CIBC Asset Management Inc Buys New Position in CBRE Group Inc (CBRE)
CIBC Asset Management Inc bought a new position in shares of CBRE Group Inc (NYSE:CBRE) in the third quarter, Holdings Channel reports. The fund bought 29,237 shares of the financial services provider’s stock, valued at approximately $1,289,000.
Other hedge funds have also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of CBRE Group during the third quarter worth $103,000. Quadrant Capital Group LLC acquired a new position in shares of CBRE Group during the third quarter worth $128,000. Hanson & Doremus Investment Management acquired a new position in shares of CBRE Group during the third quarter worth $155,000. Advisory Services Network LLC acquired a new position in shares of CBRE Group during the third quarter worth $162,000. Finally, IFP Advisors Inc acquired a new position in shares of CBRE Group during the third quarter worth $176,000. Hedge funds and other institutional investors own 94.53% of the company’s stock.
In related news, CEO William F. Concannon sold 28,878 shares of the business’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $47.47, for a total value of $1,370,838.66. Following the completion of the sale, the chief executive officer now directly owns 204,631 shares of the company’s stock, valued at $9,713,833.57. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.88% of the stock is owned by insiders.
CBRE Group (NYSE:CBRE) last announced its quarterly earnings results on Thursday, November 1st. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.04. CBRE Group had a net margin of 4.32% and a return on equity of 23.45%. The firm had revenue of $5.26 billion during the quarter, compared to analysts’ expectations of $5.17 billion. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, sell-side analysts predict that CBRE Group Inc will post 3.2 earnings per share for the current fiscal year.
A number of brokerages recently weighed in on CBRE. Bank of America reduced their price target on shares of CBRE Group from $54.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, November 2nd. Zacks Investment Research raised shares of CBRE Group from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Monday, August 6th. Barclays boosted their price target on shares of CBRE Group from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, August 30th. Finally, ValuEngine cut shares of CBRE Group from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. CBRE Group presently has a consensus rating of “Buy” and an average price target of $52.56.
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About CBRE Group
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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