Bank of New York Mellon Corp Acquires 12,005 Shares of Paramount Group Inc (PGRE)

Bank of New York Mellon Corp boosted its holdings in shares of Paramount Group Inc (NYSE:PGRE) by 1.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,220,771 shares of the financial services provider’s stock after purchasing an additional 12,005 shares during the period. Bank of New York Mellon Corp’s holdings in Paramount Group were worth $18,800,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of Paramount Group by 1.4% in the 2nd quarter. BlackRock Inc. now owns 15,349,289 shares of the financial services provider’s stock valued at $236,379,000 after acquiring an additional 215,466 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Paramount Group by 10.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,002,387 shares of the financial services provider’s stock valued at $15,422,000 after acquiring an additional 98,495 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Paramount Group by 8.9% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 208,228 shares of the financial services provider’s stock valued at $3,207,000 after acquiring an additional 17,017 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in shares of Paramount Group in the 2nd quarter valued at approximately $833,000. Finally, Swiss National Bank lifted its position in shares of Paramount Group by 6.6% in the 2nd quarter. Swiss National Bank now owns 376,743 shares of the financial services provider’s stock valued at $5,802,000 after acquiring an additional 23,200 shares in the last quarter. 65.76% of the stock is owned by institutional investors and hedge funds.

PGRE stock opened at $14.27 on Monday. Paramount Group Inc has a 12-month low of $13.70 and a 12-month high of $16.37. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.57 and a quick ratio of 4.57. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 16.03, a P/E/G ratio of 5.15 and a beta of 0.68.

Paramount Group (NYSE:PGRE) last released its earnings results on Monday, November 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). Paramount Group had a negative return on equity of 0.06% and a negative net margin of 0.40%. The company had revenue of $192.60 million during the quarter, compared to analysts’ expectations of $191.24 million. During the same quarter in the previous year, the company earned $0.22 EPS. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, research analysts expect that Paramount Group Inc will post 0.94 earnings per share for the current fiscal year.

PGRE has been the subject of several research analyst reports. Deutsche Bank upped their price target on shares of Paramount Group from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday, August 29th. Zacks Investment Research upgraded shares of Paramount Group from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research report on Tuesday, August 21st. Finally, ValuEngine upgraded shares of Paramount Group from a “sell” rating to a “hold” rating in a research report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $16.70.

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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, Washington, DC and San Francisco.

Read More: Balanced Fund

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Institutional Ownership by Quarter for Paramount Group (NYSE:PGRE)

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