Paramount Group (NYSE:PGRE) Given New $4.00 Price Target at Wells Fargo & Company

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

Paramount Group Price Performance

Shares of Paramount Group stock opened at $4.89 on Wednesday. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -4.22, a P/E/G ratio of 0.24 and a beta of 1.25. The firm’s 50-day moving average price is $4.94 and its two-hundred day moving average price is $4.73. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 0.91. Paramount Group has a 1-year low of $4.06 and a 1-year high of $5.92.

Paramount Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.035 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.14 dividend on an annualized basis and a yield of 2.86%. Paramount Group’s dividend payout ratio is -12.07%.

Hedge Funds Weigh In On Paramount Group

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

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.