Paramount Group, Inc. (NYSE:PGRE) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its stake in shares of Paramount Group, Inc. (NYSE:PGRE) by 2.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 331,454 shares of the financial services provider’s stock after selling 9,218 shares during the quarter. Rhumbline Advisers owned 0.15% of Paramount Group worth $1,425,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Sterling Capital Management LLC lifted its holdings in shares of Paramount Group by 806.3% during the fourth quarter. Sterling Capital Management LLC now owns 5,909 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 5,257 shares during the period. Gotham Asset Management LLC acquired a new stake in shares of Paramount Group during the fourth quarter worth $52,000. Commerce Bank acquired a new stake in Paramount Group in the fourth quarter valued at $54,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Paramount Group by 104.8% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,621 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 7,481 shares during the period. Finally, US Bancorp DE lifted its holdings in Paramount Group by 33.9% in the fourth quarter. US Bancorp DE now owns 14,656 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 3,708 shares during the period. 65.64% of the stock is owned by institutional investors and hedge funds.

Paramount Group Trading Down 1.0%

NYSE:PGRE opened at $6.32 on Thursday. The company has a market capitalization of $1.38 billion, a PE ratio of -20.38 and a beta of 1.32. The company has a quick ratio of 5.56, a current ratio of 5.56 and a debt-to-equity ratio of 0.90. Paramount Group, Inc. has a 52-week low of $3.75 and a 52-week high of $6.62. The stock has a fifty day simple moving average of $5.22 and a 200-day simple moving average of $4.79.

Paramount Group (NYSE:PGRE) last released its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. The business had revenue of $187.02 million during the quarter, compared to the consensus estimate of $180.79 million. Paramount Group had a negative return on equity of 1.63% and a negative net margin of 8.76%. On average, equities research analysts expect that Paramount Group, Inc. will post 0.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on PGRE. Wall Street Zen downgraded Paramount Group from a “hold” rating to a “sell” rating in a report on Wednesday, April 23rd. Wells Fargo & Company reduced their target price on Paramount Group from $5.00 to $4.50 and set an “underweight” rating for the company in a report on Monday, May 19th. Evercore ISI raised Paramount Group from an “in-line” rating to an “outperform” rating and raised their target price for the company from $4.50 to $8.00 in a report on Tuesday, May 20th. Mizuho reduced their target price on Paramount Group from $6.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, February 25th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $3.25 target price on shares of Paramount Group in a report on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.19.

Insider Transactions at Paramount Group

In other news, CEO Albert P. Behler bought 10,000 shares of Paramount Group stock in a transaction on Friday, March 21st. The shares were bought at an average cost of $4.15 per share, for a total transaction of $41,500.00. Following the acquisition, the chief executive officer now owns 751,812 shares in the company, valued at approximately $3,120,019.80. This trade represents a 1.35% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 13.80% 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. 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.