Geode Capital Management LLC Buys 103,003 Shares of Paramount Group, Inc. $PGRE

Geode Capital Management LLC increased its stake in shares of Paramount Group, Inc. (NYSE:PGRE) by 2.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,752,560 shares of the financial services provider’s stock after purchasing an additional 103,003 shares during the quarter. Geode Capital Management LLC’s holdings in Paramount Group were worth $28,994,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PGRE. Signaturefd LLC grew its stake in shares of Paramount Group by 101.0% during the second quarter. Signaturefd LLC now owns 8,291 shares of the financial services provider’s stock worth $51,000 after buying an additional 4,167 shares during the last quarter. Manchester Capital Management LLC lifted its stake in shares of Paramount Group by 99.2% in the 1st quarter. Manchester Capital Management LLC now owns 8,864 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 4,415 shares during the last quarter. Truist Financial Corp acquired a new stake in shares of Paramount Group during the 2nd quarter valued at $67,000. Wolverine Asset Management LLC grew its position in Paramount Group by 86.6% during the 1st quarter. Wolverine Asset Management LLC now owns 12,195 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 5,659 shares during the last quarter. Finally, Ethic Inc. bought a new stake in Paramount Group during the 2nd quarter worth $76,000. Institutional investors own 65.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PGRE shares. Evercore ISI set a $6.60 target price on Paramount Group and gave the company an “in-line” rating in a research report on Monday, September 22nd. Wells Fargo & Company upgraded shares of Paramount Group from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $4.20 to $6.60 in a report on Thursday, September 18th. Weiss Ratings reiterated a “sell (d)” rating on shares of Paramount Group in a research report on Tuesday. Morgan Stanley set a $6.60 price target on shares of Paramount Group and gave the company an “equal weight” rating in a research report on Wednesday, October 22nd. Finally, BTIG Research reiterated a “neutral” rating on shares of Paramount Group in a report on Wednesday, September 17th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Paramount Group currently has a consensus rating of “Hold” and a consensus price target of $6.45.

Paramount Group Stock Performance

Shares of PGRE opened at $6.58 on Friday. The firm’s fifty day simple moving average is $6.54 and its two-hundred day simple moving average is $6.45. Paramount Group, Inc. has a 12 month low of $3.75 and a 12 month high of $7.85. The company has a current ratio of 4.91, a quick ratio of 4.91 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $1.46 billion, a P/E ratio of -14.62 and a beta of 1.32.

Paramount Group (NYSE:PGRE) last announced its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. Paramount Group had a negative return on equity of 2.39% and a negative net margin of 13.47%.The company had revenue of $172.96 million for the quarter, compared to the consensus estimate of $167.65 million. As a group, analysts predict that Paramount Group, Inc. will post 0.78 EPS for the current year.

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.