Bank of America Corp DE Purchases 23,473 Shares of Colliers International Group Inc. $CIGI

Key Points

• Bank of America increased its Colliers International Group position by 45% in the first quarter, purchasing 23,473 additional shares and bringing its holdings to 75,657 shares valued at approximately $8.1 million.
• Other institutional investors, including Norges Bank and Alberta Investment Management, also established or expanded positions; institutional ownership now represents 80.09% of CIGI’s outstanding stock.
• Colliers exceeded quarterly earnings expectations with EPS of $1.83 versus $1.79 expected, while revenue rose 16.7% year over year to $1.38 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $154.62.

Bank of America Corp DE lifted its position in Colliers International Group Inc. (NASDAQ:CIGI - Free Report) TSE: CIGI by 45.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,657 shares of the financial services provider's stock after acquiring an additional 23,473 shares during the quarter. Bank of America Corp DE owned 0.15% of Colliers International Group worth $8,087,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CIGI. Alberta Investment Management Corp purchased a new position in shares of Colliers International Group in the 4th quarter valued at approximately $47,799,000. Vestcor Inc acquired a new stake in shares of Colliers International Group during the fourth quarter worth about $2,205,000. UBS Group AG lifted its holdings in shares of Colliers International Group by 48.3% during the fourth quarter. UBS Group AG now owns 38,202 shares of the financial services provider's stock worth $5,616,000 after purchasing an additional 12,439 shares during the period. Montrusco Bolton Investments Inc. boosted its position in Colliers International Group by 12.5% in the first quarter. Montrusco Bolton Investments Inc. now owns 145,285 shares of the financial services provider's stock valued at $15,484,000 after buying an additional 16,108 shares during the last quarter. Finally, Norges Bank purchased a new stake in Colliers International Group in the fourth quarter valued at approximately $84,906,000. Institutional investors own 80.09% of the company's stock.

Colliers International Group Price Performance

NASDAQ:CIGI opened at $105.55 on Wednesday. Colliers International Group Inc. has a one year low of $88.38 and a one year high of $171.51. The stock has a market cap of $5.39 billion, a PE ratio of 50.26 and a beta of 1.24. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.19 and a current ratio of 1.19. The stock has a 50 day moving average price of $98.99 and a 200 day moving average price of $104.50.

Colliers International Group (NASDAQ:CIGI - Get Free Report) TSE: CIGI last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.83 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.04. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.48 billion. Colliers International Group had a return on equity of 20.17% and a net margin of 1.81%.The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.72 earnings per share. Equities research analysts expect that Colliers International Group Inc. will post 6.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CIGI has been the topic of several recent research reports. Weiss Ratings raised shares of Colliers International Group from a "sell (d)" rating to a "hold (c-)" rating in a report on Thursday, August 6th. National Bank Financial upped their target price on Colliers International Group from $109.00 to $110.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Scotiabank dropped their target price on Colliers International Group from $150.00 to $145.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Scotia lowered their price target on shares of Colliers International Group from $150.00 to $145.00 and set a "sector outperform" rating on the stock in a report on Friday, July 31st. Finally, Raymond James Financial dropped their price target on shares of Colliers International Group from $185.00 to $180.00 in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Colliers International Group presently has an average rating of "Moderate Buy" and a consensus price target of $154.62.

Colliers International Group Company Profile

Colliers International Group Inc is a global commercial real estate services and investment management firm offering a full suite of solutions to occupiers, owners and investors. The company's real estate services encompass brokerage and agency leasing, capital markets advisory, property and facility management, valuation and advisory, project and development services, workplace and corporate real estate solutions, and market research. Through these offerings, Colliers supports clients across the entire real estate life cycle, from site selection to asset disposition.

The firm operates through two principal segments: real estate services and investment management.

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