Colliers International Group Inc. $CIGI Shares Acquired by Turtle Creek Asset Management Inc.

Key Points

• Turtle Creek Asset Management more than doubled its Colliers stake in the first quarter, acquiring 820,315 additional shares to own 1.63 million shares valued at approximately $174.6 million, or 3.2% of the company.
• Colliers reported quarterly EPS of $0.91, slightly below the $0.92 consensus estimate, while revenue of $1.13 billion also missed expectations but increased 15.1% year over year. The company declared a quarterly dividend of $0.15 per share, yielding 0.6% annually.
• Despite analyst price-target reductions, Wall Street maintains a “Moderate Buy” consensus rating with an average target of $159.11, well above the reported share price of $101.21.

Turtle Creek Asset Management Inc. boosted its position in Colliers International Group Inc. (NASDAQ:CIGI - Free Report) TSE: CIGI by 100.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,633,556 shares of the financial services provider's stock after buying an additional 820,315 shares during the quarter. Colliers International Group makes up about 6.5% of Turtle Creek Asset Management Inc.'s holdings, making the stock its 2nd biggest position. Turtle Creek Asset Management Inc. owned about 3.20% of Colliers International Group worth $174,611,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Caitong International Asset Management Co. Ltd bought a new stake in Colliers International Group during the 3rd quarter valued at approximately $26,000. Arax Advisory Partners boosted its position in shares of Colliers International Group by 137.0% in the fourth quarter. Arax Advisory Partners now owns 218 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 126 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of Colliers International Group in the fourth quarter worth $32,000. JPMorgan Chase & Co. acquired a new position in Colliers International Group during the 2nd quarter valued at $39,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Colliers International Group by 26.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 303 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 63 shares during the period. 80.09% of the stock is currently owned by institutional investors.

Colliers International Group Stock Down 2.6%

NASDAQ CIGI opened at $101.21 on Thursday. The stock's 50 day simple moving average is $96.51 and its 200 day simple moving average is $109.56. Colliers International Group Inc. has a one year low of $88.38 and a one year high of $171.51. The firm has a market cap of $5.17 billion, a PE ratio of 62.48 and a beta of 1.26. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.23 and a quick ratio of 1.23.

Colliers International Group (NASDAQ:CIGI - Get Free Report) TSE: CIGI last issued its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.92 by ($0.01). The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.26 billion. Colliers International Group had a return on equity of 20.31% and a net margin of 1.45%.The firm's revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.87 EPS. As a group, sell-side analysts forecast that Colliers International Group Inc. will post 6.82 earnings per share for the current fiscal year.

Colliers International Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, June 30th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Colliers International Group's payout ratio is presently 18.52%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CIGI shares. BMO Capital Markets cut their price objective on shares of Colliers International Group from $180.00 to $148.00 and set an "outperform" rating for the company in a research report on Wednesday, May 6th. Raymond James Financial cut their price target on Colliers International Group from $185.00 to $180.00 in a report on Wednesday, April 29th. Royal Bank Of Canada decreased their price objective on Colliers International Group from $160.00 to $155.00 and set an "outperform" rating on the stock in a report on Wednesday, May 6th. National Bank Financial lowered their price objective on Colliers International Group from $143.00 to $109.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. Finally, Zacks Research raised Colliers International Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $159.11.

About Colliers International Group

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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