Prudential Financial Inc. grew its stake in shares of Paramount Group, Inc. (NYSE:PGRE – Get Rating) by 37.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,553,850 shares of the financial services provider's stock after buying an additional 427,355 shares during the period. Prudential Financial Inc. owned approximately 0.71% of Paramount Group worth $9,681,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGRE. State Street Corp boosted its holdings in Paramount Group by 14.6% during the first quarter. State Street Corp now owns 9,398,448 shares of the financial services provider's stock worth $103,244,000 after buying an additional 1,195,131 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of 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 valued at $10,387,000 after purchasing an additional 771,784 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Paramount Group by 51.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,993,441 shares of the financial services provider's stock valued at $21,748,000 after purchasing an additional 677,711 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Paramount Group during the 2nd quarter valued at about $3,192,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Paramount Group by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 26,344,638 shares of the financial services provider's stock valued at $287,420,000 after purchasing an additional 384,166 shares in the last quarter. Institutional investors own 59.17% of the company's stock.
Get Paramount Group alerts:Paramount Group Stock Down 0.9 %
Shares of Paramount Group stock opened at $6.34 on Tuesday. The business's 50 day simple moving average is $6.04 and its 200 day simple moving average is $6.59. Paramount Group, Inc. has a 52-week low of $5.48 and a 52-week high of $11.53. The firm has a market cap of $1.39 billion, a PE ratio of 317.16 and a beta of 1.15. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.48 and a current ratio of 3.48.
Paramount Group Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were given a dividend of $0.078 per share. This represents a $0.31 annualized dividend and a dividend yield of 4.92%. The ex-dividend date of this dividend was Thursday, December 29th. Paramount Group's dividend payout ratio (DPR) is 1,550.78%.Analyst Ratings Changes
Several equities analysts have recently weighed in on PGRE shares. Evercore ISI cut Paramount Group from an "in-line" rating to an "underperform" rating and cut their price objective for the company from $8.00 to $6.50 in a report on Monday, November 21st. BTIG Research cut Paramount Group from a "buy" rating to a "neutral" rating in a report on Wednesday, October 19th. StockNews.com started coverage on Paramount Group in a report on Wednesday, October 12th. They set a "hold" rating on the stock. Morgan Stanley cut Paramount Group from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $8.00 to $6.50 in a report on Wednesday, November 23rd. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Paramount Group from $10.00 to $8.00 and set a "hold" rating on the stock in a research report on Thursday, October 13th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $6.60.
Insiders Place Their Bets
In related news, CEO Albert P. Behler purchased 40,000 shares of the stock in a transaction on Wednesday, December 7th. The shares were purchased at an average price of $5.75 per share, with a total value of $230,000.00. Following the transaction, the chief executive officer now directly owns 171,812 shares of the company's stock, valued at $987,919. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In other Paramount Group news, CEO Albert P. Behler bought 40,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 7th. The shares were acquired at an average cost of $5.75 per share, with a total value of $230,000.00. Following the acquisition, the chief executive officer now owns 171,812 shares of the company's stock, valued at $987,919. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas Armbrust bought 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 7th. The shares were acquired at an average cost of $5.71 per share, for a total transaction of $114,200.00. Following the completion of the acquisition, the director now directly owns 232,853 shares in the company, valued at approximately $1,329,590.63. The disclosure for this purchase can be found here. Insiders own 10.40% of the company's stock.
Paramount Group Company Profile
(Get Rating)
Paramount Group, Inc is a real estate investment and management company. It owns, operates, manages, acquires and redevelops office properties in central business district submarkets of New York, District of Columbia and San Francisco. The company operates through the following geographical segments: New York, San Francisco and Washington.
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