CBRE Group (NYSE:CBRE) Issues Earnings Results, Beats Expectations By $0.12 EPS

CBRE Group (NYSE:CBRE) announced its quarterly earnings data on Thursday. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.12, Briefing.com reports. CBRE Group had a return on equity of 12.96% and a net margin of 3.06%. The firm had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.31 billion. During the same period in the previous year, the business posted $0.82 EPS. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. CBRE Group updated its FY24 guidance to $4.70-$4.90 EPS and its FY 2024 guidance to 4.700-4.900 EPS.

CBRE Group Stock Up 2.9 %

Shares of CBRE stock traded up $3.12 during trading hours on Friday, hitting $110.55. 3,578,154 shares of the company were exchanged, compared to its average volume of 1,676,749. The company has a market capitalization of $33.92 billion, a PE ratio of 34.44 and a beta of 1.40. CBRE Group has a 52 week low of $64.63 and a 52 week high of $112.21. The business has a 50 day moving average of $90.59 and a two-hundred day moving average of $90.03. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.36.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Jefferies Financial Group started coverage on CBRE Group in a report on Wednesday, April 10th. They set a “hold” rating and a $107.00 target price on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of CBRE Group from $100.00 to $110.00 and gave the company a “market perform” rating in a report on Thursday. Morgan Stanley began coverage on shares of CBRE Group in a report on Thursday. They issued an “equal weight” rating and a $105.00 target price on the stock. Raymond James boosted their price target on shares of CBRE Group from $122.00 to $124.00 and gave the company a “strong-buy” rating in a report on Thursday. Finally, UBS Group dropped their price objective on CBRE Group from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 3rd. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $108.86.

CBRE Group Company Profile

CBRE Group, Inc operates as a commercial real estate services and investment company in the United States, the United Kingdom, and internationally. The Advisory Services segment offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing of offices, and industrial and retail space; clients fully integrated property sales services under the CBRE Capital Markets brand; clients commercial mortgage and structured financing services; originates and sells commercial mortgage loans; property management services, such as marketing, building engineering, accounting, and financial services on a contractual basis for owners of and investors in office, industrial, and retail properties; 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.