Newmark Group (NASDAQ:NMRK) Updates FY24 Earnings Guidance

Newmark Group (NASDAQ:NMRK) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.11-$1.17 for the period, compared to the consensus earnings per share estimate of $1.13. The company issued revenue guidance of $2.62-$2.68 billion, compared to the consensus revenue estimate of $2.63 billion.

Newmark Group Stock Up 0.1 %

NASDAQ NMRK opened at $14.65 on Tuesday. Newmark Group has a 52 week low of $6.64 and a 52 week high of $16.10. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 56.35 and a beta of 2.01. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.49. The company has a fifty day moving average of $14.79 and a two-hundred day moving average of $12.28.

Newmark Group (NASDAQ:NMRK) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.01. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The business had revenue of $633.40 million during the quarter, compared to the consensus estimate of $630.27 million. During the same quarter last year, the firm earned $0.18 earnings per share. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. On average, analysts predict that Newmark Group will post 1.15 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods raised Newmark Group from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $13.50 to $16.50 in a research note on Thursday, September 5th. Wolfe Research raised shares of Newmark Group from a “peer perform” rating to an “outperform” rating and set a $15.00 target price for the company in a research note on Friday, August 16th. Finally, Piper Sandler raised their price target on shares of Newmark Group from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 3rd.

About Newmark Group

Newmark Group, Inc provides commercial real estate services in the United States, the United Kingdom, and internationally. The company offers capital markets consisting of investment sales and commercial mortgage brokerage; landlord or agency representation leasing; valuation and advisory; property management; commercial real estate technology platform and capabilities; the United Kingdom business rates services; due diligence, consulting, and other advisory services; GSEs and the Federal Housing Administration lending services comprising multifamily lending and loan servicing; asset management; and flexible workspace solutions for owners.