CBRE Group (NYSE:CBRE) Sets New 52-Week High on Better-Than-Expected Earnings

CBRE Group, Inc. (NYSE:CBRE) shares hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $131.11 and last traded at $129.80, with a volume of 41249 shares trading hands. The stock had previously closed at $123.12.

The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.14. CBRE Group had a return on equity of 12.74% and a net margin of 2.79%. The firm had revenue of $9.04 billion during the quarter, compared to analysts’ expectations of $8.80 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The business’s revenue for the quarter was up 14.8% on a year-over-year basis.

Wall Street Analyst Weigh In

CBRE has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of CBRE Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research report on Thursday, August 1st. UBS Group lowered their target price on shares of CBRE Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 3rd. Wolfe Research upgraded CBRE Group to a “strong-buy” rating in a research note on Friday, August 16th. Morgan Stanley assumed coverage on CBRE Group in a research note on Thursday, July 25th. They issued an “equal weight” rating and a $105.00 price objective on the stock. Finally, Evercore ISI increased their price target on CBRE Group from $123.00 to $132.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Five 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 MarketBeat.com, CBRE Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.83.

Insider Buying and Selling at CBRE Group

In other news, CEO Daniel G. Queenan sold 10,000 shares of the 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 directly owns 217,094 shares of the company’s stock, valued at approximately $24,894,168.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Daniel G. Queenan sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $114.67, for a total transaction of $1,146,700.00. Following the completion of the transaction, the chief executive officer now directly owns 217,094 shares in the company, valued at $24,894,168.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher T. Jenny sold 10,847 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $112.00, for a total transaction of $1,214,864.00. Following the completion of the sale, the director now owns 51,244 shares in the company, valued at $5,739,328. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,232 shares of company stock valued at $2,839,047 in the last 90 days. 0.54% of the stock is currently owned by insiders.

Institutional Trading of CBRE Group

Several institutional investors have recently modified their holdings of CBRE. First Trust Direct Indexing L.P. lifted its position in CBRE Group by 8.6% in the third quarter. First Trust Direct Indexing L.P. now owns 10,729 shares of the financial services provider’s stock worth $1,335,000 after purchasing an additional 847 shares during the period. Fidelis Capital Partners LLC raised its stake in shares of CBRE Group by 2.1% in the 3rd quarter. Fidelis Capital Partners LLC now owns 3,994 shares of the financial services provider’s stock valued at $492,000 after buying an additional 82 shares in the last quarter. Integrated Advisors Network LLC bought a new position in shares of CBRE Group during the 3rd quarter worth about $258,000. abrdn plc boosted its position in shares of CBRE Group by 1.1% during the 3rd quarter. abrdn plc now owns 1,312,667 shares of the financial services provider’s stock valued at $162,344,000 after acquiring an additional 14,132 shares in the last quarter. Finally, Hunter Associates Investment Management LLC increased its stake in CBRE Group by 3.2% in the third quarter. Hunter Associates Investment Management LLC now owns 13,586 shares of the financial services provider’s stock valued at $1,689,000 after acquiring an additional 417 shares during the period. Institutional investors and hedge funds own 98.41% of the company’s stock.

CBRE Group Price Performance

The stock has a market cap of $40.67 billion, a price-to-earnings ratio of 41.29 and a beta of 1.40. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average is $119.43 and its 200-day moving average is $101.99.

CBRE Group Company Profile

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.