Colliers International Group Inc. (CIGI) Releases Quarterly Earnings Results, Beats Expectations By $0.35 EPS
Colliers International Group Inc. (NASDAQ:CIGI) (TSE:CIGI) posted its quarterly earnings results on Tuesday. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.26 by $0.35, Briefing.com reports. Colliers International Group had a net margin of 3.23% and a return on equity of 49.70%. The business had revenue of $571.10 million during the quarter, compared to analyst estimates of $516.47 million. During the same quarter in the previous year, the business posted $0.40 EPS. The company’s quarterly revenue was up 23.6% compared to the same quarter last year.
Shares of Colliers International Group (NASDAQ CIGI) traded up 7.5486% on Tuesday, hitting $58.8291. 20,226 shares of the stock were exchanged. The company’s 50 day moving average is $51.70 and its 200-day moving average is $52.40. Colliers International Group has a 52-week low of $34.20 and a 52-week high of $60.75. The stock has a market cap of $2.28 billion, a PE ratio of 35.5463 and a beta of 1.74.
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Colliers International Group declared that its Board of Directors has initiated a share repurchase program on Thursday, July 13th that permits the company to repurchase 2,700,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
CIGI has been the subject of several recent research reports. BidaskClub lowered shares of Colliers International Group from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Royal Bank Of Canada restated a “buy” rating and issued a $62.00 price target on shares of Colliers International Group in a report on Wednesday, September 27th. ValuEngine upgraded shares of Colliers International Group from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Sidoti upgraded shares of Colliers International Group from a “neutral” rating to a “buy” rating in a report on Monday, August 14th. Finally, Zacks Investment Research upgraded shares of Colliers International Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 4th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $68.88.
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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