CBRE Group, Inc. (CBG) Position Boosted by Riverpark Capital Management LLC
Riverpark Capital Management LLC raised its stake in shares of CBRE Group, Inc. (NYSE:CBG) by 14.8% during the second quarter, Holdings Channel reports. The firm owned 624,949 shares of the financial services provider’s stock after buying an additional 80,469 shares during the period. CBRE Group makes up approximately 2.6% of Riverpark Capital Management LLC’s portfolio, making the stock its 19th largest position. Riverpark Capital Management LLC’s holdings in CBRE Group were worth $22,748,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. State of Alaska Department of Revenue purchased a new position in CBRE Group during the first quarter worth about $116,000. Harbour Capital Advisors LLC acquired a new stake in CBRE Group during the first quarter valued at approximately $118,000. Pettee Investors Inc. acquired a new stake in CBRE Group during the first quarter valued at approximately $203,000. Cambridge Investment Research Advisors Inc. acquired a new stake in CBRE Group during the first quarter valued at approximately $206,000. Finally, Harbor Advisors LLC acquired a new stake in CBRE Group during the first quarter valued at approximately $209,000. 96.84% of the stock is currently owned by institutional investors and hedge funds.
Shares of CBRE Group, Inc. (CBG) opened at 36.05 on Tuesday. The firm has a market capitalization of $12.15 billion, a P/E ratio of 17.59 and a beta of 1.83. The firm has a 50-day moving average price of $37.11 and a 200-day moving average price of $35.18. CBRE Group, Inc. has a 52-week low of $25.40 and a 52-week high of $38.99.
CBRE Group (NYSE:CBG) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.12. CBRE Group had a net margin of 5.21% and a return on equity of 26.40%. The firm had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same period last year, the firm earned $0.52 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities research analysts anticipate that CBRE Group, Inc. will post $2.57 EPS for the current year.
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Several equities analysts recently issued reports on CBG shares. Wedbush reaffirmed an “outperform” rating and set a $38.00 price objective on shares of CBRE Group in a report on Wednesday, August 2nd. Barclays PLC lifted their price objective on CBRE Group from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, July 18th. UBS AG initiated coverage on CBRE Group in a research report on Wednesday, July 26th. They issued a “neutral” rating and a $41.00 price objective for the company. Zacks Investment Research upgraded CBRE Group from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Friday, July 7th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $36.00 target price on shares of CBRE Group in a report on Tuesday, May 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $39.40.
In related news, insider Michael J. Lafitte sold 15,000 shares of the business’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $37.02, for a total value of $555,300.00. Following the sale, the insider now directly owns 369,774 shares of the company’s stock, valued at approximately $13,689,033.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gil Borok sold 25,627 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $37.33, for a total transaction of $956,655.91. Following the completion of the sale, the chief financial officer now directly owns 76,651 shares in the company, valued at $2,861,381.83. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,627 shares of company stock worth $2,822,306. Insiders own 1.00% of the company’s stock.
About CBRE Group
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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