BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 104,408 Shares of Colliers International Group Inc. $CIGI

Key Points

• British Columbia Investment Management Corp drastically reduced its stake in Colliers International Group Inc. by 81.4%, selling 104,408 shares, leaving them with 23,867 shares valued at approximately $2.89 million.
• Colliers reported a quarterly earnings beat with $1.72 EPS, exceeding analyst expectations of $1.52, and achieved a revenue of $1.37 billion, up by 18.3% year-over-year.
• Analysts have raised their price targets for Colliers International Group, with estimates now reaching up to $180, reflecting an overall consensus rating of "Moderate Buy."

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its holdings in Colliers International Group Inc. (NASDAQ:CIGI - Free Report) TSE: CIGI by 81.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,867 shares of the financial services provider's stock after selling 104,408 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Colliers International Group were worth $2,889,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MQS Management LLC acquired a new stake in Colliers International Group in the 1st quarter valued at $527,000. Millennium Management LLC acquired a new stake in Colliers International Group in the 4th quarter valued at $3,587,000. Massachusetts Financial Services Co. MA increased its stake in Colliers International Group by 4.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 106,095 shares of the financial services provider's stock valued at $12,869,000 after buying an additional 4,153 shares during the last quarter. Victory Capital Management Inc. increased its stake in Colliers International Group by 1.1% in the 1st quarter. Victory Capital Management Inc. now owns 697,015 shares of the financial services provider's stock valued at $84,548,000 after buying an additional 7,815 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Colliers International Group by 102.5% in the 4th quarter. Bank of America Corp DE now owns 93,239 shares of the financial services provider's stock valued at $12,678,000 after buying an additional 47,195 shares during the last quarter. 80.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CIGI shares. Royal Bank Of Canada lifted their price target on shares of Colliers International Group from $175.00 to $185.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. National Bankshares boosted their price objective on shares of Colliers International Group from $169.00 to $175.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. JMP Securities initiated coverage on shares of Colliers International Group in a research note on Monday, July 21st. They set a "market perform" rating on the stock. Stifel Nicolaus boosted their price objective on shares of Colliers International Group from $165.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Scotiabank boosted their price objective on shares of Colliers International Group from $155.00 to $170.00 and gave the stock a "sector outperform" rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Colliers International Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $172.30.

Colliers International Group Stock Performance

CIGI traded down $0.22 on Friday, reaching $165.35. The company had a trading volume of 128,170 shares, compared to its average volume of 151,570. Colliers International Group Inc. has a fifty-two week low of $100.86 and a fifty-two week high of $170.65. The stock has a market cap of $8.18 billion, a P/E ratio of 75.16 and a beta of 1.44. The company's fifty day moving average is $146.64 and its 200 day moving average is $130.72. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.17 and a current ratio of 1.17.

Colliers International Group (NASDAQ:CIGI - Get Free Report) TSE: CIGI last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.72 EPS for the quarter, beating analysts' consensus estimates of $1.52 by $0.20. Colliers International Group had a net margin of 2.17% and a return on equity of 20.82%. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the prior year, the business earned $1.36 EPS. Colliers International Group's quarterly revenue was up 18.3% on a year-over-year basis. As a group, analysts predict that Colliers International Group Inc. will post 6.2 earnings per share for the current fiscal year.

About Colliers International Group

Colliers International Group Inc provides commercial real estate professional and investment management services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers outsourcing and advisory services, such as engineering and project management, property management, valuation, and other services, as well as loan servicing for commercial real estate clients.