BidaskClub Downgrades Colliers International Group Inc. (CIGI) to Buy
BidaskClub lowered shares of Colliers International Group Inc. (NASDAQ:CIGI) (TSE:CIGI) from a strong-buy rating to a buy rating in a research report released on Monday.
Several other research firms have also recently weighed in on CIGI. Sidoti cut shares of Colliers International Group from a buy rating to a neutral rating in a report on Monday, July 17th. Zacks Investment Research raised shares of Colliers International Group from a strong sell rating to a hold rating in a report on Tuesday, July 4th. Royal Bank Of Canada set a $58.00 target price on shares of Colliers International Group and gave the stock a buy rating in a report on Monday, June 26th. Raymond James Financial, Inc. raised their target price on shares of Colliers International Group from $57.00 to $81.00 and gave the stock an outperform rating in a report on Wednesday, May 3rd. Finally, BMO Capital Markets reaffirmed an outperform rating and set a $60.00 target price on shares of Colliers International Group in a report on Wednesday, May 3rd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $65.60.
Colliers International Group (NASDAQ CIGI) traded down 0.28% during trading on Monday, hitting $54.35. The stock had a trading volume of 9,179 shares. The stock has a 50 day moving average price of $54.96 and a 200 day moving average price of $48.67. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 28.03 and a beta of 1.74. Colliers International Group has a 12-month low of $34.20 and a 12-month high of $60.75.
Colliers International Group (NASDAQ:CIGI) (TSE:CIGI) last released its quarterly earnings results on Tuesday, May 2nd. The financial services provider reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.11. The firm had revenue of $422.80 million for the quarter, compared to analysts’ expectations of $404.95 million. Colliers International Group had a net margin of 3.87% and a return on equity of 51.57%. The business’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 EPS. Equities research analysts forecast that Colliers International Group will post $2.82 earnings per share for the current year.
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Colliers International Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 13th that authorizes the company to repurchase 2,700,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a semiannual dividend, which was paid on Wednesday, July 12th. Investors of record on Friday, June 30th were paid a $0.05 dividend. The ex-dividend date was Wednesday, June 28th. This represents a yield of 0.19%. Colliers International Group’s dividend payout ratio (DPR) is 5.18%.
A number of hedge funds have recently modified their holdings of CIGI. Norges Bank bought a new stake in shares of Colliers International Group during the fourth quarter worth $14,040,000. Hillsdale Investment Management Inc. acquired a new position in shares of Colliers International Group during the first quarter worth approximately $14,540,000. Renaissance Technologies LLC raised its position in shares of Colliers International Group by 23.8% in the first quarter. Renaissance Technologies LLC now owns 835,100 shares of the financial services provider’s stock worth $39,423,000 after buying an additional 160,600 shares during the period. Spruce House Investment Management LLC raised its position in shares of Colliers International Group by 2.0% in the first quarter. Spruce House Investment Management LLC now owns 5,985,242 shares of the financial services provider’s stock worth $282,724,000 after buying an additional 117,823 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in shares of Colliers International Group during the first quarter worth approximately $4,597,000. Hedge funds and other institutional investors own 59.77% of the company’s stock.
About Colliers International Group
Colliers International Group Inc is engaged in the provision of commercial real estate services. The Company offers services, including outsourcing and advisory services, lease brokerage and sales brokerage. Its segments include Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, and Corporate.
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