Analysts Expect CBRE Group, Inc. (CBG) Will Post Quarterly Sales of $3.36 Billion
Wall Street brokerages forecast that CBRE Group, Inc. (NYSE:CBG) will announce $3.36 billion in sales for the current quarter, according to Zacks. Three analysts have provided estimates for CBRE Group’s earnings, with the lowest sales estimate coming in at $3.30 billion and the highest estimate coming in at $3.40 billion. CBRE Group posted sales of $3.21 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 4.7%. The business is scheduled to announce its next earnings report before the market opens on Thursday, July 27th.
According to Zacks, analysts expect that CBRE Group will report full year sales of $3.36 billion for the current fiscal year, with estimates ranging from $13.76 billion to $13.96 billion. For the next financial year, analysts anticipate that the company will post sales of $14.71 billion per share, with estimates ranging from $14.47 billion to $14.89 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for CBRE Group.
CBRE Group (NYSE:CBG) last issued its quarterly earnings data on Thursday, April 27th. The financial services provider reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.10. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.91 billion. CBRE Group had a return on equity of 26.31% and a net margin of 4.69%. The company’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share.
Several brokerages recently issued reports on CBG. UBS AG began coverage on CBRE Group in a report on Wednesday. They issued a “neutral” rating and a $41.00 price target for the company. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $36.00 price target on shares of CBRE Group in a report on Friday, July 21st. Barclays PLC increased their price target on CBRE Group from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, July 18th. Zacks Investment Research upgraded CBRE Group from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Friday, July 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $38.00 price target on shares of CBRE Group in a report on Monday, April 17th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $39.40.
In related news, CEO William F. Concannon sold 20,000 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $38.09, for a total value of $761,800.00. Following the completion of the sale, the chief executive officer now directly owns 233,896 shares in the company, valued at approximately $8,909,098.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael J. Lafitte sold 15,000 shares of the firm’s stock in a transaction dated 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 owns 369,774 shares of the company’s stock, valued at $13,689,033.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,000 shares of company stock valued at $1,865,650. 1.00% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. Boston Advisors LLC increased its stake in shares of CBRE Group by 13.9% in the second quarter. Boston Advisors LLC now owns 613,895 shares of the financial services provider’s stock valued at $22,346,000 after buying an additional 74,755 shares in the last quarter. Contravisory Investment Management Inc. acquired a new stake in shares of CBRE Group during the second quarter valued at $263,000. Russell Investments Group Ltd. increased its stake in shares of CBRE Group by 22.2% in the second quarter. Russell Investments Group Ltd. now owns 1,353,372 shares of the financial services provider’s stock valued at $49,263,000 after buying an additional 245,434 shares in the last quarter. US Bancorp DE increased its stake in shares of CBRE Group by 2.5% in the second quarter. US Bancorp DE now owns 71,509 shares of the financial services provider’s stock valued at $2,604,000 after buying an additional 1,736 shares in the last quarter. Finally, Aperio Group LLC increased its stake in shares of CBRE Group by 13.2% in the second quarter. Aperio Group LLC now owns 290,370 shares of the financial services provider’s stock valued at $10,569,000 after buying an additional 33,867 shares in the last quarter. Institutional investors own 96.31% of the company’s stock.
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CBRE Group (NYSE:CBG) opened at 38.175 on Wednesday. The company has a 50-day moving average price of $36.20 and a 200-day moving average price of $34.50. The stock has a market capitalization of $12.86 billion, a price-to-earnings ratio of 20.872 and a beta of 1.83. CBRE Group has a 12-month low of $25.40 and a 12-month high of $38.44.
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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