Paramount Group (NYSE:PGRE) Downgraded by Morgan Stanley to Equal Weight

Paramount Group (NYSE:PGREGet Rating) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, MarketBeat reports. They presently have a $6.50 target price on the financial services provider’s stock, down from their previous target price of $8.00. Morgan Stanley’s target price suggests a potential upside of 3.83% from the company’s current price.

Several other equities research analysts also recently commented on the stock. Mizuho reduced their target price on shares of Paramount Group from $9.00 to $8.00 and set a “buy” rating on the stock 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. StockNews.com initiated coverage on shares of Paramount Group in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Evercore ISI downgraded shares of Paramount Group from an “in-line” rating to an “underperform” rating and reduced their target price for the company from $8.00 to $6.50 in a research note on Monday. Finally, TheStreet downgraded shares of Paramount Group from a “c” rating to a “d+” rating in a research note on Wednesday, July 27th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.80.

Paramount Group Trading Down 1.7 %

Shares of Paramount Group stock opened at $6.26 on Wednesday. The firm has a market capitalization of $1.38 billion, a PE ratio of 313.16 and a beta of 1.16. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.48 and a quick ratio of 3.48. The company’s fifty day moving average price is $6.42 and its two-hundred day moving average price is $7.27. Paramount Group has a 52-week low of $5.78 and a 52-week high of $11.53.

Institutional Trading of Paramount Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp raised its holdings in Paramount Group by 3.2% during the 1st quarter. Mackenzie Financial Corp now owns 39,466 shares of the financial services provider’s stock worth $431,000 after purchasing an additional 1,229 shares during the last quarter. abrdn plc raised its holdings in Paramount Group by 3.2% during the 1st quarter. abrdn plc now owns 41,421 shares of the financial services provider’s stock worth $450,000 after purchasing an additional 1,303 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Paramount Group by 1.7% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 76,170 shares of the financial services provider’s stock worth $551,000 after purchasing an additional 1,304 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in Paramount Group by 3.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 47,173 shares of the financial services provider’s stock worth $294,000 after purchasing an additional 1,568 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in Paramount Group by 13.9% during the 3rd quarter. Royal Bank of Canada now owns 13,986 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 1,706 shares during the last quarter. 59.20% of the stock is owned by institutional investors.

Paramount Group Company Profile

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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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