Colliers International Group (NASDAQ:CIGI) Authorizes Share Buyback Program
Colliers International Group (NASDAQ:CIGI) (TSE:CIGI) announced that its Board of Directors has initiated a stock buyback program, which permits the company to repurchase 2,700,000 shares on Thursday, July 13th, EventVestor reports. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
CIGI has been the topic of several research reports. Zacks Investment Research lowered shares of Colliers International Group from a “buy” rating to a “hold” rating in a report on Tuesday, April 18th. BidaskClub upgraded shares of Colliers International Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 30th. TheStreet downgraded shares of Colliers International Group from a “b” rating to a “c+” rating in a research note on Tuesday, May 2nd. Raymond James Financial, Inc. restated an “outperform” rating and issued a $76.00 target price on shares of Colliers International Group in a research note on Wednesday, April 12th. Finally, Scotiabank raised their target price on shares of Colliers International Group from $66.00 to $76.00 and gave the company an “outperform” rating in a research note on Wednesday, May 3rd. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Colliers International Group presently has an average rating of “Buy” and a consensus price target of $65.60.
Colliers International Group (NASDAQ CIGI) traded up 2.23% on Friday, reaching $59.50. 7,095 shares of the company were exchanged. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 30.69 and a beta of 1.74. Colliers International Group has a 52 week low of $34.20 and a 52 week high of $59.75. The stock has a 50-day moving average price of $53.35 and a 200 day moving average price of $46.16.
Colliers International Group (NASDAQ:CIGI) (TSE:CIGI) last issued its quarterly earnings results on Tuesday, May 2nd. The financial services provider reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.11. The firm had revenue of $422.80 million during the quarter, compared to analysts’ expectations of $404.95 million. Colliers International Group had a net margin of 3.87% and a return on equity of 51.57%. Colliers International Group’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS. Analysts forecast that Colliers International Group will post $2.82 earnings per share for the current year.
The firm also recently declared a semiannual dividend, which was paid on Wednesday, July 12th. Investors of record on Friday, June 30th were paid a dividend of $0.05 per share. This represents a yield of 0.19%. The ex-dividend date was Wednesday, June 28th. Colliers International Group’s dividend payout ratio is currently 5.18%.
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About Colliers International Group
Colliers International Group Inc is engaged in the provision of commercial real estate services. The Company offers services, including outsourcing and advisory services, lease brokerage and sales brokerage. Its segments include Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, and Corporate.
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