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

Paramount Group, Inc. (NYSE:PGRE) was the target of a large decline in short interest in April. As of April 15th, there was short interest totalling 6,930,000 shares, a decline of 18.4% from the March 31st total of 8,490,000 shares. Based on an average trading volume of 1,240,000 shares, the days-to-cover ratio is currently 5.6 days. Currently, 3.9% of the company’s stock are short sold.

Analyst Ratings Changes

Several research firms have weighed in on PGRE. StockNews.com cut Paramount Group from a “hold” rating to a “sell” rating in a research report on Monday, February 19th. Evercore ISI raised Paramount Group from an “underperform” rating to an “in-line” rating and set a $5.00 price target on the stock in a research report on Monday, March 18th. Finally, Morgan Stanley dropped their price target on Paramount Group from $4.70 to $4.50 and set an “equal weight” rating on the stock in a research report on Thursday, March 28th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.60.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PGRE. Daiwa Securities Group Inc. boosted its holdings in shares of Paramount Group by 4.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 52,856 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 2,441 shares during the last quarter. Caxton Associates LP boosted its holdings in shares of Paramount Group by 10.0% during the 3rd quarter. Caxton Associates LP now owns 34,882 shares of the financial services provider’s stock valued at $161,000 after purchasing an additional 3,163 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Paramount Group by 1.0% during the 3rd quarter. Swiss National Bank now owns 358,143 shares of the financial services provider’s stock valued at $1,655,000 after purchasing an additional 3,500 shares during the last quarter. Ballentine Partners LLC boosted its holdings in shares of Paramount Group by 17.7% during the 1st quarter. Ballentine Partners LLC now owns 25,217 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 3,789 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of Paramount Group by 4.3% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 93,182 shares of the financial services provider’s stock valued at $431,000 after purchasing an additional 3,863 shares during the last quarter. Institutional investors own 65.64% of the company’s stock.

Paramount Group Stock Up 1.1 %

NYSE PGRE traded up $0.05 during mid-day trading on Friday, reaching $4.67. The stock had a trading volume of 442,656 shares, compared to its average volume of 847,646. The company has a debt-to-equity ratio of 0.95, a current ratio of 4.61 and a quick ratio of 4.61. Paramount Group has a 1 year low of $4.06 and a 1 year high of $5.92. The company has a fifty day moving average price of $4.60 and a 200 day moving average price of $4.74.

Paramount Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.035 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.14 annualized dividend and a dividend yield of 3.00%. Paramount Group’s dividend payout ratio (DPR) is -11.67%.

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.