Legal & General Group Plc Lowers Position in Paramount Group, Inc. $PGRE

Legal & General Group Plc lowered its stake in shares of Paramount Group, Inc. (NYSE:PGRE) by 27.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,862,083 shares of the financial services provider’s stock after selling 1,451,752 shares during the period. Legal & General Group Plc owned approximately 1.75% of Paramount Group worth $23,559,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PGRE. Nuveen LLC acquired a new stake in shares of Paramount Group during the 1st quarter worth $6,096,000. XTX Topco Ltd grew its position in Paramount Group by 249.9% during the first quarter. XTX Topco Ltd now owns 162,968 shares of the financial services provider’s stock valued at $701,000 after acquiring an additional 116,394 shares during the period. American Century Companies Inc. increased its stake in Paramount Group by 222.1% during the first quarter. American Century Companies Inc. now owns 49,749 shares of the financial services provider’s stock worth $214,000 after acquiring an additional 34,306 shares during the last quarter. Long Pond Capital LP increased its stake in Paramount Group by 16.8% during the first quarter. Long Pond Capital LP now owns 11,737,433 shares of the financial services provider’s stock worth $50,471,000 after acquiring an additional 1,684,098 shares during the last quarter. Finally, Wolverine Asset Management LLC raised its holdings in shares of Paramount Group by 597.9% in the 2nd quarter. Wolverine Asset Management LLC now owns 85,103 shares of the financial services provider’s stock worth $519,000 after purchasing an additional 72,908 shares during the period. Institutional investors and hedge funds own 65.64% of the company’s stock.

Analyst Upgrades and Downgrades

PGRE has been the subject of a number of research reports. Morgan Stanley set a $6.60 target price on Paramount Group and gave the stock an “equal weight” rating in a report on Wednesday, October 22nd. BTIG Research reaffirmed a “neutral” rating on shares of Paramount Group in a research report on Wednesday, September 17th. Evercore ISI set a $6.60 price objective on shares of Paramount Group and gave the stock an “in-line” rating in a research note on Monday, September 22nd. Weiss Ratings reissued a “sell (d)” rating on shares of Paramount Group in a research report on Tuesday. Finally, Wells Fargo & Company raised shares of Paramount Group from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $4.20 to $6.60 in a research note on Thursday, September 18th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $6.45.

Paramount Group Price Performance

Shares of NYSE:PGRE opened at $6.58 on Friday. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of -14.62 and a beta of 1.32. Paramount Group, Inc. has a 52-week low of $3.75 and a 52-week high of $7.85. The company has a 50 day moving average of $6.54 and a two-hundred day moving average of $6.45. The company has a quick ratio of 4.91, a current ratio of 4.91 and a debt-to-equity ratio of 0.91.

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

About Paramount Group

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.