Millennium Management LLC Sells 374,628 Shares of Paramount Group, Inc. (NYSE:PGRE)

Millennium Management LLC decreased its stake in Paramount Group, Inc. (NYSE:PGRE - Free Report) by 45.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 447,252 shares of the financial services provider's stock after selling 374,628 shares during the period. Millennium Management LLC owned approximately 0.21% of Paramount Group worth $2,209,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Paramount Group by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 26,922,796 shares of the financial services provider's stock worth $132,999,000 after acquiring an additional 477,940 shares in the last quarter. Long Pond Capital LP boosted its stake in shares of Paramount Group by 12.5% during the 4th quarter. Long Pond Capital LP now owns 10,053,335 shares of the financial services provider's stock worth $49,663,000 after acquiring an additional 1,116,395 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Paramount Group by 2.9% in the fourth quarter. Legal & General Group Plc now owns 4,860,475 shares of the financial services provider's stock worth $24,011,000 after purchasing an additional 135,654 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Paramount Group by 11.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,895,573 shares of the financial services provider's stock worth $14,304,000 after purchasing an additional 292,392 shares during the period. Finally, Northern Trust Corp increased its stake in Paramount Group by 40.1% during the fourth quarter. Northern Trust Corp now owns 2,891,068 shares of the financial services provider's stock valued at $14,282,000 after acquiring an additional 827,187 shares during the period. Hedge funds and other institutional investors own 65.64% of the company's stock.

Insider Activity

In related news, CEO Albert P. Behler purchased 10,000 shares of the stock in a transaction dated Friday, March 21st. The stock was purchased at an average price of $4.15 per share, with a total value of $41,500.00. Following the transaction, the chief executive officer now directly owns 751,812 shares in the company, valued at $3,120,019.80. This trade represents a 1.35% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 13.80% of the company's stock.

Paramount Group Stock Performance

Shares of PGRE stock traded up $0.13 during trading hours on Thursday, hitting $6.33. 1,355,614 shares of the company were exchanged, compared to its average volume of 1,409,325. The firm has a fifty day simple moving average of $4.80 and a 200 day simple moving average of $4.69. The company has a current ratio of 4.45, a quick ratio of 4.45 and a debt-to-equity ratio of 0.91. Paramount Group, Inc. has a 52-week low of $3.75 and a 52-week high of $6.36. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -6.45 and a beta of 1.12.

Paramount Group (NYSE:PGRE - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17. Paramount Group had a negative net margin of 27.92% and a negative return on equity of 5.26%. The firm had revenue of $187.02 million during the quarter, compared to the consensus estimate of $180.79 million. Research analysts predict that Paramount Group, Inc. will post 0.78 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PGRE has been the topic of a number of recent research reports. Mizuho decreased their price objective on Paramount Group from $6.00 to $5.00 and set an "outperform" rating on the stock in a report on Tuesday, February 25th. Evercore ISI raised Paramount Group from an "in-line" rating to an "outperform" rating and increased their price target for the company from $4.50 to $8.00 in a research note on Tuesday, May 20th. Wells Fargo & Company dropped their price objective on Paramount Group from $5.00 to $4.50 and set an "underweight" rating on the stock in a research note on Monday, May 19th. Morgan Stanley restated an "underweight" rating and issued a $3.25 price objective on shares of Paramount Group in a report on Tuesday, April 15th. Finally, Wall Street Zen cut Paramount Group from a "hold" rating to a "sell" rating in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company. According to data from MarketBeat, Paramount Group has an average rating of "Hold" and an average price target of $5.19.

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.