Sumitomo Mitsui Trust Group Inc. Reduces Stock Holdings in Paramount Group, Inc. $PGRE

Sumitomo Mitsui Trust Group Inc. decreased its holdings in Paramount Group, Inc. (NYSE:PGRE) by 1.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 205,868 shares of the financial services provider’s stock after selling 3,478 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Paramount Group were worth $1,256,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGRE. Manchester Capital Management LLC lifted its stake in Paramount Group by 99.2% in the first quarter. Manchester Capital Management LLC now owns 8,864 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 4,415 shares during the period. Signaturefd LLC lifted its stake in Paramount Group by 101.0% in the second quarter. Signaturefd LLC now owns 8,291 shares of the financial services provider’s stock worth $51,000 after acquiring an additional 4,167 shares during the period. Wolverine Asset Management LLC lifted its stake in Paramount Group by 86.6% in the first quarter. Wolverine Asset Management LLC now owns 12,195 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 5,659 shares during the period. Levin Capital Strategies L.P. purchased a new position in Paramount Group during the first quarter valued at $64,000. Finally, Truist Financial Corp purchased a new position in Paramount Group during the second quarter valued at $67,000. Hedge funds and other institutional investors own 65.64% of the company’s stock.

Paramount Group Price Performance

PGRE opened at $6.53 on Friday. The stock has a 50-day moving average price of $6.76 and a 200-day moving average price of $6.15. The company has a debt-to-equity ratio of 0.90, a current ratio of 5.91 and a quick ratio of 5.91. The firm has a market cap of $1.44 billion, a PE ratio of -14.51 and a beta of 1.37. Paramount Group, Inc. has a 1 year low of $3.75 and a 1 year high of $7.85.

Paramount Group (NYSE:PGRE) last posted its quarterly earnings results on Wednesday, October 29th. The financial services provider reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The firm had revenue of $172.96 million during the quarter, compared to analyst estimates of $167.65 million. Paramount Group had a negative return on equity of 2.39% and a negative net margin of 13.47%. Sell-side analysts predict that Paramount Group, Inc. will post 0.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on PGRE shares. Wells Fargo & Company raised Paramount Group from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $4.20 to $6.60 in a research report on Thursday, September 18th. Evercore ISI set a $6.60 price objective on Paramount Group and gave the company an “in-line” rating in a research report on Monday, September 22nd. Morgan Stanley set a $6.60 price objective on Paramount Group and gave the company an “equal weight” rating in a research report on Wednesday, October 22nd. BTIG Research reissued a “neutral” rating on shares of Paramount Group in a research report on Wednesday, September 17th. Finally, Mizuho raised their price objective on Paramount Group from $5.00 to $6.00 and gave the company an “outperform” rating in a research report on Monday, July 14th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Paramount Group currently has a consensus rating of “Hold” and a consensus target price of $6.45.

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.