Paramount Group Inc (NYSE:PGRE) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,040,000 shares, a drop of 7.6% from the September 30th total of 3,290,000 shares. Approximately 1.5% of the shares of the company are short sold. Based on an average daily volume of 1,660,000 shares, the days-to-cover ratio is presently 1.8 days.
Several equities research analysts have recently issued reports on PGRE shares. ValuEngine lowered Paramount Group from a “hold” rating to a “sell” rating in a research report on Tuesday, November 5th. Goldman Sachs Group assumed coverage on Paramount Group in a research note on Friday, November 8th. They set a “sell” rating and a $13.00 price target for the company. Morgan Stanley upgraded Paramount Group from an “equal” rating to a “weight” rating and set a $15.00 price target for the company in a research note on Friday, October 11th. Finally, Zacks Investment Research upgraded Paramount Group from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $14.33.
Shares of PGRE stock remained flat at $$13.57 on Friday. The stock had a trading volume of 623,090 shares, compared to its average volume of 1,693,001. The company has a quick ratio of 2.88, a current ratio of 2.88 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 3.77 and a beta of 0.77. Paramount Group has a 12 month low of $12.18 and a 12 month high of $15.11. The firm has a 50 day moving average price of $13.20 and a 200 day moving average price of $13.73.
Hedge funds have recently bought and sold shares of the company. Aperio Group LLC grew its stake in shares of Paramount Group by 120.8% during the 2nd quarter. Aperio Group LLC now owns 241,559 shares of the financial services provider’s stock worth $3,384,000 after acquiring an additional 132,147 shares during the period. Russell Investments Group Ltd. boosted its stake in Paramount Group by 17.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,698,327 shares of the financial services provider’s stock worth $37,494,000 after purchasing an additional 392,972 shares during the period. Parametric Portfolio Associates LLC boosted its stake in Paramount Group by 18.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 723,105 shares of the financial services provider’s stock worth $10,131,000 after purchasing an additional 114,853 shares during the period. Acadian Asset Management LLC boosted its stake in Paramount Group by 67.3% in the 2nd quarter. Acadian Asset Management LLC now owns 82,946 shares of the financial services provider’s stock worth $1,163,000 after purchasing an additional 33,354 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Paramount Group by 54.3% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 411,641 shares of the financial services provider’s stock worth $5,495,000 after purchasing an additional 144,935 shares during the period. Institutional investors own 61.06% of the company’s stock.
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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