Newmark Group (NASDAQ:NMRK) Reaches New 52-Week High - What's Next?

Key Points

• Newmark Group shares reached a new 52-week high of $16.10, closing at $15.90, with a trading volume of 173,208 shares.
• Multiple analysts have raised their price targets for Newmark Group, with a consensus target of $16.83 and a consensus rating of "Buy."
• The company reported earnings of $0.31 per share for the last quarter, surpassing estimates, alongside a revenue of $759.1 million, reflecting a 19.9% year-over-year growth.

Shares of Newmark Group, Inc. (NASDAQ:NMRK - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $16.10 and last traded at $15.90, with a volume of 173208 shares. The stock had previously closed at $15.97.

Wall Street Analyst Weigh In

NMRK has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of Newmark Group from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. JMP Securities boosted their price target on shares of Newmark Group from $17.00 to $19.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 31st. Piper Sandler boosted their price target on shares of Newmark Group from $16.00 to $19.00 and gave the stock an "overweight" rating in a research note on Monday. Wolfe Research upgraded shares of Newmark Group from a "peer perform" rating to an "outperform" rating and set a $14.00 price target on the stock in a research note on Friday, May 23rd. Finally, Citizens Jmp initiated coverage on shares of Newmark Group in a research note on Monday, July 21st. They issued a "strong-buy" rating and a $17.00 price target on the stock. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $16.83.

Newmark Group Price Performance

The firm's 50-day moving average price is $12.40 and its 200-day moving average price is $12.37. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $2.96 billion, a PE ratio of 38.20 and a beta of 2.04.

Newmark Group (NASDAQ:NMRK - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.05. The firm had revenue of $759.10 million for the quarter, compared to analysts' expectations of $695.24 million. Newmark Group had a net margin of 2.51% and a return on equity of 22.71%. The business's revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.22 EPS. On average, equities analysts forecast that Newmark Group, Inc. will post 1.45 EPS for the current fiscal year.

Newmark Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Thursday, August 14th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.7%. The ex-dividend date is Thursday, August 14th. Newmark Group's dividend payout ratio is presently 28.57%.

Hedge Funds Weigh In On Newmark Group

Several hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in Newmark Group by 1.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,093,458 shares of the company's stock valued at $13,286,000 after purchasing an additional 20,477 shares during the last quarter. Access Investment Management LLC bought a new position in Newmark Group during the 2nd quarter valued at about $700,000. Mountain Hill Investment Partners Corp. bought a new position in Newmark Group during the 2nd quarter valued at about $1,025,000. Versor Investments LP grew its holdings in Newmark Group by 94.9% during the 2nd quarter. Versor Investments LP now owns 33,326 shares of the company's stock valued at $405,000 after purchasing an additional 16,226 shares during the last quarter. Finally, Atria Investments Inc bought a new position in Newmark Group during the 2nd quarter valued at about $146,000. 58.42% of the stock is currently owned by institutional investors.

About Newmark Group

Newmark Group, Inc provides commercial real estate services in the United States, the United Kingdom, and internationally. The company offers capital markets consisting of investment sales and commercial mortgage brokerage; landlord or agency representation leasing; valuation and advisory; property management; commercial real estate technology platform and capabilities; the United Kingdom business rates services; due diligence, consulting, and other advisory services; GSEs and the Federal Housing Administration lending services comprising multifamily lending and loan servicing; asset management; and flexible workspace solutions for owners.

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