Balyasny Asset Management LLC Grows Stake in CBRE Group, Inc. (CBG)
Balyasny Asset Management LLC lifted its stake in shares of CBRE Group, Inc. (NYSE:CBG) by 57.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,263 shares of the financial services provider’s stock after purchasing an additional 37,092 shares during the period. Balyasny Asset Management LLC’s holdings in CBRE Group were worth $3,686,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. GQG Partners LLC purchased a new stake in CBRE Group during the 2nd quarter valued at about $122,000. Harbour Capital Advisors LLC purchased a new stake in CBRE Group during the 1st quarter valued at about $118,000. Advisor Group Inc. grew its stake in CBRE Group by 6.6% during the 2nd quarter. Advisor Group Inc. now owns 5,480 shares of the financial services provider’s stock valued at $198,000 after acquiring an additional 337 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in CBRE Group during the 1st quarter valued at about $206,000. Finally, Harbor Advisors LLC purchased a new stake in CBRE Group during the 1st quarter valued at about $209,000. 95.66% of the stock is owned by institutional investors and hedge funds.
Several analysts recently issued reports on CBG shares. Zacks Investment Research raised shares of CBRE Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Friday, July 7th. Barclays PLC upped their price objective on shares of CBRE Group from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, July 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $36.00 price objective on shares of CBRE Group in a research note on Friday, July 21st. UBS AG started coverage on shares of CBRE Group in a research note on Wednesday, July 26th. They set a “neutral” rating and a $41.00 price objective for the company. Finally, Wedbush reaffirmed an “outperform” rating and set a $38.00 price objective on shares of CBRE Group in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $39.60.
CBRE Group, Inc. (NYSE CBG) opened at 39.06 on Wednesday. CBRE Group, Inc. has a 12-month low of $25.40 and a 12-month high of $39.09. The firm has a market capitalization of $13.16 billion, a price-to-earnings ratio of 19.06 and a beta of 1.82. The firm has a 50-day moving average of $37.00 and a 200 day moving average of $35.88.
CBRE Group (NYSE:CBG) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The business had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $3.39 billion. CBRE Group had a net margin of 5.21% and a return on equity of 26.40%. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 earnings per share. On average, equities analysts predict that CBRE Group, Inc. will post $2.57 EPS for the current year.
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In other news, CEO William F. Concannon sold 25,000 shares of CBRE Group stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $39.02, for a total transaction of $975,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gil Borok sold 25,627 shares of CBRE Group stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $37.33, for a total transaction of $956,655.91. Following the sale, the chief financial officer now owns 76,651 shares of the company’s stock, valued at $2,861,381.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,715,787 shares of company stock valued at $205,347,397. Insiders own 1.00% of the company’s stock.
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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