Cibc World Market Inc. Invests $56.72 Million in Colliers International Group Inc. $CIGI

Key Points

• CIBC World Market purchased 399,267 Colliers International Group shares worth approximately $56.7 million, giving it a 0.78% stake. Institutional investors collectively own 80.09% of the company.
• Colliers reported quarterly EPS of $1.83, exceeding estimates of $1.79, while revenue rose 16.7% year over year to $1.38 billion but fell short of the $1.48 billion consensus forecast.
• Analysts maintain a broadly positive view, with an average rating of “Moderate Buy” and an average price target of $157.56, well above the stock’s recent price of $107.06.

Cibc World Market Inc. purchased a new stake in shares of Colliers International Group Inc. (NASDAQ:CIGI - Free Report) TSE: CIGI during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 399,267 shares of the financial services provider's stock, valued at approximately $56,724,000. Cibc World Market Inc. owned 0.78% of Colliers International Group as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Spruce House Investment Management LLC lifted its holdings in Colliers International Group by 93.0% in the first quarter. Spruce House Investment Management LLC now owns 2,511,000 shares of the financial services provider's stock valued at $268,387,000 after buying an additional 1,209,867 shares during the period. Turtle Creek Asset Management Inc. boosted its stake in Colliers International Group by 100.9% in the first quarter. Turtle Creek Asset Management Inc. now owns 1,633,556 shares of the financial services provider's stock valued at $174,611,000 after acquiring an additional 820,315 shares during the last quarter. Durable Capital Partners LP grew its holdings in Colliers International Group by 22.0% during the 2nd quarter. Durable Capital Partners LP now owns 3,625,501 shares of the financial services provider's stock worth $473,273,000 after acquiring an additional 652,744 shares during the period. Norges Bank acquired a new stake in Colliers International Group during the 4th quarter worth $84,906,000. Finally, Bank of Montreal Can raised its position in shares of Colliers International Group by 69.0% during the 4th quarter. Bank of Montreal Can now owns 1,076,806 shares of the financial services provider's stock valued at $158,274,000 after acquiring an additional 439,607 shares during the last quarter. Institutional investors own 80.09% of the company's stock.

Colliers International Group Stock Performance

NASDAQ:CIGI opened at $107.06 on Monday. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.19 and a quick ratio of 1.19. The business's 50-day simple moving average is $98.54 and its 200-day simple moving average is $104.85. Colliers International Group Inc. has a fifty-two week low of $88.38 and a fifty-two week high of $171.51. The stock has a market capitalization of $5.47 billion, a PE ratio of 50.98 and a beta of 1.24.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CIGI. National Bank Financial increased their price target on Colliers International Group from $109.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Scotiabank decreased their price objective 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. BMO Capital Markets dropped their price objective on Colliers International Group from $180.00 to $148.00 and set an "outperform" rating for the company in a report on Wednesday, May 6th. Scotia cut their target price on Colliers International Group from $150.00 to $145.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 31st. Finally, Weiss Ratings upgraded 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 issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Colliers International Group presently has an average rating of "Moderate Buy" and an average price target of $157.56.

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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