Wells Fargo & Company Raises Paramount Group (NYSE:PGRE) Price Target to $4.00

Paramount Group (NYSE:PGRE) had its target price hoisted by Wells Fargo & Company from $3.50 to $4.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

Paramount Group Stock Performance

Shares of NYSE:PGRE opened at $5.05 on Wednesday. Paramount Group has a 1 year low of $4.06 and a 1 year high of $5.92. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -4.35, a price-to-earnings-growth ratio of 0.24 and a beta of 1.25. The company has a debt-to-equity ratio of 0.91, a current ratio of 4.39 and a quick ratio of 4.39. The company’s 50 day simple moving average is $4.96 and its 200 day simple moving average is $4.74.

Institutional Trading of Paramount Group

Several institutional investors and hedge funds have recently modified their holdings of PGRE. Algert Global LLC increased its position in Paramount Group by 7.6% during the 2nd quarter. Algert Global LLC now owns 320,253 shares of the financial services provider’s stock worth $1,483,000 after purchasing an additional 22,738 shares in the last quarter. Long Pond Capital LP grew its stake in shares of Paramount Group by 131.4% during the second quarter. Long Pond Capital LP now owns 7,501,361 shares of the financial services provider’s stock worth $34,731,000 after buying an additional 4,259,635 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Paramount Group by 4.4% during the second quarter. The Manufacturers Life Insurance Company now owns 99,156 shares of the financial services provider’s stock worth $459,000 after buying an additional 4,197 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Paramount Group by 4,007.2% in the 2nd quarter. Millennium Management LLC now owns 953,947 shares of the financial services provider’s stock valued at $4,417,000 after acquiring an additional 930,721 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Paramount Group during the 2nd quarter valued at $200,000. 65.64% of the stock is currently owned by institutional investors.

Paramount Group Company Profile

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.