CBRE Group (NYSE:CBRE) announced its earnings results on Thursday. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03, Morningstar.com reports. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.59 billion. CBRE Group had a return on equity of 24.72% and a net margin of 4.94%. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 EPS. CBRE Group updated its FY 2019 guidance to $3.70-3.80 EPS and its FY19 guidance to $3.70-3.80 EPS.
Shares of CBRE Group stock traded down $0.99 during trading on Friday, reaching $53.51. The company’s stock had a trading volume of 1,361,562 shares, compared to its average volume of 1,038,483. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $17.83 billion, a P/E ratio of 16.31, a price-to-earnings-growth ratio of 1.33 and a beta of 1.70. CBRE Group has a 1-year low of $37.45 and a 1-year high of $56.47. The company has a 50-day moving average price of $51.98.
Several analysts have issued reports on CBRE shares. Compass Point started coverage on CBRE Group in a research report on Wednesday, July 10th. They set a “neutral” rating and a $54.00 target price on the stock. Raymond James increased their target price on CBRE Group from $65.00 to $67.00 and gave the company a “strong-buy” rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $58.00.
In other news, insider James R. Groch sold 50,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $55.13, for a total value of $2,756,500.00. Following the completion of the sale, the insider now owns 404,918 shares of the company’s stock, valued at approximately $22,323,129.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert E. Sulentic sold 40,000 shares of CBRE Group stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $50.00, for a total value of $2,000,000.00. Following the sale, the chief executive officer now directly owns 841,601 shares of the company’s stock, valued at approximately $42,080,050. The disclosure for this sale can be found here. Insiders sold a total of 99,766 shares of company stock valued at $5,218,495 in the last three months. Insiders own 0.74% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Tocqueville Asset Management L.P. lifted its position in CBRE Group by 0.5% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 49,775 shares of the financial services provider’s stock worth $2,553,000 after acquiring an additional 245 shares during the period. Cetera Advisors LLC lifted its position in CBRE Group by 2.3% during the 1st quarter. Cetera Advisors LLC now owns 11,557 shares of the financial services provider’s stock worth $572,000 after acquiring an additional 257 shares during the period. Keybank National Association OH lifted its position in CBRE Group by 2.3% during the 2nd quarter. Keybank National Association OH now owns 11,544 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 258 shares during the period. Kornitzer Capital Management Inc. KS lifted its position in CBRE Group by 0.4% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 66,615 shares of the financial services provider’s stock worth $3,294,000 after acquiring an additional 268 shares during the period. Finally, Coe Capital Management LLC lifted its position in CBRE Group by 2.9% during the 1st quarter. Coe Capital Management LLC now owns 11,205 shares of the financial services provider’s stock worth $554,000 after acquiring an additional 320 shares during the period. 93.33% of the stock is owned by institutional investors.
About CBRE Group
CBRE Group, Inc operates as a commercial real estate services and investment company worldwide. It operates through Americas; Europe, Middle East and Africa; Asia Pacific; Global Investment Management; and Development Services segments. The company offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; integrated property sales, and mortgage and structured financing services under the CBRE Capital Markets brand; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting.
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