CBRE Group (NYSE:CBRE) Issues Earnings Results

by · The Markets Daily

CBRE Group (NYSE:CBRE – Get Free Report) posted its earnings results on Thursday. The financial services provider reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.14, Briefing.com reports. The business had revenue of $9.04 billion during the quarter, compared to analyst estimates of $8.80 billion. CBRE Group had a return on equity of 12.74% and a net margin of 2.79%. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 EPS. CBRE Group updated its FY 2024 guidance to 4.950-5.050 EPS and its FY24 guidance to $4.95-5.05 EPS.

CBRE Group Stock Performance

NYSE:CBRE opened at $132.54 on Friday. The business has a 50 day moving average of $119.43 and a 200 day moving average of $101.99. The company has a market capitalization of $40.67 billion, a price-to-earnings ratio of 41.29 and a beta of 1.40. CBRE Group has a 1-year low of $64.63 and a 1-year high of $136.06. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 1.12.

Insider Buying and Selling

In related news, CEO Daniel G. Queenan sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $114.67, for a total value of $1,146,700.00. Following the completion of the sale, the chief executive officer now owns 217,094 shares in the company, valued at $24,894,168.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other CBRE Group news, CEO Daniel G. Queenan sold 10,000 shares of CBRE Group stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $114.67, for a total value of $1,146,700.00. Following the transaction, the chief executive officer now directly owns 217,094 shares of the company’s stock, valued at $24,894,168.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher T. Jenny sold 10,847 shares of CBRE Group stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $112.00, for a total value of $1,214,864.00. Following the completion of the transaction, the director now directly owns 51,244 shares in the company, valued at $5,739,328. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,232 shares of company stock worth $2,839,047 in the last quarter. 0.54% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CBRE. Raymond James lifted their target price on CBRE Group from $122.00 to $124.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Wolfe Research raised CBRE Group to a “strong-buy” rating in a report on Friday, August 16th. Evercore ISI lifted their price target on CBRE Group from $123.00 to $132.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. UBS Group dropped their price target on CBRE Group from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Wednesday, July 3rd. Finally, Morgan Stanley initiated coverage on CBRE Group in a research report on Thursday, July 25th. They set an “equal weight” rating and a $105.00 price target for the company. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.83.

Read Our Latest Stock Analysis on CBRE Group

About CBRE Group

(Get Free Report)

CBRE Group, Inc operates as a commercial real estate services and investment company in the United States, the United Kingdom, and internationally. The Advisory Services segment offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing of offices, and industrial and retail space; clients fully integrated property sales services under the CBRE Capital Markets brand; clients commercial mortgage and structured financing services; originates and sells commercial mortgage loans; property management services, such as marketing, building engineering, accounting, and financial services on a contractual basis for owners of and investors in office, industrial, and retail properties; 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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