CBRE Group (NYSE:CBRE) Issues Earnings Results, Beats Estimates By $0.09 EPS

CBRE Group (NYSE:CBRE) announced its quarterly earnings results on Friday. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.09, RTT News reports. The business had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.94 billion. CBRE Group had a return on equity of 13.69% and a net margin of 3.09%. The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 earnings per share. CBRE Group updated its FY24 guidance to $4.25-4.65 EPS and its FY 2024 guidance to 4.250-4.650 EPS.

CBRE Group Stock Performance

CBRE stock opened at $86.61 on Monday. The business has a 50 day moving average of $91.70 and a 200-day moving average of $86.01. The firm has a market cap of $26.58 billion, a PE ratio of 26.98 and a beta of 1.44. CBRE Group has a 12-month low of $64.63 and a 12-month high of $98.65. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.31.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CBRE. Raymond James lifted their price target on shares of CBRE Group from $95.00 to $103.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 25th. StockNews.com cut shares of CBRE Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Jefferies Financial Group initiated coverage on shares of CBRE Group in a research report on Wednesday, April 10th. They issued a “hold” rating and a $107.00 price target on the stock. Keefe, Bruyette & Woods boosted their price objective on CBRE Group from $96.00 to $100.00 and gave the stock a “market perform” rating in a report on Friday, February 16th. Finally, TheStreet upgraded CBRE Group from a “c+” rating to a “b-” rating in a report on Thursday, January 25th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $99.50.

Insider Buying and Selling

In related news, CEO Chandra Dhandapani sold 11,925 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $94.03, for a total value of $1,121,307.75. Following the transaction, the chief executive officer now directly owns 127,064 shares of the company’s stock, valued at approximately $11,947,827.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Chandra Dhandapani sold 11,925 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $94.03, for a total transaction of $1,121,307.75. Following the completion of the sale, the chief executive officer now owns 127,064 shares in the company, valued at approximately $11,947,827.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Emma E. Giamartino sold 2,667 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $93.53, for a total value of $249,444.51. Following the completion of the transaction, the chief financial officer now owns 72,350 shares in the company, valued at approximately $6,766,895.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,592 shares of company stock worth $3,675,752. 0.54% of the stock is owned by company insiders.

CBRE Group Company Profile

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.