UMB Bank n.a. Buys 76,720 Shares of CoStar Group, Inc. $CSGP

UMB Bank n.a. grew its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 51.6% during the third quarter, HoldingsChannel reports. The fund owned 225,305 shares of the technology company’s stock after acquiring an additional 76,720 shares during the quarter. UMB Bank n.a.’s holdings in CoStar Group were worth $19,009,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CSGP. Everhart Financial Group Inc. lifted its stake in shares of CoStar Group by 18.3% during the 3rd quarter. Everhart Financial Group Inc. now owns 8,455 shares of the technology company’s stock worth $713,000 after purchasing an additional 1,305 shares during the last quarter. Keybank National Association OH lifted its position in shares of CoStar Group by 11.0% during the third quarter. Keybank National Association OH now owns 19,278 shares of the technology company’s stock valued at $1,626,000 after buying an additional 1,910 shares during the last quarter. National Pension Service boosted its holdings in shares of CoStar Group by 2.2% in the 3rd quarter. National Pension Service now owns 553,599 shares of the technology company’s stock valued at $46,707,000 after buying an additional 11,998 shares in the last quarter. AlphaQuest LLC bought a new stake in shares of CoStar Group in the 3rd quarter valued at about $90,000. Finally, Arizona State Retirement System raised its stake in shares of CoStar Group by 1.3% during the 3rd quarter. Arizona State Retirement System now owns 124,860 shares of the technology company’s stock worth $10,534,000 after acquiring an additional 1,645 shares in the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Stock Performance

Shares of CSGP opened at $61.50 on Friday. The stock has a 50-day moving average of $65.75 and a two-hundred day moving average of $76.83. CoStar Group, Inc. has a one year low of $57.01 and a one year high of $97.43. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.12 and a current ratio of 3.12. The stock has a market cap of $26.06 billion, a P/E ratio of 1,230.00, a P/E/G ratio of 1.62 and a beta of 0.84.

CoStar Group declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 7th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have weighed in on CSGP. Royal Bank Of Canada restated a “sector perform” rating and issued a $91.00 target price on shares of CoStar Group in a research note on Thursday, October 9th. Keefe, Bruyette & Woods lowered their price objective on CoStar Group from $100.00 to $75.00 and set an “outperform” rating for the company in a research report on Monday, January 12th. Jefferies Financial Group raised CoStar Group to a “hold” rating in a research report on Wednesday, October 29th. Wells Fargo & Company reissued an “underweight” rating and issued a $55.00 price target (down previously from $60.00) on shares of CoStar Group in a report on Thursday, January 8th. Finally, BNP Paribas Exane assumed coverage on CoStar Group in a research note on Wednesday, January 14th. They set a “neutral” rating and a $64.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $83.39.

About CoStar Group

CoStar Group, Inc is a provider of information, analytics and online marketplaces for the commercial real estate industry. The company gathers property-level data, builds market analytics and supplies research tools used by brokers, owners, lenders, investors and other real estate professionals to evaluate markets, track inventory and manage listings. CoStar’s offerings are delivered primarily through subscription-based platforms that combine proprietary databases, mapping and workflow applications to support decision-making across the property life cycle.

In addition to its core CoStar research service, the company operates prominent online listing and marketing platforms that connect buyers, sellers, tenants and brokers.