California Public Employees Retirement System cut its position in shares of Paramount Group Inc (NYSE:PGRE) by 15.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 260,704 shares of the financial services provider’s stock after selling 48,426 shares during the quarter. California Public Employees Retirement System’s holdings in Paramount Group were worth $3,699,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Pearl River Capital LLC lifted its stake in Paramount Group by 1,298.9% during the first quarter. Pearl River Capital LLC now owns 5,204 shares of the financial services provider’s stock valued at $74,000 after buying an additional 4,832 shares in the last quarter. Quadrant Capital Group LLC purchased a new stake in Paramount Group during the first quarter valued at about $91,000. Oppenheimer Asset Management Inc. purchased a new stake in Paramount Group during the fourth quarter valued at about $100,000. HRT Financial LLC purchased a new stake in Paramount Group during the fourth quarter valued at about $151,000. Finally, M&T Bank Corp purchased a new stake in Paramount Group during the fourth quarter valued at about $155,000. 61.03% of the stock is owned by institutional investors.

A number of research firms have commented on PGRE. Zacks Investment Research raised shares of Paramount Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 25th. Evercore ISI raised shares of Paramount Group from an “in-line” rating to an “outperform” rating in a research note on Monday, April 1st. They noted that the move was a valuation call. Finally, Morgan Stanley raised shares of Paramount Group from an “underweight” rating to an “equal weight” rating and set a $14.46 price objective for the company in a research note on Wednesday, March 13th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $17.15.

Shares of PGRE opened at $14.10 on Tuesday. The stock has a market capitalization of $3.34 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 3.76 and a beta of 0.81. Paramount Group Inc has a fifty-two week low of $12.18 and a fifty-two week high of $16.05. The company has a debt-to-equity ratio of 0.74, a quick ratio of 3.03 and a current ratio of 3.03.

Paramount Group (NYSE:PGRE) last issued its earnings results on Wednesday, May 1st. The financial services provider reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.21). The business had revenue of $191.79 million during the quarter, compared to analyst estimates of $187.26 million. Paramount Group had a net margin of 1.53% and a return on equity of 0.24%. Paramount Group’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 EPS. On average, sell-side analysts expect that Paramount Group Inc will post 0.91 EPS for the current fiscal year.

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Paramount Group Company Profile

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.

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

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