CBRE Group, Inc. (CBG) Upgraded to Buy by Zacks Investment Research
CBRE Group, Inc. (NYSE:CBG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, July 7th. The brokerage currently has a $40.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 5.54% from the stock’s previous close.
According to Zacks, “Shares of CBRE outperformed the Zacks categorized Real Estate – Operations industry, over the past six months. In June, the company inked a definitive agreement to acquire a majority interest in Caledon Capital Management Inc, a Toronto-based infrastructure and private equity solutions provider. This acquisition is an excellent addition to the existing array of real estate and investment solutions offered by CBRE Global Investors. Moving ahead, its extensive real estate products and services offerings, improving leasing, property sales and outsourcing business, strategic in-fill acquisitions, transformational deals, and healthy balance sheet are expected to drive results. However, uneasiness in certain economies and unfavorable foreign currency movement remain concerns for the company.”
Several other research firms have also issued reports on CBG. Keefe, Bruyette & Woods reissued a “hold” rating on shares of CBRE Group in a research note on Thursday, March 16th. Wedbush reissued an “outperform” rating and set a $38.00 target price on shares of CBRE Group in a research note on Monday, April 17th.
CBRE Group (NYSE:CBG) traded up 0.03% on Friday, hitting $37.90. 1,267,163 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $36.05 and a 200-day moving average price of $34.39. CBRE Group has a 52-week low of $25.40 and a 52-week high of $38.07. The stock has a market cap of $12.77 billion, a P/E ratio of 20.72 and a beta of 1.83.
CBRE Group (NYSE:CBG) last announced its quarterly earnings results on Thursday, April 27th. The financial services provider reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.10. CBRE Group had a return on equity of 26.31% and a net margin of 4.69%. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the prior year, the company posted $0.36 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts predict that CBRE Group will post $2.42 earnings per share for the current fiscal year.
In related news, CEO William F. Concannon sold 15,000 shares of CBRE Group stock in a transaction on Friday, June 30th. The stock was sold at an average price of $36.57, for a total transaction of $548,550.00. Following the completion of the transaction, the chief executive officer now directly owns 238,376 shares of the company’s stock, valued at $8,717,410.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its position in CBRE Group by 2.5% in the second quarter. US Bancorp DE now owns 71,509 shares of the financial services provider’s stock valued at $2,604,000 after buying an additional 1,736 shares during the last quarter. Aperio Group LLC increased its stake in shares of CBRE Group by 13.2% in the second quarter. Aperio Group LLC now owns 290,370 shares of the financial services provider’s stock worth $10,569,000 after buying an additional 33,867 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of CBRE Group by 1.1% in the second quarter. Louisiana State Employees Retirement System now owns 18,700 shares of the financial services provider’s stock worth $681,000 after buying an additional 200 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in CBRE Group by 6.2% in the second quarter. Nisa Investment Advisors LLC now owns 60,065 shares of the financial services provider’s stock worth $2,168,000 after buying an additional 3,500 shares during the period. Finally, LS Investment Advisors LLC increased its stake in CBRE Group by 5.4% in the second quarter. LS Investment Advisors LLC now owns 12,966 shares of the financial services provider’s stock worth $472,000 after buying an additional 662 shares during the period. 96.11% of the stock is owned by institutional investors.
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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