Newmark Group (NASDAQ:NMRK) Issues FY24 Earnings Guidance

Newmark Group (NASDAQ:NMRK) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $1.11-$1.17 for the period, compared to the consensus earnings per share estimate of $1.13. The company issued revenue guidance of $2.62-$2.68 billion, compared to the consensus revenue estimate of $2.63 billion.

Newmark Group Trading Up 0.1 %

Newmark Group stock opened at $14.65 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.49 and a quick ratio of 0.49. The stock has a market capitalization of $2.52 billion, a PE ratio of 56.35 and a beta of 2.01. The business’s fifty day moving average is $14.79 and its 200 day moving average is $12.28. Newmark Group has a one year low of $6.64 and a one year high of $16.10.

Newmark Group (NASDAQ:NMRK) last posted its earnings results on Friday, August 2nd. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. Newmark Group had a return on equity of 17.78% and a net margin of 1.75%. The company had revenue of $633.40 million for the quarter, compared to the consensus estimate of $630.27 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. Newmark Group’s revenue was up 8.1% on a year-over-year basis. On average, sell-side analysts predict that Newmark Group will post 1.15 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Piper Sandler lifted their target price on Newmark Group from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods upgraded Newmark Group from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $13.50 to $16.50 in a research report on Thursday, September 5th. Finally, Wolfe Research upgraded Newmark Group from a “peer perform” rating to an “outperform” rating and set a $15.00 target price for the company in a research report on Friday, August 16th.

About Newmark Group

Newmark Group, Inc provides commercial real estate services in the United States, the United Kingdom, and internationally. The company offers capital markets consisting of investment sales and commercial mortgage brokerage; landlord or agency representation leasing; valuation and advisory; property management; commercial real estate technology platform and capabilities; the United Kingdom business rates services; due diligence, consulting, and other advisory services; GSEs and the Federal Housing Administration lending services comprising multifamily lending and loan servicing; asset management; and flexible workspace solutions for owners.