CBRE Group (NYSE:CBRE) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

CBRE Group (NYSE:CBRE - Get Free Report) released its quarterly earnings results on Friday. The financial services provider reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.09, RTT News reports. CBRE Group had a return on equity of 13.69% and a net margin of 3.09%. The company had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.94 billion. During the same quarter in the prior year, the firm posted $0.92 EPS. CBRE Group's quarterly revenue was up 7.1% compared to the same quarter last year. CBRE Group updated its FY24 guidance to $4.25-4.65 EPS and its FY 2024 guidance to 4.250-4.650 EPS.

CBRE Group Stock Down 0.2 %

Shares of CBRE traded down $0.18 during midday trading on Friday, reaching $86.61. 2,301,063 shares of the stock were exchanged, compared to its average volume of 1,585,100. CBRE Group has a 52 week low of $64.63 and a 52 week high of $98.65. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.31. The company's 50 day moving average is $91.70 and its two-hundred day moving average is $85.80. The company has a market capitalization of $26.58 billion, a P/E ratio of 27.32 and a beta of 1.44.

Analyst Ratings Changes

CBRE has been the topic of a number of recent analyst reports. StockNews.com lowered CBRE Group from a "buy" rating to a "hold" rating in a research note on Wednesday. Keefe, Bruyette & Woods increased their target price on CBRE Group from $96.00 to $100.00 and gave the stock a "market perform" rating in a research note on Friday, February 16th. Evercore ISI increased their target price on CBRE Group from $103.00 to $104.00 and gave the stock an "in-line" rating in a research note on Tuesday, April 2nd. Jefferies Financial Group initiated coverage on CBRE Group in a research note on Wednesday, April 10th. They issued a "hold" rating and a $107.00 target price on the stock. Finally, TheStreet upgraded CBRE Group from a "c+" rating to a "b-" rating in a research note on Thursday, January 25th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $99.50.

Insider Transactions at CBRE Group

In other news, CFO Emma E. Giamartino sold 2,667 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $93.53, for a total transaction of $249,444.51. Following the transaction, the chief financial officer now owns 72,350 shares of the company's stock, valued at approximately $6,766,895.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Emma E. Giamartino sold 2,667 shares of the firm's stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $93.53, for a total transaction of $249,444.51. Following the sale, the chief financial officer now owns 72,350 shares of the company's stock, valued at $6,766,895.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John E. Durburg sold 25,000 shares of the firm's stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $92.20, for a total value of $2,305,000.00. Following the sale, the chief executive officer now directly owns 207,856 shares in the company, valued at approximately $19,164,323.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,592 shares of company stock valued at $3,675,752. 0.54% of the stock is currently owned by corporate insiders.

About CBRE Group

CBRE Group, Inc operates as a commercial real estate services and investment company in the United States, the United Kingdom, and internationally. The Advisory Services segment offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing of offices, and industrial and retail space; clients fully integrated property sales services under the CBRE Capital Markets brand; clients commercial mortgage and structured financing services; originates and sells commercial mortgage loans; property management services, such as marketing, building engineering, accounting, and financial services on a contractual basis for owners of and investors in office, industrial, and retail properties; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting.