CIBC Asset Management Inc Increases Position in CBRE Group, Inc. (NYSE:CBG)
CIBC Asset Management Inc boosted its stake in shares of CBRE Group, Inc. (NYSE:CBG) by 0.4% during the second quarter, Holdings Channel reports. The fund owned 29,272 shares of the financial services provider’s stock after buying an additional 113 shares during the period. CIBC Asset Management Inc’s holdings in CBRE Group were worth $1,066,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in CBG. Mn Services Vermogensbeheer B.V. boosted its stake in shares of CBRE Group by 5.9% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 8,095 shares of the financial services provider’s stock valued at $263,000 after buying an additional 454 shares during the last quarter. Global Thematic Partners LLC boosted its stake in shares of CBRE Group by 8.1% in the first quarter. Global Thematic Partners LLC now owns 1,306,163 shares of the financial services provider’s stock valued at $45,442,000 after buying an additional 97,368 shares during the last quarter. Nationwide Fund Advisors boosted its stake in shares of CBRE Group by 4.2% in the first quarter. Nationwide Fund Advisors now owns 717,301 shares of the financial services provider’s stock valued at $24,955,000 after buying an additional 29,004 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its stake in shares of CBRE Group by 8.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 438,054 shares of the financial services provider’s stock valued at $15,241,000 after buying an additional 33,939 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of CBRE Group during the first quarter valued at about $116,000. Hedge funds and other institutional investors own 96.44% of the company’s stock.
Shares of CBRE Group, Inc. (NYSE:CBG) opened at 35.77 on Friday. The firm has a market cap of $12.05 billion, a PE ratio of 17.46 and a beta of 1.83. The firm’s 50-day moving average price is $37.09 and its 200 day moving average price is $35.07. CBRE Group, Inc. has a 52 week low of $25.40 and a 52 week high of $38.99.
CBRE Group (NYSE:CBG) last released its earnings results on Thursday, July 27th. The financial services provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. CBRE Group had a return on equity of 26.40% and a net margin of 5.21%. The business had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period last year, the business earned $0.52 earnings per share. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. Equities analysts anticipate that CBRE Group, Inc. will post $2.57 EPS for the current year.
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Several analysts have issued reports on the company. UBS AG assumed coverage on CBRE Group in a research note on Wednesday, July 26th. They set a “neutral” rating and a $41.00 price objective on the stock. Keefe, Bruyette & Woods restated a “hold” rating and set a $36.00 price objective on shares of CBRE Group in a research note on Friday, July 21st. Wedbush restated an “outperform” rating and set a $38.00 price objective on shares of CBRE Group in a research note on Wednesday, August 2nd. Barclays PLC upped their price objective on CBRE Group from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 18th. Finally, Zacks Investment Research upgraded CBRE Group from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Friday, July 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $39.40.
In related news, insider Michael J. Lafitte sold 15,000 shares of CBRE Group stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $37.02, for a total transaction of $555,300.00. Following the sale, the insider now directly owns 369,774 shares of the company’s stock, valued at $13,689,033.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Gil Borok sold 25,627 shares of CBRE Group stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $37.33, for a total value of $956,655.91. Following 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. 1.00% of the stock is owned by company insiders.
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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