CBRE Group (NYSE:CBG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm presently has a $48.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 14.56% from the stock’s previous close.
According to Zacks, “Shares of CBRE Group have outperformed the industry it belongs to in the past six months. Moreover, the stock has seen the Zacks Consensus Estimate for 2018 earnings per share being revised upward in a week’s time. Recently, the company reported fourth-quarter 2017 adjusted earnings per share of 99 cents, beating the Zacks Consensus Estimate of 93 cents. Results indicate strong revenue growth in all three of its global regions. Specifically, the company experienced solid growth in occupier outsourcing and leasing fee revenue. Its extensive real estate products and services offerings, improving leasing and outsourcing business, strategic in-fill acquisitions, transformational deals, and healthy balance sheet are expected to drive results. However, competition from international, regional and local players as well as its exposure to unfavorable foreign currency movements remain concerns.”
Other research analysts have also issued research reports about the company. William Blair reaffirmed an “outperform” rating on shares of CBRE Group in a research report on Friday, February 2nd. Evercore ISI raised CBRE Group from an “in-line” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Friday. Raymond James Financial began coverage on CBRE Group in a research report on Tuesday. They set an “outperform” rating and a $55.00 price objective for the company. Barclays raised their price objective on CBRE Group from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, January 30th. Finally, JMP Securities lowered CBRE Group from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 24th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $45.50.
CBRE Group (NYSE:CBG) last posted its quarterly earnings data on Thursday, February 8th. The financial services provider reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.06. CBRE Group had a return on equity of 26.22% and a net margin of 5.75%. The company had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.12 billion. During the same quarter last year, the company earned $0.93 EPS. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. sell-side analysts predict that CBRE Group will post 2.65 EPS for the current fiscal year.
In other CBRE Group news, Director Frederic V. Malek sold 6,900 shares of CBRE Group stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $43.28, for a total value of $298,632.00. Following the completion of the sale, the director now owns 267,446 shares of the company’s stock, valued at approximately $11,575,062.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP J. Christopher Kirk sold 20,000 shares of CBRE Group stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $43.32, for a total value of $866,400.00. Following the completion of the sale, the executive vice president now directly owns 118,162 shares of the company’s stock, valued at approximately $5,118,777.84. The disclosure for this sale can be found here. In the last three months, insiders sold 2,960,687 shares of company stock valued at $126,486,405. Corporate insiders own 1.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Fieldpoint Private Securities LLC bought a new stake in shares of CBRE Group in the third quarter worth $104,000. Invictus RG bought a new stake in shares of CBRE Group in the third quarter worth $104,000. Cerebellum GP LLC bought a new stake in shares of CBRE Group in the fourth quarter worth $127,000. Tower Research Capital LLC TRC grew its holdings in shares of CBRE Group by 818.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,059 shares of the financial services provider’s stock worth $132,000 after acquiring an additional 2,726 shares during the period. Finally, BB&T Investment Services Inc. bought a new stake in shares of CBRE Group in the second quarter worth $125,000. 94.66% of the stock is owned by institutional investors.
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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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