CBRE Group, Inc. $CBRE Stock Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its CBRE stake 20% in the third quarter, adding 512,536 shares to hold about 3.07 million shares valued at roughly $401 million.
• Other institutional investors also expanded positions, and institutional investors collectively own 98.41% of CBRE’s shares.
• CBRE beat quarterly earnings estimates, reporting $2.05 per share versus $1.96 expected, while revenue of $11.52 billion came in below consensus. Analysts’ average rating was “Moderate Buy,” with a $182.78 consensus price target.

Allspring Global Investments Holdings LLC increased its stake in shares of CBRE Group, Inc. (NYSE:CBRE - Free Report) by 20.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,071,885 shares of the financial services provider's stock after buying an additional 512,536 shares during the quarter. CBRE Group accounts for about 0.6% of Allspring Global Investments Holdings LLC's investment portfolio, making the stock its 25th largest position. Allspring Global Investments Holdings LLC owned 1.07% of CBRE Group worth $400,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of CBRE. Howard Capital Management LLC increased its holdings in shares of CBRE Group by 41,140.5% during the third quarter. Howard Capital Management LLC now owns 736,556 shares of the financial services provider's stock worth $94,625,000 after buying an additional 734,770 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in CBRE Group during the 2nd quarter worth approximately $98,121,000. Janus Henderson Group PLC increased its holdings in CBRE Group by 157.8% during the 1st quarter. Janus Henderson Group PLC now owns 1,162,260 shares of the financial services provider's stock valued at $157,435,000 after purchasing an additional 711,399 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in CBRE Group by 52.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,930,992 shares of the financial services provider's stock valued at $248,075,000 after purchasing an additional 662,421 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in CBRE Group by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 9,870,413 shares of the financial services provider's stock valued at $1,337,051,000 after purchasing an additional 302,426 shares in the last quarter. Institutional investors and hedge funds own 98.41% of the company's stock.

CBRE Group Stock Down 0.1%

Shares of CBRE opened at $135.38 on Monday. The firm has a market capitalization of $39.02 billion, a price-to-earnings ratio of 28.99 and a beta of 1.24. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.17 and a current ratio of 1.17. The business's fifty day moving average price is $135.04 and its two-hundred day moving average price is $141.18. CBRE Group, Inc. has a 52 week low of $121.44 and a 52 week high of $174.27.

CBRE Group (NYSE:CBRE - Get Free Report) last released its earnings results on Thursday, October 22nd. The financial services provider reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.96 by $0.09. The company had revenue of $11.52 billion during the quarter, compared to the consensus estimate of $11.81 billion. CBRE Group had a return on equity of 26.31% and a net margin of 3.08%. The firm's quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.61 earnings per share. On average, analysts predict that CBRE Group, Inc. will post 7.76 earnings per share for the current year.

Insider Activity

In related news, CFO Emma Giamartino sold 2,250 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $148.29, for a total transaction of $333,652.50. Following the completion of the sale, the chief financial officer directly owned 108,479 shares of the company's stock, valued at $16,086,350.91. The trade was a 2.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Chad J. Doellinger sold 228 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $148.29, for a total transaction of $33,810.12. Following the completion of the transaction, the insider owned 41,778 shares in the company, valued at $6,195,259.62. This represents a 0.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.46% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on CBRE shares. Evercore reduced their price objective on CBRE Group from $175.00 to $166.00 and set an "outperform" rating on the stock in a research note on Monday, September 28th. Barclays raised their target price on CBRE Group from $180.00 to $183.00 and gave the company an "overweight" rating in a research note on Monday, August 17th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of CBRE Group in a report on Friday, August 21st. Wall Street Zen cut CBRE Group from a "buy" rating to a "hold" rating in a report on Sunday, August 2nd. Finally, The Goldman Sachs Group upped their price target on shares of CBRE Group from $188.00 to $190.00 and gave the stock a "buy" rating in a research report on Wednesday, August 19th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $182.78.

CBRE Group Profile

CBRE Group, Inc is a commercial real estate services and investment company serving property owners, occupiers, investors and developers. Its services include property leasing and sales, property and facilities management, project management, valuation, consulting and commercial real estate financing.

The company also provides real estate investment management and development services. Through its global operations, CBRE serves clients across a range of property types and markets, including offices, industrial facilities, retail properties and data centers.

CBRE traces its roots to a real estate business established in San Francisco in 1906.

Want to see what other hedge funds are holding CBRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CBRE Group, Inc. (NYSE:CBRE - 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.