The Manufacturers Life Insurance Company Takes $292.66 Million Position in Colliers International Group Inc. $CIGI

Key Points

• The Manufacturers Life Insurance Company acquired 2.06 million Colliers International Group shares worth approximately $292.7 million, giving it a 4.04% stake. Institutional investors collectively own 80.09% of CIGI.
• Analysts maintain a generally positive outlook, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $157.56, despite several recent target-price reductions.
• Colliers exceeded quarterly EPS expectations with $1.83 versus the $1.79 consensus, while revenue rose 16.7% year over year to $1.38 billion but fell short of estimates.

The Manufacturers Life Insurance Company bought a new position in Colliers International Group Inc. (NASDAQ:CIGI - Free Report) TSE: CIGI in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 2,062,192 shares of the financial services provider's stock, valued at approximately $292,656,000. The Manufacturers Life Insurance Company owned 4.04% of Colliers International Group as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of CIGI. Caitong International Asset Management Co. Ltd purchased a new stake in Colliers International Group during the 3rd quarter valued at $26,000. Arax Advisory Partners boosted its stake in Colliers International Group by 137.0% during the fourth quarter. Arax Advisory Partners now owns 218 shares of the financial services provider's stock worth $32,000 after buying an additional 126 shares during the period. Kestra Advisory Services LLC purchased a new position in Colliers International Group during the fourth quarter worth $32,000. Trust Co. of Vermont bought a new position in Colliers International Group during the second quarter valued at $36,000. Finally, JPMorgan Chase & Co. bought a new position in Colliers International Group during the second quarter valued at $39,000. Institutional investors own 80.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CIGI shares. National Bank Financial raised their target price on shares of Colliers International Group from $109.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Scotiabank cut their price target on shares of Colliers International Group from $150.00 to $145.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Weiss Ratings upgraded shares of Colliers International Group from a "sell (d)" rating to a "hold (c-)" rating in a report on Thursday, August 6th. Raymond James Financial reduced their price objective on shares of Colliers International Group from $185.00 to $180.00 in a research report on Wednesday, April 29th. Finally, Royal Bank Of Canada decreased their price objective on shares of Colliers International Group from $160.00 to $155.00 and set an "outperform" rating for the company in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Colliers International Group has an average rating of "Moderate Buy" and an average target price of $157.56.

Colliers International Group Stock Performance

CIGI stock opened at $107.86 on Tuesday. Colliers International Group Inc. has a twelve month low of $88.38 and a twelve month high of $171.51. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 51.36 and a beta of 1.24. The business's fifty day simple moving average is $98.79 and its two-hundred day simple moving average is $104.71. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 1.61.

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

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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