Accuvest Global Advisors Purchases New Holdings in CBRE Group, Inc. (NYSE:CBRE)

Key Points

• Accuvest Global Advisors has acquired a new position in CBRE Group, purchasing 2,581 shares worth approximately $338,000 during the first quarter of 2023.
• Several other institutional investors have significantly boosted their stakes in CBRE Group, including Massachusetts Financial Services Co. and GAMMA Investing LLC, both increasing their holdings by more than 200% this quarter.
• Analysts have raised their price targets for CBRE Group, with UBS Group setting a new target of $146.00 and Morgan Stanley increasing theirs to $170.00, reflecting a bullish sentiment on the stock.

Accuvest Global Advisors acquired a new stake in shares of CBRE Group, Inc. (NYSE:CBRE - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,581 shares of the financial services provider's stock, valued at approximately $338,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its stake in CBRE Group by 322.9% in the 4th quarter. Brighton Jones LLC now owns 14,492 shares of the financial services provider's stock valued at $1,903,000 after buying an additional 11,065 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new stake in CBRE Group in the 4th quarter valued at $203,000. Federated Hermes Inc. boosted its stake in CBRE Group by 6.6% in the 4th quarter. Federated Hermes Inc. now owns 8,536 shares of the financial services provider's stock valued at $1,121,000 after buying an additional 526 shares in the last quarter. FIL Ltd boosted its stake in CBRE Group by 32.6% in the 4th quarter. FIL Ltd now owns 1,235,365 shares of the financial services provider's stock valued at $162,191,000 after buying an additional 303,811 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in CBRE Group by 30.9% in the 4th quarter. Bank of Nova Scotia now owns 46,604 shares of the financial services provider's stock valued at $6,119,000 after buying an additional 10,999 shares in the last quarter. 98.41% of the stock is currently owned by institutional investors.

CBRE Group Trading Up 0.7%

NYSE CBRE traded up $1.14 on Friday, reaching $155.50. The company had a trading volume of 990,315 shares, compared to its average volume of 1,746,201. The stock's 50 day moving average is $140.69 and its 200-day moving average is $133.85. The stock has a market cap of $46.27 billion, a price-to-earnings ratio of 43.56 and a beta of 1.34. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.51. CBRE Group, Inc. has a 52 week low of $107.54 and a 52 week high of $161.03.

CBRE Group (NYSE:CBRE - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.14. The business had revenue of $9.75 billion during the quarter, compared to the consensus estimate of $9.50 billion. CBRE Group had a return on equity of 18.89% and a net margin of 2.86%. Equities analysts predict that CBRE Group, Inc. will post 5.99 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently commented on CBRE. Evercore ISI boosted their price target on CBRE Group from $147.00 to $164.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Raymond James Financial boosted their target price on shares of CBRE Group from $163.00 to $166.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods increased their price target on shares of CBRE Group from $131.00 to $147.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. UBS Group raised their price target on shares of CBRE Group from $130.00 to $146.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $170.00 price objective (up from $160.00) on shares of CBRE Group in a research report on Thursday, June 12th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $158.00.

Insider Transactions at CBRE Group

In other CBRE Group news, CAO Lindsey S. Caplan sold 1,494 shares of the stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $155.37, for a total value of $232,122.78. Following the completion of the sale, the chief accounting officer directly owned 26,717 shares in the company, valued at $4,151,020.29. This represents a 5.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Emma E. Giamartino sold 1,972 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $129.10, for a total value of $254,585.20. Following the completion of the sale, the chief financial officer owned 105,371 shares of the company's stock, valued at $13,603,396.10. This trade represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,898 shares of company stock valued at $1,122,558 in the last quarter. 0.42% of the stock is currently owned by corporate insiders.

About CBRE Group

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.