Zacks Investment Research Upgrades CBRE Group (CBG) to Buy
Zacks Investment Research upgraded shares of CBRE Group (NYSE:CBG) from a hold rating to a buy rating in a research note released on Friday. Zacks Investment Research currently has $48.00 price target on the financial services provider’s stock.
According to Zacks, “Shares of CBRE Group have outperformed the industry it belongs to in the past six months. Moreover, the stock has seen the Zacks Consensus Estimate for 2018 earnings per share being revised upward in a week’s time. Recently, the company reported fourth-quarter 2017 adjusted earnings per share of 99 cents, beating the Zacks Consensus Estimate of 93 cents. Results indicate strong revenue growth in all three of its global regions. Specifically, the company experienced solid growth in occupier outsourcing and leasing fee revenue. Its extensive real estate products and services offerings, improving leasing and outsourcing business, strategic in-fill acquisitions, transformational deals, and healthy balance sheet are expected to drive results. However, competition from international, regional and local players as well as its exposure to unfavorable foreign currency movements remain concerns.”
CBG has been the subject of several other reports. Raymond James Financial began coverage on CBRE Group in a research note on Tuesday, February 6th. They set an outperform rating and a $55.00 price objective for the company. JMP Securities lowered CBRE Group from an outperform rating to a market perform rating in a research note on Wednesday, January 24th. They noted that the move was a valuation call. Bank of America raised their price objective on CBRE Group from $42.00 to $44.00 and gave the stock a buy rating in a research note on Monday, November 6th. Evercore ISI began coverage on CBRE Group in a research note on Monday, January 22nd. They set an in-line rating and a $48.00 price objective for the company. Finally, Barclays raised their price objective on CBRE Group from $47.00 to $52.00 and gave the stock an overweight rating in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $45.50.
CBRE Group (NYSE:CBG) last issued its quarterly earnings results on Thursday, February 8th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.06. CBRE Group had a return on equity of 25.03% and a net margin of 4.87%. The company had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.12 billion. During the same period last year, the firm earned $0.93 EPS. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. sell-side analysts predict that CBRE Group will post 3.08 earnings per share for the current year.
In other news, Director Holdings L.P. Valueact sold 84,500 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $42.82, for a total value of $3,618,290.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Valueact Capital Master Fund, sold 882,206 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $42.84, for a total value of $37,793,705.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,960,687 shares of company stock valued at $126,486,405. 1.00% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the company. Toronto Dominion Bank boosted its position in CBRE Group by 25.6% during the second quarter. Toronto Dominion Bank now owns 101,905 shares of the financial services provider’s stock valued at $3,709,000 after purchasing an additional 20,739 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in CBRE Group by 70.9% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 313,724 shares of the financial services provider’s stock valued at $11,884,000 after purchasing an additional 130,144 shares during the last quarter. Chicago Equity Partners LLC acquired a new stake in CBRE Group during the third quarter valued at $748,000. Candriam Luxembourg S.C.A. boosted its position in CBRE Group by 1.0% during the third quarter. Candriam Luxembourg S.C.A. now owns 589,741 shares of the financial services provider’s stock valued at $22,339,000 after purchasing an additional 6,060 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in CBRE Group by 4.6% during the third quarter. Legal & General Group Plc now owns 1,540,359 shares of the financial services provider’s stock valued at $58,349,000 after purchasing an additional 67,625 shares during the last quarter. 94.44% of the stock is owned by institutional investors and hedge funds.
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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