Allianz Asset Management GmbH Purchases 79,952 Shares of Newmark Group, Inc. (NASDAQ:NMRK)

Key Points

• Allianz Asset Management GmbH increased its stake in Newmark Group, Inc. by 18.2%, owning approximately 0.29% of the company with a value of $6.3 million.
• Analysts have varying target prices for Newmark Group, with Keefe, Bruyette & Woods setting a target of $15.00 and a consensus rating of "Buy" among six analysts.
• The company reported quarterly earnings of $0.21 per share, exceeding estimates, and had a 21.8% increase in revenue year-over-year.

Allianz Asset Management GmbH increased its position in Newmark Group, Inc. (NASDAQ:NMRK - Free Report) by 18.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 519,784 shares of the company's stock after purchasing an additional 79,952 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.29% of Newmark Group worth $6,326,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Victory Capital Management Inc. boosted its stake in Newmark Group by 115.9% in the first quarter. Victory Capital Management Inc. now owns 261,859 shares of the company's stock valued at $3,187,000 after buying an additional 140,544 shares in the last quarter. Edgestream Partners L.P. boosted its holdings in Newmark Group by 135.2% during the 1st quarter. Edgestream Partners L.P. now owns 201,069 shares of the company's stock valued at $2,447,000 after acquiring an additional 115,586 shares during the period. CWM LLC raised its position in Newmark Group by 63.8% during the 1st quarter. CWM LLC now owns 7,693 shares of the company's stock valued at $94,000 after purchasing an additional 2,996 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Newmark Group by 11.8% in the 1st quarter. New York State Common Retirement Fund now owns 941,377 shares of the company's stock worth $11,457,000 after acquiring an additional 99,609 shares in the last quarter. Finally, Xponance Inc. purchased a new stake in Newmark Group during the 1st quarter valued at $122,000. Institutional investors own 58.42% of the company's stock.

Newmark Group Stock Up 1.9%

NMRK traded up $0.28 on Thursday, reaching $15.18. 378,926 shares of the company traded hands, compared to its average volume of 1,131,318. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.47 and a quick ratio of 0.47. The stock's 50 day moving average price is $12.01 and its 200-day moving average price is $12.30. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 38.87 and a beta of 1.93. Newmark Group, Inc. has a 52-week low of $9.65 and a 52-week high of $16.10.

Newmark Group (NASDAQ:NMRK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.05. The firm had revenue of $759.10 million for the quarter, compared to analyst estimates of $695.24 million. Newmark Group had a net margin of 2.39% and a return on equity of 21.85%. The company's revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.22 EPS. On average, sell-side analysts expect that Newmark Group, Inc. will post 1.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NMRK has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Newmark Group from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Piper Sandler cut their target price on Newmark Group from $19.00 to $16.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Keefe, Bruyette & Woods raised their target price on shares of Newmark Group from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Wolfe Research raised shares of Newmark Group from a "peer perform" rating to an "outperform" rating and set a $14.00 price target on the stock in a research report on Friday, May 23rd. Finally, JMP Securities boosted their target price on shares of Newmark Group from $17.00 to $19.00 and gave the stock a "market outperform" rating in a research note on Thursday. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $16.33.

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.