Paramount Group, Inc. (NYSE:PGRE) Sees Significant Decline in Short Interest

Paramount Group, Inc. (NYSE:PGRE - Get Free Report) saw a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 8,980,000 shares, a drop of 45.3% from the May 15th total of 16,410,000 shares. Currently, 4.9% of the company's stock are short sold. Based on an average daily volume of 2,620,000 shares, the days-to-cover ratio is presently 3.4 days.

Wall Street Analyst Weigh In

PGRE has been the subject of a number of research reports. Evercore ISI upgraded Paramount Group from an "in-line" rating to an "outperform" rating and increased their target price for the stock from $4.50 to $8.00 in a report on Tuesday, May 20th. Morgan Stanley restated an "underweight" rating and issued a $3.25 target price on shares of Paramount Group in a research note on Tuesday, April 15th. Wells Fargo & Company decreased their price target on shares of Paramount Group from $5.00 to $4.50 and set an "underweight" rating for the company in a research note on Monday, May 19th. Wall Street Zen lowered shares of Paramount Group from a "hold" rating to a "sell" rating in a research report on Wednesday, April 23rd. Finally, Mizuho decreased their target price on shares of Paramount Group from $6.00 to $5.00 and set an "outperform" rating for the company in a research report on Tuesday, February 25th. Three 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.com, the stock currently has an average rating of "Hold" and an average price target of $5.19.

Insider Transactions at Paramount Group

In related news, CEO Albert P. Behler purchased 10,000 shares of Paramount Group stock in a transaction dated Friday, March 21st. The stock was bought at an average price of $4.15 per share, for a total transaction of $41,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 751,812 shares of the company's stock, valued at $3,120,019.80. This represents a 1.35% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paramount Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Strs Ohio acquired a new position in shares of Paramount Group in the first quarter valued at approximately $142,000. Jane Street Group LLC raised its holdings in shares of Paramount Group by 146.1% during the first quarter. Jane Street Group LLC now owns 219,417 shares of the financial services provider's stock valued at $943,000 after purchasing an additional 130,255 shares during the period. Great Lakes Advisors LLC raised its position in shares of Paramount Group by 64.5% during the first quarter. Great Lakes Advisors LLC now owns 30,512 shares of the financial services provider's stock worth $131,000 after purchasing an additional 11,964 shares during the period. Nissay Asset Management Corp Japan ADV boosted its stake in Paramount Group by 19.5% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 29,360 shares of the financial services provider's stock valued at $126,000 after purchasing an additional 4,790 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Paramount Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 109,563 shares of the financial services provider's stock valued at $471,000 after buying an additional 4,558 shares during the last quarter. Institutional investors own 65.64% of the company's stock.

Paramount Group Stock Down 1.0%

Shares of Paramount Group stock traded down $0.06 on Wednesday, reaching $6.32. 1,423,349 shares of the company were exchanged, compared to its average volume of 1,412,694. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of -20.38 and a beta of 1.32. The company has a current ratio of 5.56, a quick ratio of 5.56 and a debt-to-equity ratio of 0.90. Paramount Group has a one year low of $3.75 and a one year high of $6.62. The company has a 50-day moving average of $5.22 and a 200 day moving average of $4.79.

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 analysts' consensus estimates of $0.17. The firm had revenue of $187.02 million during the quarter, compared to analysts' expectations of $180.79 million. Paramount Group had a negative net margin of 8.76% and a negative return on equity of 1.63%. On average, equities research analysts forecast that Paramount Group will post 0.78 earnings per share for the current year.

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.