Bank of America Corp DE Sells 206,024 Shares of Paramount Group, Inc. (NYSE:PGRE)

Bank of America Corp DE reduced its stake in Paramount Group, Inc. (NYSE:PGRE - Free Report) by 14.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,202,337 shares of the financial services provider's stock after selling 206,024 shares during the period. Bank of America Corp DE owned approximately 0.55% of Paramount Group worth $5,940,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PGRE. Sterling Capital Management LLC grew its holdings in shares of Paramount Group by 806.3% during the fourth 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 during the last quarter. Commerce Bank bought a new stake in shares of Paramount Group during the fourth quarter valued at approximately $54,000. Greenleaf Trust bought a new stake in shares of Paramount Group during the fourth quarter valued at approximately $63,000. US Bancorp DE increased its holdings in shares of Paramount Group by 33.9% in the fourth quarter. US Bancorp DE now owns 14,656 shares of the financial services provider's stock valued at $72,000 after purchasing an additional 3,708 shares in the last quarter. Finally, Inspire Investing LLC acquired a new position in Paramount Group during the 4th quarter worth $76,000. 65.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on PGRE. Mizuho dropped their target price on Paramount Group from $6.00 to $5.00 and set an "outperform" rating for the company in a research report on Tuesday, February 25th. Evercore ISI upgraded shares of Paramount Group from an "in-line" rating to an "outperform" rating and increased their price objective for the company from $4.50 to $8.00 in a report on Tuesday, May 20th. Wells Fargo & Company dropped their target price on shares of Paramount Group from $5.00 to $4.50 and set an "underweight" rating for the company in a research report on Monday, May 19th. Wall Street Zen lowered Paramount Group from a "hold" rating to a "sell" rating in a research report on Wednesday, April 23rd. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $3.25 price objective on shares of Paramount Group in a research note on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Paramount Group presently has a consensus rating of "Hold" and a consensus target price of $5.19.

Insider Transactions at Paramount Group

In other news, CEO Albert P. Behler purchased 10,000 shares of Paramount Group stock in a transaction that occurred on Friday, March 21st. The stock was acquired at an average cost of $4.15 per share, for a total transaction of $41,500.00. Following the purchase, the chief executive officer now directly owns 751,812 shares of the company's stock, valued at $3,120,019.80. This trade represents a 1.35% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 13.80% of the stock is currently owned by corporate insiders.

Paramount Group Trading Down 0.3%

Paramount Group stock traded down $0.02 during mid-day trading on Friday, hitting $6.07. 3,541,561 shares of the company's stock were exchanged, compared to its average volume of 1,401,003. The company's 50 day simple moving average is $4.61 and its 200-day simple moving average is $4.65. The company has a quick ratio of 4.45, a current ratio of 4.45 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $1.33 billion, a P/E ratio of -6.19 and a beta of 1.12. Paramount Group, Inc. has a fifty-two week low of $3.75 and a fifty-two week high of $6.34.

Paramount Group (NYSE:PGRE - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.17. Paramount Group had a negative return on equity of 5.26% and a negative net margin of 27.92%. The business had revenue of $187.02 million during the quarter, compared to the consensus estimate of $180.79 million. On average, equities analysts anticipate that Paramount Group, Inc. will post 0.78 earnings per share 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.