855,345 Shares in CBRE Group Inc (CBRE) Purchased by Obermeyer Wood Investment Counsel Lllp
Obermeyer Wood Investment Counsel Lllp acquired a new stake in CBRE Group Inc (NYSE:CBRE) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 855,345 shares of the financial services provider’s stock, valued at approximately $37,721,000. CBRE Group makes up 3.2% of Obermeyer Wood Investment Counsel Lllp’s investment portfolio, making the stock its 16th largest holding. Obermeyer Wood Investment Counsel Lllp owned approximately 0.25% of CBRE Group at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. JPMorgan Chase & Co. acquired a new position in shares of CBRE Group in the third quarter valued at approximately $638,351,000. Wells Fargo & Company MN acquired a new position in shares of CBRE Group in the third quarter valued at approximately $301,769,000. Sterling Capital Management LLC acquired a new position in CBRE Group during the 3rd quarter worth approximately $142,352,000. MERIAN GLOBAL INVESTORS UK Ltd acquired a new position in CBRE Group during the 3rd quarter worth approximately $133,879,000. Finally, Victory Capital Management Inc. acquired a new position in CBRE Group during the 3rd quarter worth approximately $48,127,000. Hedge funds and other institutional investors own 94.32% of the company’s stock.
Several research analysts have commented on CBRE shares. Bank of America lowered their price target on shares of CBRE Group from $54.00 to $47.00 and set a “buy” rating for the company in a report on Friday, November 2nd. Zacks Investment Research cut shares of CBRE Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. ValuEngine cut shares of CBRE Group from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. Finally, Barclays boosted their price target on shares of CBRE Group from $58.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 30th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. CBRE Group has a consensus rating of “Buy” and a consensus target price of $52.56.
CBRE Group (NYSE:CBRE) last posted its quarterly earnings results on Thursday, November 1st. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.75 by $0.04. CBRE Group had a net margin of 4.32% and a return on equity of 23.45%. The company had revenue of $5.26 billion during the quarter, compared to analysts’ expectations of $5.17 billion. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, research analysts expect that CBRE Group Inc will post 3.2 EPS for the current fiscal year.
In other news, CEO William F. Concannon sold 28,878 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $47.47, for a total transaction of $1,370,838.66. Following the completion of the sale, the chief executive officer now owns 204,631 shares in the company, valued at approximately $9,713,833.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.88% of the company’s stock.
CBRE Group Profile
CBRE Group, Inc operates as a commercial real estate services and investment company worldwide. It operates through Americas; Europe, Middle East and Africa; Asia Pacific; Global Investment Management; and Development Services segments. The company offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; integrated property sales, and mortgage and structured financing services under the CBRE Capital Markets brand; 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.
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