Bank of Nova Scotia Purchases Shares of 119,955 Colliers International Group Inc. $CIGI

Key Points

• Bank of Nova Scotia acquired 119,955 Colliers International Group shares in the second quarter, valued at approximately $17.1 million and representing a 0.23% stake.
• Institutional ownership remains high at 80.09%, with several other hedge funds and investment firms also establishing or modifying positions in CIGI.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $157.56. Colliers recently reported quarterly EPS of $1.83, exceeding estimates, while revenue rose 16.7% year over year but fell short of expectations.

Bank of Nova Scotia purchased a new position in Colliers International Group Inc. (NASDAQ:CIGI - Free Report) TSE: CIGI in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 119,955 shares of the financial services provider's stock, valued at approximately $17,056,000. Bank of Nova Scotia owned 0.23% of Colliers International Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CIGI. Quantbot Technologies LP bought a new position in Colliers International Group in the 2nd quarter worth $2,576,000. William Blair Investment Management LLC bought a new stake in Colliers International Group during the second quarter valued at about $44,189,000. Norwood Investment Partners LP bought a new stake in Colliers International Group during the second quarter valued at about $1,989,540,000. Callan Family Office LLC bought a new stake in Colliers International Group during the second quarter valued at about $228,000. Finally, JB Capital Partners LP purchased a new position in shares of Colliers International Group in the second quarter valued at about $1,435,879,000. 80.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CIGI shares. National Bank Financial upped their price objective 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. Raymond James Financial decreased their target price on Colliers International Group from $185.00 to $180.00 in a research note on Wednesday, April 29th. Scotia lowered their price target on 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. Scotiabank dropped their price target on Colliers International Group from $150.00 to $145.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Colliers International Group has a consensus rating of "Moderate Buy" and a consensus price target of $157.56.

Colliers International Group Stock Performance

Shares of CIGI stock opened at $107.06 on Monday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of 50.98 and a beta of 1.24. Colliers International Group Inc. has a 12-month low of $88.38 and a 12-month high of $171.51. The stock's 50-day moving average price is $98.54 and its 200-day moving average price is $104.85.

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 EPS for the quarter, beating analysts' consensus estimates of $1.79 by $0.04. The company had revenue of $1.38 billion during 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 was up 16.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.72 earnings per share. Equities research analysts predict that Colliers International Group Inc. will post 6.82 EPS for the current fiscal year.

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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