CBRE Group, Inc. (CBG) Hits New 52-Week High on Strong Earnings
CBRE Group, Inc. (NYSE:CBG) shares reached a new 52-week high during mid-day trading on Monday following a better than expected earnings announcement. The stock traded as high as $40.86 and last traded at $40.89, with a volume of 1196450 shares. The stock had previously closed at $39.90.
The financial services provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.10. CBRE Group had a return on equity of 26.22% and a net margin of 5.75%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.45 billion. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis.
Several brokerages have issued reports on CBG. Barclays PLC increased their price target on CBRE Group from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, August 15th. BidaskClub downgraded CBRE Group from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Wedbush restated an “outperform” rating and issued a $38.00 price target on shares of CBRE Group in a report on Wednesday, August 2nd. UBS AG began coverage on CBRE Group in a report on Wednesday, July 26th. They issued a “neutral” rating and a $41.00 price target for the company. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $36.00 price target on shares of CBRE Group in a report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. CBRE Group has a consensus rating of “Hold” and an average price target of $39.60.
In related news, CEO William F. Concannon sold 25,000 shares of the stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $39.02, for a total transaction of $975,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert E. Sulentic sold 90,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $35.91, for a total value of $3,231,900.00. Following the transaction, the insider now owns 833,590 shares of the company’s stock, valued at $29,934,216.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,706,467 shares of company stock valued at $205,082,221. 1.00% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank boosted its position in CBRE Group by 25.6% during the second quarter. Toronto Dominion Bank now owns 101,905 shares of the financial services provider’s stock valued at $3,709,000 after purchasing an additional 20,739 shares during the last quarter. Aviva PLC boosted its position in CBRE Group by 1.5% during the second quarter. Aviva PLC now owns 181,175 shares of the financial services provider’s stock valued at $6,595,000 after purchasing an additional 2,720 shares during the last quarter. Hosking Partners LLP boosted its position in CBRE Group by 1.6% during the second quarter. Hosking Partners LLP now owns 2,425,070 shares of the financial services provider’s stock valued at $88,273,000 after purchasing an additional 38,977 shares during the last quarter. Calamos Advisors LLC boosted its position in CBRE Group by 47.9% during the second quarter. Calamos Advisors LLC now owns 165,516 shares of the financial services provider’s stock valued at $6,025,000 after purchasing an additional 53,616 shares during the last quarter. Finally, Balyasny Asset Management LLC boosted its position in CBRE Group by 57.8% during the second quarter. Balyasny Asset Management LLC now owns 101,263 shares of the financial services provider’s stock valued at $3,686,000 after purchasing an additional 37,092 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.
The company has a current ratio of 1.17, a quick ratio of 1.27 and a debt-to-equity ratio of 0.66. The stock has a market cap of $13,483.62, a PE ratio of 15.06, a P/E/G ratio of 1.18 and a beta of 1.83.
CBRE Group Company Profile
CBRE Group, Inc is a holding company that conducts all of its operations through its subsidiaries. The Company operates as a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services.
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