Insider Buying: Armbrust Thomas, Paramount Group Inc. [PGRE] Director invested 20,000 shares


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Paramount Group Inc. shares valued at $97,000 were purchased by Armbrust Thomas on Mar 10. At $4.85 per share, Armbrust Thomas acquired 20,000 shares. The insider’s holdings grew to 252,853 shares worth approximately $1.19 million following the completion of this transaction.

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Also, Behler Albert P. purchased 10,000 shares, netting a total of over 48,070 in proceeds. Following the buying of shares at $4.81 each, the insider now holds 401,812 shares.

Before that, Behler Albert P. had added 30,000 shares to its account. In a trade valued at $151,650, the Chairman, CEO and President bought Paramount Group Inc. shares for $5.05 each. Upon closing the transaction, the insider’s holdings increased to 30,000 shares, worth approximately $1.84 million.

Analysts at Morgan Stanley downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal-weight”‘ outlook in a report released in late November. As of November 21, 2022, Evercore ISI has decreased its “an In-line” rating to a “an Underperform” for PGRE. Earlier on October 19, 2022, BTIG Research downgraded its rating. Their new recommendation was “a Neutral” for PGRE stock which previously was a “a Buy”.

Analyzing PGRE Stock Performance

On Wednesday, Paramount Group Inc. [NYSE: PGRE] plunged -1.88% to $4.69. The stock’s lowest price that day was $4.5685, but it reached a high of $4.83 in the same session. During the last five days, there has been a drop of approximately -8.58%. Over the course of the year, Paramount Group Inc. shares have dropped approximately -21.04%. Shares of the company reached a 52-week high of $6.74 on 02/02/23 and a 52-week low of $4.57 on 03/15/23. A 50-day SMA is recorded $5.76, while a 200-day SMA reached $6.63. Nevertheless, trading volume fell to 2.73 million shares from 3.46 million shares the previous day.

Support And Resistance Levels for Paramount Group Inc. (PGRE)

According to the 24-hour chart, there is a support level at 4.56, which, if violated, would cause prices to drop to 4.43. In the upper region, resistance lies at 4.82. The next price resistance is at 4.96. RSI (Relative Strength Index) is 19.35 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.31, which suggests the price will decrease in the coming days. Percent R is at 85.73%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Paramount Group Inc. subject to short interest?

Stocks of Paramount Group Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -0.94 million shares to 6.38 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 7.32 million shares. A decline of -14.73% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 6.77 of the overall float, the days-to-cover ratio (short ratio) decline to 6.77.

Which companies own the most shares of Paramount Group Inc. (PGRE)?

According to The Vanguard Group, Inc. filings, the company currently owns 26,647,842 shares, which is about 12.28% of the total PGRE shares outstanding. The investor’s shares have plunged by -267,859 from its previous 13-F filing of 26915701.0 shares. With the completion of the sale transaction, Norges Bank Investment Management’s stake is now worth $96,853,493. BlackRock Fund Advisors acquire a 18.94% interest valued at $93.34 million while SSgA Funds Management, Inc. sold a -33,419 stake. A total of -4,755,158 shares of Paramount Group Inc. were sold by Monarch Alternative Capital LP during the quarter, and 4,313,293 were bought by Balyasny Asset Management LP. In its current portfolio, Charles Schwab Investment Managem holds 4,087,119 shares valued at $21.54 million.

In terms of Paramount Group Inc. share price expectations, FactSet research, analysts set an average price target of $5.55 in the next 12 months, up nearly 9.83% from the previous closing price of $4.78. Analysts anticipate Paramount Group Inc. stock to reach $7.00 by 2023, with the lowest price target being $5.00. In spite of this, 7 analysts ranked Paramount Group Inc. stock as a Hold at the end of 2023. On January 20, 2022, Mizuho assigned a price target of “a Buy” to the stock and upgraded coverage with a $10.50.


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