PNC Financial Services Group Inc. Grows Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Key Points

• PNC Financial Services Group Inc. increased its stake in CoStar Group by 12.5%, bringing their total ownership to 102,880 shares valued at approximately $8.15 million as of the latest SEC filing.
• Several institutional investors, including Colonial Trust Co SC and CVA Family Office LLC, have also increased their holdings in CoStar Group, indicating a growing interest from large investors.
• CoStar Group's earnings topped estimates, reporting $0.17 EPS for the quarter, which was higher than the anticipated $0.14, alongside a 15.2% year-over-year increase in quarterly revenue.

PNC Financial Services Group Inc. lifted its position in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 12.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 102,880 shares of the technology company's stock after acquiring an additional 11,394 shares during the period. PNC Financial Services Group Inc.'s holdings in CoStar Group were worth $8,151,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bamco Inc. NY grew its stake in shares of CoStar Group by 2.2% in the 4th quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company's stock worth $1,374,783,000 after buying an additional 418,128 shares during the last quarter. Capital International Investors increased its stake in CoStar Group by 44.9% during the 4th quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock valued at $1,004,578,000 after purchasing an additional 4,345,267 shares in the last quarter. Akre Capital Management LLC raised its holdings in CoStar Group by 4.3% in the fourth quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company's stock worth $666,781,000 after buying an additional 379,787 shares during the last quarter. Baillie Gifford & Co. lifted its stake in shares of CoStar Group by 6.6% in the first quarter. Baillie Gifford & Co. now owns 8,436,199 shares of the technology company's stock worth $668,400,000 after buying an additional 524,601 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of CoStar Group by 24.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company's stock valued at $459,314,000 after buying an additional 1,267,263 shares during the last quarter. Hedge funds and other institutional investors own 96.60% of the company's stock.

CoStar Group Trading Down 1.0%

CSGP stock traded down $0.95 during mid-day trading on Thursday, reaching $95.34. The company had a trading volume of 2,185,602 shares, compared to its average volume of 3,018,759. The firm has a 50 day moving average of $84.51 and a 200 day moving average of $79.63. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.83 and a quick ratio of 5.83. CoStar Group, Inc. has a 12 month low of $68.26 and a 12 month high of $97.43. The company has a market capitalization of $40.39 billion, a PE ratio of 381.36, a price-to-earnings-growth ratio of 4.69 and a beta of 0.85.

CoStar Group (NASDAQ:CSGP - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.03. The company had revenue of $781.30 million for the quarter, compared to analyst estimates of $772.06 million. CoStar Group had a net margin of 3.57% and a return on equity of 2.88%. CoStar Group's revenue was up 15.2% compared to the same quarter last year. During the same period last year, the company posted $0.15 earnings per share. On average, equities analysts predict that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Frederick G. Saint sold 25,000 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $93.23, for a total transaction of $2,330,750.00. Following the sale, the insider directly owned 319,539 shares of the company's stock, valued at $29,790,620.97. The trade was a 7.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Cynthia Cammett Cann sold 2,033 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $92.85, for a total value of $188,764.05. Following the sale, the chief accounting officer owned 25,771 shares in the company, valued at approximately $2,392,837.35. The trade was a 7.31% decrease in their position. The disclosure for this sale can be found here. 1.09% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CSGP has been the topic of a number of research analyst reports. Needham & Company LLC increased their price objective on shares of CoStar Group from $98.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Royal Bank Of Canada raised their price target on CoStar Group from $83.00 to $91.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 23rd. BMO Capital Markets upped their price objective on CoStar Group from $82.00 to $89.00 and gave the company a "market perform" rating in a research report on Wednesday, July 23rd. JMP Securities reissued a "market outperform" rating and issued a $85.00 target price on shares of CoStar Group in a report on Wednesday, April 30th. Finally, Bank of America started coverage on CoStar Group in a research note on Friday, May 30th. They set a "neutral" rating and a $79.00 price target for the company. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, CoStar Group has a consensus rating of "Moderate Buy" and a consensus target price of $93.25.

CoStar Group Company Profile

CoStar Group, Inc provides information, analytics, and online marketplace services to the commercial real estate, hospitality, residential, and related professionals industries in the United States, Canada, Europe, the Asia Pacific, and Latin America. The company offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar Sales, a robust database of comparable commercial real estate sales transactions; CoStar Market Analytics to view and report on aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical tool that provides tenant information.