Bank of America Corp DE Makes New Investment in CoStar Group, Inc. $CSGP

Key Points

• Bank of America acquired 2.74 million CoStar Group shares worth approximately $77.5 million in the second quarter, giving it a 0.68% stake. Institutional investors collectively own 96.6% of the company.
• CoStar reported quarterly EPS of $0.32, exceeding estimates of $0.29, while revenue rose 18.4% year over year to $925 million, slightly below forecasts.
• The stock opened at $29.09, well below its 52-week high of $89.80. Analyst sentiment is mixed, with an average “Hold” rating and a consensus price target of $40.11; CEO Andrew Florance separately bought $2.49 million of shares.

Bank of America Corp DE acquired a new position in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,735,102 shares of the technology company's stock, valued at approximately $77,458,000. Bank of America Corp DE owned about 0.68% of CoStar Group as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Reflection Asset Management purchased a new position in shares of CoStar Group in the fourth quarter worth about $27,000. Lloyd Advisory Services LLC. purchased a new position in shares of CoStar Group in the fourth quarter worth $29,000. IFP Advisors Inc increased its stake in shares of CoStar Group by 329.4% in the fourth quarter. IFP Advisors Inc now owns 614 shares of the technology company's stock worth $41,000 after buying an additional 471 shares during the period. Fideuram Asset Management Ireland dac bought a new stake in CoStar Group during the 4th quarter valued at $64,000. Finally, Eurizon SLJ Capital Ltd bought a new stake in CoStar Group during the 4th quarter valued at $84,000. Hedge funds and other institutional investors own 96.60% of the company's stock.

CoStar Group Trading Down 0.7%

NASDAQ CSGP opened at $29.09 on Friday. The firm has a market capitalization of $11.79 billion, a PE ratio of 153.11, a P/E/G ratio of 0.74 and a beta of 0.75. The stock's 50 day moving average is $30.49 and its 200 day moving average is $34.23. CoStar Group, Inc. has a twelve month low of $25.89 and a twelve month high of $89.80. The company has a quick ratio of 2.21, a current ratio of 2.21 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. The business had revenue of $925.00 million during the quarter, compared to the consensus estimate of $928.81 million. CoStar Group had a return on equity of 3.74% and a net margin of 2.08%.The firm's quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.17 earnings per share. CoStar Group has set its Q3 2026 guidance at 0.310-0.340 EPS and its FY 2026 guidance at 1.320-1.390 EPS. Research analysts forecast that CoStar Group, Inc. will post 1.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CSGP. Needham & Company LLC cut their target price on CoStar Group from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, July 29th. Royal Bank Of Canada set a $34.00 price objective on CoStar Group and gave the stock a "sector perform" rating in a report on Monday, July 13th. Keefe, Bruyette & Woods lowered CoStar Group from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from $41.00 to $29.00 in a research report on Wednesday, July 29th. Weiss Ratings reiterated a "sell (d)" rating on shares of CoStar Group in a research report on Wednesday, June 24th. Finally, William Blair cut CoStar Group from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 29th. Nine analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $40.11.

Insider Activity at CoStar Group

In related news, CEO Andrew Florance purchased 83,300 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were bought at an average price of $29.89 per share, for a total transaction of $2,489,837.00. Following the purchase, the chief executive officer directly owned 1,806,165 shares of the company's stock, valued at approximately $53,986,271.85. This represents a 4.83% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Cynthia Cammett Cann sold 4,788 shares of CoStar Group stock in a transaction on Friday, August 7th. The shares were sold at an average price of $30.78, for a total value of $147,374.64. Following the transaction, the chief accounting officer owned 18,822 shares of the company's stock, valued at $579,341.16. The trade was a 20.28% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.18% of the company's stock.

CoStar Group Company Profile

CoStar Group, Inc is a provider of commercial real estate information, analytics and online marketplaces. The company collects, analyzes and distributes data on property listings, transactions, rents, vacancies, market trends and other aspects of the real estate industry. Its products serve property owners, brokers, investors, lenders, appraisers, developers and other real estate professionals.

CoStar's portfolio includes the CoStar commercial property information platform, LoopNet for commercial property listings, Apartments.com for rental housing, Homes.com for residential real estate, Land.com for land listings, and Ten-X for online commercial real estate auctions.

Want to see what other hedge funds are holding CSGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CoStar Group, Inc. (NASDAQ:CSGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.