Bank of New York Mellon Corp grew its stake in Paramount Group Inc (NYSE:PGRE) by 1.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,220,771 shares of the financial services provider’s stock after purchasing an additional 12,005 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.51% of Paramount Group worth $18,800,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of PGRE. Raymond James & Associates raised its stake in Paramount Group by 2.9% during the second quarter. Raymond James & Associates now owns 146,498 shares of the financial services provider’s stock worth $2,256,000 after acquiring an additional 4,165 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Paramount Group by 3.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 120,617 shares of the financial services provider’s stock worth $1,858,000 after acquiring an additional 4,319 shares during the period. Twin Capital Management Inc. raised its stake in Paramount Group by 2.4% during the second quarter. Twin Capital Management Inc. now owns 301,440 shares of the financial services provider’s stock worth $4,642,000 after acquiring an additional 7,130 shares during the period. Cubist Systematic Strategies LLC raised its stake in Paramount Group by 26.1% during the second quarter. Cubist Systematic Strategies LLC now owns 38,412 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 7,952 shares during the period. Finally, Tower Research Capital LLC TRC bought a new position in Paramount Group in the 2nd quarter worth about $124,000. Institutional investors and hedge funds own 65.76% of the company’s stock.
Paramount Group stock opened at $14.27 on Monday. The company has a quick ratio of 4.57, a current ratio of 4.57 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $3.39 billion, a PE ratio of 16.03, a P/E/G ratio of 5.15 and a beta of 0.68. Paramount Group Inc has a 12-month low of $13.70 and a 12-month high of $16.37.
Paramount Group (NYSE:PGRE) last posted its quarterly earnings data on Monday, November 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $192.60 million during the quarter, compared to the consensus estimate of $191.24 million. Paramount Group had a negative net margin of 0.40% and a negative return on equity of 0.06%. The company’s revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the business earned $0.22 earnings per share. As a group, sell-side analysts anticipate that Paramount Group Inc will post 0.94 EPS for the current fiscal year.
PGRE has been the subject of several recent analyst reports. Deutsche Bank upped their target price on shares of Paramount Group from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, August 29th. Zacks Investment Research upgraded shares of Paramount Group from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research report on Tuesday, August 21st. Finally, ValuEngine upgraded shares of Paramount Group from a “sell” rating to a “hold” rating in a research report on Thursday, August 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $16.70.
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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, Washington, DC and San Francisco.
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