Bank of America Corp DE Invests $37.03 Million in Colliers International Group Inc. $CIGI

Key Points

• Bank of America acquired 260,602 Colliers International Group shares valued at approximately $37.03 million, representing a 0.51% stake.
• Institutional investors and hedge funds own 80.09% of CIGI, with several firms initiating or expanding positions during the first and second quarters.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $154.62. Colliers recently beat quarterly EPS estimates, although revenue fell short of forecasts despite 16.7% year-over-year growth.

Bank of America Corp DE bought a new stake in shares of Colliers International Group Inc. (NASDAQ:CIGI - Free Report) TSE: CIGI in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 260,602 shares of the financial services provider's stock, valued at approximately $37,034,000. Bank of America Corp DE owned 0.51% of Colliers International Group as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CIGI. Norwood Investment Partners LP purchased a new position in shares of Colliers International Group in the second quarter worth approximately $1,989,540,000. JB Capital Partners LP acquired a new stake in shares of Colliers International Group in the 2nd quarter valued at $1,435,879,000. Royal Bank of Canada grew its holdings in Colliers International Group by 3.4% during the first quarter. Royal Bank of Canada now owns 3,970,524 shares of the financial services provider's stock valued at $424,409,000 after purchasing an additional 129,144 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Colliers International Group in the 2nd quarter valued at $292,656,000. Finally, Spruce House Investment Management LLC lifted its holdings in shares of Colliers International Group by 93.0% during the first quarter. Spruce House Investment Management LLC now owns 2,511,000 shares of the financial services provider's stock worth $268,387,000 after buying an additional 1,209,867 shares during the last quarter. Institutional investors and hedge funds own 80.09% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Scotiabank lowered their price objective on Colliers International Group from $150.00 to $145.00 and set an "outperform" rating on the stock in a research report on Friday, July 31st. Scotia dropped their target price on shares of Colliers International Group from $150.00 to $145.00 and set a "sector outperform" rating for the company in a research note on Friday, July 31st. Weiss Ratings upgraded Colliers International Group from a "sell (d)" rating to a "hold (c-)" rating in a report on Thursday, August 6th. Finally, National Bank Financial boosted their price target on shares of Colliers International Group from $109.00 to $110.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $154.62.

Colliers International Group Price Performance

Shares of CIGI stock opened at $92.40 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 1.61. Colliers International Group Inc. has a 12-month low of $87.86 and a 12-month high of $171.51. The firm has a fifty day moving average of $99.57 and a 200-day moving average of $101.09. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 44.00 and a beta of 1.23.

Colliers International Group (NASDAQ:CIGI - Get Free Report) TSE: CIGI last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.83 earnings per share for the quarter, beating analysts' consensus estimates of $1.79 by $0.04. Colliers International Group had a net margin of 1.81% and a return on equity of 20.17%. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the previous year, the firm posted $1.72 earnings per share. The business's revenue was up 16.7% on a year-over-year basis. On average, equities research analysts forecast that Colliers International Group Inc. will post 6.92 earnings per share for the current year.

Colliers International Group Profile

Colliers International Group Inc is a global professional services and investment management company focused on commercial real estate and related industries. The company provides services to occupiers, owners, investors and developers across office, industrial, retail, multifamily, hospitality and other property sectors.

Its offerings include leasing and sales brokerage, capital markets advisory, valuation and appraisal, debt and equity placement, property and facilities management, project management, workplace consulting and engineering services.

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