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

Paramount Group, Inc. (NYSE:PGRE - Get Free Report) was the recipient of a large 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. Approximately 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 currently 3.4 days.

Paramount Group Trading Down 2.7%

NYSE:PGRE traded down $0.18 during mid-day trading on Friday, hitting $6.43. 2,087,526 shares of the company's stock were exchanged, compared to its average volume of 1,415,253. The company has a 50 day simple moving average of $5.08 and a 200-day simple moving average of $4.76. 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 has a fifty-two week low of $3.75 and a fifty-two week high of $6.62. The firm has a market capitalization of $1.41 billion, a P/E ratio of -6.56 and a beta of 1.32.

Paramount Group (NYSE:PGRE - Get Free Report) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $0.17 EPS for the quarter, hitting 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 business had revenue of $187.02 million for the quarter, compared to the consensus estimate of $180.79 million. As a group, research analysts expect that Paramount Group will post 0.78 earnings per share for the current year.

Insider Buying and Selling at Paramount Group

In related news, CEO Albert P. Behler acquired 10,000 shares of the company's stock in a transaction dated Friday, March 21st. The shares were bought at an average price 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 in the company, valued at approximately $3,120,019.80. This trade represents a 1.35% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 13.80% of the company's stock.

Institutional Trading of Paramount Group

A number of hedge funds and other institutional investors have recently bought and sold shares of PGRE. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Paramount Group by 12.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 211,838 shares of the financial services provider's stock worth $1,046,000 after buying an additional 24,241 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Paramount Group by 23.5% in the 4th quarter. Van ECK Associates Corp now owns 45,590 shares of the financial services provider's stock worth $226,000 after buying an additional 8,684 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Paramount Group by 2.3% in the 4th quarter. Rhumbline Advisers now owns 340,672 shares of the financial services provider's stock worth $1,683,000 after buying an additional 7,574 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Paramount Group in the 4th quarter worth about $106,000. Finally, US Bancorp DE boosted its holdings in shares of Paramount Group by 33.9% in the 4th quarter. US Bancorp DE now owns 14,656 shares of the financial services provider's stock worth $72,000 after buying an additional 3,708 shares during the last quarter. Institutional investors own 65.64% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Mizuho dropped their price objective on shares of Paramount Group from $6.00 to $5.00 and set an "outperform" rating on the stock in a research report on Tuesday, February 25th. Morgan Stanley reissued an "underweight" rating and issued a $3.25 price objective on shares of Paramount Group in a research report on Tuesday, April 15th. Evercore ISI raised 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 research report on Tuesday, May 20th. Wells Fargo & Company dropped 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. Finally, Wall Street Zen lowered shares of Paramount Group from a "hold" rating to a "sell" rating in a research report on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Paramount Group currently has a consensus rating of "Hold" and an average target price of $5.19.

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.