CBRE Group Inc. (CBG) Now Covered by Wedbush
Equities research analysts at Wedbush initiated coverage on shares of CBRE Group Inc. (NYSE:CBG) in a note issued to investors on Wednesday. The brokerage set an “outperform” rating and a $35.00 price target on the stock. Wedbush’s price target suggests a potential upside of 25.76% from the stock’s previous close.
Separately, Zacks Investment Research downgraded shares of CBRE Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $38.60.
Shares of CBRE Group (NYSE:CBG) opened at 27.83 on Wednesday. The company’s 50-day moving average is $28.79 and its 200 day moving average is $28.84. The firm has a market cap of $9.33 billion, a price-to-earnings ratio of 17.63 and a beta of 1.99. CBRE Group has a 52-week low of $22.74 and a 52-week high of $38.49.
CBRE Group (NYSE:CBG) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.51 by $0.01. CBRE Group had a net margin of 4.28% and a return on equity of 26.58%. The company earned $3.20 billion during the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the previous year, the business posted $0.42 EPS. The firm’s revenue was up 34.2% on a year-over-year basis. On average, analysts expect that CBRE Group will post $2.20 earnings per share for the current fiscal year.
In related news, CFO James R. Groch sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the sale, the chief financial officer now owns 538,281 shares in the company, valued at approximately $16,148,430. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Holdings L.P. Valueact purchased 2,200 shares of CBRE Group stock in a transaction that occurred on Wednesday, August 3rd. The stock was acquired at an average price of $28.40 per share, with a total value of $62,480.00. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Independent Portfolio Consultants Inc. increased its stake in CBRE Group by 0.3% in the third quarter. Independent Portfolio Consultants Inc. now owns 24,596 shares of the company’s stock valued at $688,000 after buying an additional 85 shares during the period. Telemus Capital LLC increased its position in shares of CBRE Group by 7.5% in the third quarter. Telemus Capital LLC now owns 156,716 shares of the company’s stock worth $4,385,000 after buying an additional 10,926 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its position in shares of CBRE Group by 0.6% in the third quarter. Chevy Chase Trust Holdings Inc. now owns 250,756 shares of the company’s stock worth $7,016,000 after buying an additional 1,461 shares during the last quarter. Evercore Wealth Management LLC increased its position in shares of CBRE Group by 1.7% in the second quarter. Evercore Wealth Management LLC now owns 1,660,956 shares of the company’s stock worth $43,982,000 after buying an additional 27,553 shares during the last quarter. Finally, Macquarie Group Ltd. increased its position in shares of CBRE Group by 82.5% in the second quarter. Macquarie Group Ltd. now owns 416,788 shares of the company’s stock worth $11,037,000 after buying an additional 188,358 shares during the last quarter. Hedge funds and other institutional investors own 95.71% of the company’s stock.
About CBRE Group
CBRE Group, Inc is a holding company that conducts all of its operations through its subsidiaries. The Company is 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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