Allspring Global Investments Holdings LLC boosted its holdings in shares of Paramount Group, Inc. (NYSE:PGRE – Get Rating) by 5.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 188,247 shares of the financial services provider’s stock after buying an additional 9,095 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Paramount Group were worth $1,172,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the business. Stephens Inc. AR purchased a new stake in Paramount Group during the 2nd quarter valued at about $73,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Paramount Group in the second quarter worth about $3,192,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Paramount Group in the second quarter worth about $93,000. 1620 Investment Advisors Inc. boosted its stake in shares of Paramount Group by 12.3% in the second quarter. 1620 Investment Advisors Inc. now owns 19,818 shares of the financial services provider’s stock worth $143,000 after buying an additional 2,170 shares during the last quarter. Finally, Martingale Asset Management L P boosted its stake in shares of Paramount Group by 1.5% in the second quarter. Martingale Asset Management L P now owns 152,226 shares of the financial services provider’s stock worth $1,101,000 after buying an additional 2,215 shares during the last quarter. 59.17% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Paramount Group news, CEO Albert P. Behler acquired 40,000 shares of the stock in a transaction that occurred on Wednesday, December 7th. The stock was bought at an average cost of $5.75 per share, for a total transaction of $230,000.00. Following the completion of the transaction, the chief executive officer now owns 171,812 shares of the company’s stock, valued at approximately $987,919. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Albert P. Behler bought 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 7th. The stock was purchased at an average cost of $5.75 per share, for a total transaction of $230,000.00. Following the completion of the acquisition, the chief executive officer now owns 171,812 shares in the company, valued at approximately $987,919. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Armbrust bought 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 7th. The stock was bought at an average price of $5.71 per share, with a total value of $114,200.00. Following the completion of the acquisition, the director now owns 232,853 shares of the company’s stock, valued at approximately $1,329,590.63. The disclosure for this purchase can be found here. 10.40% of the stock is currently owned by company insiders.
Paramount Group Price Performance
Paramount Group Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were given a $0.078 dividend. The ex-dividend date was Thursday, December 29th. This represents a $0.31 annualized dividend and a yield of 5.07%. Paramount Group’s payout ratio is 1,550.78%.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on PGRE shares. Deutsche Bank Aktiengesellschaft lowered their price target on Paramount Group from $10.00 to $8.00 and set a “hold” rating on the stock in a research report on Thursday, October 13th. Evercore ISI cut Paramount Group from an “in-line” rating to an “underperform” rating and reduced their target price for the company from $8.00 to $6.50 in a report on Monday, November 21st. Morgan Stanley cut Paramount Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $8.00 to $6.50 in a report on Wednesday, November 23rd. Wells Fargo & Company reduced their target price on Paramount Group from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Tuesday, October 18th. Finally, BTIG Research cut Paramount Group from a “buy” rating to a “neutral” rating in a report on Wednesday, October 19th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $6.60.
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 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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