group from $10.00 to $8.00 and set a hold rating for the company in a research report on Thursday, October 13th. BTIG Research downgraded shares of Paramount Group from a buy rating to a neutral rating in a research note on Wednesday, October 19th. Wells Fargo & Company reduced their target price on shares of Paramount Group from $6.00 to $5.00 and set an underweight rating on the stock in a research note on Tuesday, October 18th. TheStreet downgraded shares of Paramount Group from a c rating to a d+ rating in a research note on Wednesday, July 27th. Finally, Morgan Stanley reduced their target price on shares of Paramount Group from $10.00 to $8.00 and set an overweight rating on the stock in a research note on Friday, September 9th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Paramount Group has an average rating of Hold and a consensus price target of $6.80.

Paramount Group Price Performance

PGRE stock opened at $6.26 on Monday. Paramount Group has a 52 week low of $5.78 and a 52 week high of $11.53. The company has a quick ratio of 3.48, a current ratio of 3.48 and a debt-to-equity ratio of 0.87. The company has a fifty day simple moving average of $6.42 and a two-hundred day simple moving average of $7.27. The firm has a market capitalization of $1.38 billion, a P/E ratio of 313.16 and a beta of 1.16.

Paramount Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a $0.078 dividend. This represents a $0.31 annualized dividend and a yield of 4.98%. The ex-dividend date was Thursday, September 29th. Paramount Group’s dividend payout ratio is presently 1,550.78%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PGRE. Wipfli Financial Advisors LLC purchased a new position in Paramount Group in the 3rd quarter worth about $43,000. Harvest Fund Management Co. Ltd purchased a new position in Paramount Group in the 2nd quarter worth about $52,000. Point72 Hong Kong Ltd increased its stake in Paramount Group by 145.8% in the 3rd quarter. Point72 Hong Kong Ltd now owns 10,969 shares of the financial services provider’s stock worth $68,000 after buying an additional 6,506 shares during the period. Xponance Inc. purchased a new position in Paramount Group in the 2nd quarter worth about $73,000. Finally, Stephens Inc. AR purchased a new position in Paramount Group in the 2nd quarter worth about $73,000. Hedge funds and other institutional investors own 59.20% of the company’s stock.

Paramount Group Company Profile

(Get Rating)

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.

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