CBRE Group (CBRE) Raised to “Hold” at Zacks Investment Research
CBRE Group (NYSE:CBRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Shares of CBRE Group have outperformed its industry over the past six months. Notably, the company’s extensive real estate products and services offerings, improving leasing and outsourcing business, strategic in-fill acquisitions, transformational deals and healthy balance sheet are expected to be conducive to long-term results. However, with a shift towards a comparatively lower margin business, its margin is likely to be affected in the near term. Moreover, stiff competition from international, regional and local players, uneasiness in some economies and unfavorable foreign currency movement remain concerns for the company. Further, the rising interest rate environment is likely to affect capital markets’ activity going forward.”
Separately, Bank of America cut their price target on shares of CBRE Group from $54.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, November 2nd. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. CBRE Group presently has an average rating of “Buy” and a consensus target price of $53.80.
CBRE Group (NYSE:CBRE) last posted its earnings results on Wednesday, February 13th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. CBRE Group had a net margin of 4.32% and a return on equity of 23.45%. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $5.96 billion. During the same period in the previous year, the firm posted $0.96 EPS. The business’s quarterly revenue was up 14.4% on a year-over-year basis. On average, equities analysts forecast that CBRE Group will post 3.19 earnings per share for the current fiscal year.
In other news, Director Gerardo I. Lopez purchased 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 4th. The shares were bought at an average cost of $42.41 per share, for a total transaction of $212,050.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.88% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. purchased a new stake in shares of CBRE Group in the 3rd quarter worth approximately $2,289,833,000. Vanguard Group Inc purchased a new stake in shares of CBRE Group in the 3rd quarter worth approximately $2,289,833,000. BlackRock Inc. purchased a new stake in shares of CBRE Group in the 3rd quarter worth approximately $1,011,772,000. ValueAct Holdings L.P. purchased a new stake in shares of CBRE Group in the 3rd quarter worth approximately $878,336,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of CBRE Group in the 3rd quarter worth approximately $638,351,000. 94.34% 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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