Pictet Asset Management SA Sells 35,588 Shares of Paramount Group, Inc. (NYSE:PGRE)

Pictet Asset Management SA lessened its holdings in Paramount Group, Inc. (NYSE:PGRE) by 43.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,972 shares of the financial services provider’s stock after selling 35,588 shares during the quarter. Pictet Asset Management SA’s holdings in Paramount Group were worth $214,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PGRE. Norges Bank bought a new position in Paramount Group during the 4th quarter worth approximately $109,167,000. State Street Corp raised its holdings in Paramount Group by 14.6% during the 1st quarter. State Street Corp now owns 9,398,448 shares of the financial services provider’s stock worth $103,244,000 after purchasing an additional 1,195,131 shares during the last quarter. Millennium Management LLC raised its holdings in Paramount Group by 116.1% during the 2nd quarter. Millennium Management LLC now owns 1,436,622 shares of the financial services provider’s stock worth $10,387,000 after purchasing an additional 771,784 shares during the last quarter. Prudential Financial Inc. raised its holdings in Paramount Group by 212.2% during the 2nd quarter. Prudential Financial Inc. now owns 1,126,495 shares of the financial services provider’s stock worth $8,145,000 after purchasing an additional 765,700 shares during the last quarter. Finally, Globeflex Capital L P bought a new position in Paramount Group during the 4th quarter worth approximately $4,299,000. Institutional investors own 59.93% of the company’s stock.

Paramount Group Trading Up 1.0 %

Shares of Paramount Group stock opened at $5.17 on Thursday. Paramount Group, Inc. has a 12-month low of $3.90 and a 12-month high of $7.33. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -13.26 and a beta of 1.21. 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 company’s 50-day moving average price is $4.85 and its 200-day moving average price is $4.72.

Paramount Group Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date was Thursday, June 29th. Paramount Group’s dividend payout ratio is currently -35.90%.

Wall Street Analysts Forecast Growth

PGRE has been the subject of several analyst reports. StockNews.com initiated coverage on shares of Paramount Group in a report on Thursday, August 17th. They set a “sell” rating for the company. Morgan Stanley reiterated an “equal weight” rating and issued a $4.50 price objective on shares of Paramount Group in a research note on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.92.

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.