Newmark Group (NASDAQ:NMRK) Issues Quarterly Earnings Results

Newmark Group (NASDAQ:NMRK) issued its earnings results on Tuesday. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.03, Briefing.com reports. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The company had revenue of $685.90 million for the quarter, compared to analysts’ expectations of $682.07 million. During the same period in the prior year, the company earned $0.27 earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. Newmark Group updated its FY24 guidance to $1.11-$1.17 EPS and its FY 2024 guidance to 1.110-1.170 EPS.

Newmark Group Trading Up 3.1 %

Shares of NASDAQ NMRK opened at $15.21 on Friday. The business has a fifty day simple moving average of $14.87 and a 200-day simple moving average of $12.36. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 58.50 and a beta of 2.01. Newmark Group has a 12 month low of $6.64 and a 12 month high of $16.10. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.49.

Newmark Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.79%. Newmark Group’s dividend payout ratio (DPR) is presently 46.16%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NMRK. Piper Sandler upped their target price on Newmark Group from $13.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, September 3rd. Wolfe Research upgraded shares of Newmark Group from a “peer perform” rating to an “outperform” rating and set a $15.00 price target for the company in a research report on Friday, August 16th. Finally, Keefe, Bruyette & Woods upgraded shares of Newmark Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $13.50 to $16.50 in a research report on Thursday, September 5th.

Newmark Group Company Profile

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.