CBRE Group (NYSE:CBRE) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

CBRE Group (NYSE:CBRE) released its quarterly earnings results on Thursday. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.06 by $0.14, Briefing.com reports. CBRE Group had a return on equity of 12.74% and a net margin of 2.79%. The business had revenue of $9.04 billion for the quarter, compared to analysts’ expectations of $8.80 billion. During the same quarter in the previous year, the firm posted $0.72 earnings per share. The company’s revenue was up 14.8% compared to the same quarter last year. CBRE Group updated its FY 2024 guidance to 4.950-5.050 EPS and its FY24 guidance to $4.95-5.05 EPS.

CBRE Group Trading Down 0.7 %

NYSE CBRE opened at $132.54 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.12 and a current ratio of 1.12. CBRE Group has a one year low of $64.63 and a one year high of $136.06. The company has a 50-day simple moving average of $119.85 and a 200-day simple moving average of $102.29. The firm has a market capitalization of $40.67 billion, a PE ratio of 41.29 and a beta of 1.40.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CBRE shares. Keefe, Bruyette & Woods upped their target price on CBRE Group from $110.00 to $120.00 and gave the company a “market perform” rating in a research report on Thursday, August 1st. UBS Group cut their price target on shares of CBRE Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. Morgan Stanley started coverage on shares of CBRE Group in a report on Thursday, July 25th. They set an “equal weight” rating and a $105.00 price objective for the company. Raymond James upped their target price on shares of CBRE Group from $122.00 to $124.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. Finally, Evercore ISI increased their price target on shares of CBRE Group from $123.00 to $132.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $113.83.

Insider Buying and Selling

In other CBRE Group news, Director Christopher T. Jenny sold 10,847 shares of CBRE Group stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $112.00, for a total value of $1,214,864.00. Following the completion of the transaction, the director now directly owns 51,244 shares in the company, valued at $5,739,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other CBRE Group news, Director Christopher T. Jenny sold 10,847 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $112.00, for a total value of $1,214,864.00. Following the sale, the director now directly owns 51,244 shares of the company’s stock, valued at $5,739,328. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel G. Queenan sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $114.67, for a total transaction of $1,146,700.00. Following the transaction, the chief executive officer now directly owns 217,094 shares of the company’s stock, valued at approximately $24,894,168.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,232 shares of company stock worth $2,839,047 over the last quarter. 0.54% of the stock is owned by company insiders.

About CBRE Group

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.