The PNC Financial Services Group Inc. raised its position in Paramount Group, Inc. (NYSE:PGRE) by 341.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 23,410 shares of the financial services provider’s stock after purchasing an additional 18,108 shares during the quarter. The PNC Financial Services Group Inc.’s holdings in Paramount Group were worth $237,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Berman Capital Advisors LLC boosted its position in Paramount Group by 87.2% in the fourth quarter. Berman Capital Advisors LLC now owns 3,477 shares of the financial services provider’s stock valued at $31,000 after buying an additional 1,620 shares in the last quarter. Van ECK Associates Corp boosted its position in Paramount Group by 33.2% in the fourth quarter. Van ECK Associates Corp now owns 7,645 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,906 shares in the last quarter. Levin Capital Strategies L.P. acquired a new position in Paramount Group in the first quarter valued at about $101,000. M&T Bank Corp boosted its position in Paramount Group by 14.6% in the first quarter. M&T Bank Corp now owns 12,861 shares of the financial services provider’s stock valued at $131,000 after buying an additional 1,641 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its position in Paramount Group by 58.7% in the fourth quarter. Teacher Retirement System of Texas now owns 16,535 shares of the financial services provider’s stock valued at $149,000 after buying an additional 6,113 shares in the last quarter. Hedge funds and other institutional investors own 53.00% of the company’s stock.
PGRE opened at $11.53 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 4.27 and a current ratio of 4.27. The company has a market capitalization of $2.52 billion, a P/E ratio of -76.86 and a beta of 1.49. The business’s 50 day simple moving average is $10.66. Paramount Group, Inc. has a fifty-two week low of $5.54 and a fifty-two week high of $11.65.
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 15th. Investors of record on Wednesday, March 31st were paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Tuesday, March 30th. Paramount Group’s dividend payout ratio (DPR) is 29.17%.
A number of equities analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Paramount Group from $10.50 to $11.50 and gave the company an “overweight” rating in a research report on Wednesday, April 7th. Zacks Investment Research raised shares of Paramount Group from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Tuesday, June 1st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Paramount Group from $10.00 to $11.00 and gave the stock a “hold” rating in a research note on Monday, April 19th. Finally, Mizuho raised shares of Paramount Group from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $8.00 to $11.00 in a research note on Friday, March 19th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Paramount Group has a consensus rating of “Hold” and a consensus price target of $10.29.
About Paramount Group
Headquartered in New York City, Paramount Group, Inc 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 City 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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