Short Interest in Paramount Group Inc (NYSE:PGRE) Declines By 7.6%

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.

Paramount Group (NYSE:PGRE) last posted its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.21). The firm had revenue of $198.32 million for the quarter, compared to the consensus estimate of $190.88 million. Paramount Group had a return on equity of 0.44% and a net margin of 2.77%. The firm’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 EPS. Sell-side analysts expect that Paramount Group will post 0.97 earnings per share for the current year.

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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