CBRE Group (NYSE:CBRE) Reaches New 52-Week High on Earnings Beat

CBRE Group, Inc. (NYSE:CBRE)’s share price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $131.11 and last traded at $129.80, with a volume of 41249 shares traded. The stock had previously closed at $123.12.

The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.14. CBRE Group had a return on equity of 12.74% and a net margin of 2.79%. The company had revenue of $9.04 billion for the quarter, compared to analysts’ expectations of $8.80 billion. During the same period in the previous year, the firm earned $0.72 EPS. The firm’s revenue was up 14.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

CBRE has been the subject of several research analyst reports. Evercore ISI raised their target price on shares of CBRE Group from $123.00 to $132.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Morgan Stanley initiated coverage on CBRE Group in a research report on Thursday, July 25th. They set an “equal weight” rating and a $105.00 price objective for the company. Wolfe Research raised CBRE Group to a “strong-buy” rating in a report on Friday, August 16th. Keefe, Bruyette & Woods increased their price target on CBRE Group from $110.00 to $120.00 and gave the company a “market perform” rating in a research note on Thursday, August 1st. Finally, UBS Group reduced their price objective on CBRE Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $113.83.

Insider Buying and Selling

In other news, CEO Daniel G. Queenan sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $114.67, for a total value of $1,146,700.00. Following the completion of the sale, the chief executive officer now directly owns 217,094 shares of the company’s stock, valued at $24,894,168.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, COO Vikramaditya Kohli sold 1,074 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $108.89, for a total value of $116,947.86. Following the sale, the chief operating officer now directly owns 69,226 shares of the company’s stock, valued at $7,538,019.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Daniel G. Queenan sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $114.67, for a total transaction of $1,146,700.00. Following the completion of the sale, the chief executive officer now directly owns 217,094 shares of the company’s stock, valued at approximately $24,894,168.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,232 shares of company stock worth $2,839,047. Corporate insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On CBRE Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Fidelis Capital Partners LLC grew its position in CBRE Group by 2.1% in the 3rd quarter. Fidelis Capital Partners LLC now owns 3,994 shares of the financial services provider’s stock valued at $492,000 after acquiring an additional 82 shares during the last quarter. Private Advisor Group LLC grew its holdings in shares of CBRE Group by 1.2% in the third quarter. Private Advisor Group LLC now owns 7,688 shares of the financial services provider’s stock worth $957,000 after purchasing an additional 90 shares during the last quarter. Studio Investment Management LLC increased its stake in CBRE Group by 2.5% in the 2nd quarter. Studio Investment Management LLC now owns 5,546 shares of the financial services provider’s stock worth $494,000 after buying an additional 135 shares during the period. Mather Group LLC. lifted its holdings in CBRE Group by 8.7% during the 2nd quarter. Mather Group LLC. now owns 1,717 shares of the financial services provider’s stock valued at $167,000 after buying an additional 138 shares in the last quarter. Finally, Rathbones Group PLC boosted its position in CBRE Group by 3.0% in the 2nd quarter. Rathbones Group PLC now owns 4,774 shares of the financial services provider’s stock valued at $425,000 after buying an additional 140 shares during the period. 98.41% of the stock is currently owned by hedge funds and other institutional investors.

CBRE Group Price Performance

The firm has a market capitalization of $40.67 billion, a P/E ratio of 41.29 and a beta of 1.40. The stock’s 50 day simple moving average is $119.43 and its 200 day simple moving average is $101.99. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.12 and a current ratio of 1.12.

About CBRE Group

CBRE Group, Inc operates as a commercial real estate services and investment company in the United States, the United Kingdom, and internationally. The Advisory Services segment offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing of offices, and industrial and retail space; clients fully integrated property sales services under the CBRE Capital Markets brand; clients commercial mortgage and structured financing services; originates and sells commercial mortgage loans; property management services, such as marketing, building engineering, accounting, and financial services on a contractual basis for owners of and investors in office, industrial, and retail properties; 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.