Allianz Asset Management GmbH Purchases New Position in Paramount Group, Inc. (NYSE:PGRE)

Key Points

• Allianz Asset Management GmbH acquired a new position in Paramount Group, purchasing 107,434 shares valued at approximately $462,000 during the first quarter.
• Despite the investment interest, Paramount Group's stock has received mixed reviews from analysts, with three rating it as a sell and two as a buy, resulting in an average rating of "Hold" and a consensus price target of $5.44.
• Paramount Group reported earnings of $0.17 per share, surpassing analysts' expectations, with a total revenue of $177.05 million for the quarter, indicating an ongoing focus on its high-quality office properties.

Allianz Asset Management GmbH purchased a new stake in shares of Paramount Group, Inc. (NYSE:PGRE - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 107,434 shares of the financial services provider's stock, valued at approximately $462,000.

A number of other institutional investors also recently modified their holdings of the business. Sterling Capital Management LLC lifted its stake in Paramount Group by 806.3% in the 4th quarter. Sterling Capital Management LLC now owns 5,909 shares of the financial services provider's stock worth $29,000 after purchasing an additional 5,257 shares in the last quarter. Gotham Asset Management LLC purchased a new stake in Paramount Group in the 4th quarter worth approximately $52,000. Commerce Bank purchased a new stake in shares of Paramount Group during the 4th quarter valued at $54,000. Adero Partners LLC purchased a new stake in shares of Paramount Group during the 1st quarter valued at $67,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in shares of Paramount Group by 104.8% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,621 shares of the financial services provider's stock valued at $72,000 after buying an additional 7,481 shares in the last quarter. 65.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGRE has been the topic of several research reports. Wall Street Zen cut shares of Paramount Group from a "hold" rating to a "sell" rating in a research report on Wednesday, April 23rd. Mizuho raised their price objective on shares of Paramount Group from $5.00 to $6.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Evercore ISI upgraded shares of Paramount Group from an "in-line" rating to an "outperform" rating and raised their price objective for the company from $4.50 to $8.00 in a research report on Tuesday, May 20th. Morgan Stanley restated an "underweight" rating and set a $3.25 price objective on shares of Paramount Group in a research report on Tuesday, April 15th. Finally, Wells Fargo & Company lowered their price objective on shares of Paramount Group from $5.00 to $4.50 and set an "underweight" rating on the stock in a research report on Monday, May 19th. Three research analysts have rated the stock with a sell rating and two have issued a buy rating to the stock. According to data from MarketBeat, Paramount Group has an average rating of "Hold" and a consensus price target of $5.44.

Paramount Group Price Performance

PGRE stock opened at $6.07 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 5.56 and a current ratio of 5.91. Paramount Group, Inc. has a 52 week low of $3.75 and a 52 week high of $6.89. The firm's fifty day moving average is $6.29 and its 200 day moving average is $5.12. The firm has a market cap of $1.34 billion, a P/E ratio of -16.86 and a beta of 1.35.

Paramount Group (NYSE:PGRE - Get Free Report) last released its earnings results on Wednesday, July 30th. The financial services provider reported $0.17 EPS for the quarter, beating the consensus estimate of $0.14 by $0.03. Paramount Group had a negative net margin of 10.49% and a negative return on equity of 1.92%. The company had revenue of $177.05 million for the quarter, compared to analyst estimates of $173.98 million. Research analysts predict that Paramount Group, Inc. will post 0.78 earnings per share for the current year.

Paramount Group 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.

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