CBRE Group (NYSE:CBRE) Posts Earnings Results, Beats Estimates By $0.12 EPS

CBRE Group (NYSE:CBRE) posted its quarterly earnings results on Thursday. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12, Briefing.com reports. The company had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.31 billion. CBRE Group had a net margin of 3.06% and a return on equity of 12.96%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.82 EPS. CBRE Group updated its FY24 guidance to $4.70-$4.90 EPS and its FY 2024 guidance to 4.700-4.900 EPS.

CBRE Group Stock Up 2.9 %

CBRE Group stock traded up $3.12 during trading hours on Friday, reaching $110.55. The stock had a trading volume of 3,578,154 shares, compared to its average volume of 1,676,749. CBRE Group has a 52 week low of $64.63 and a 52 week high of $112.21. The company has a market cap of $33.92 billion, a price-to-earnings ratio of 34.10 and a beta of 1.40. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.15 and a quick ratio of 1.15. The business’s 50 day moving average price is $90.20 and its 200-day moving average price is $89.87.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CBRE shares. Keefe, Bruyette & Woods raised their target price on shares of CBRE Group from $100.00 to $110.00 and gave the stock a “market perform” rating in a research report on Thursday. Morgan Stanley initiated coverage on CBRE Group in a report on Thursday. They set an “equal weight” rating and a $105.00 price objective on the stock. Raymond James upped their target price on CBRE Group from $122.00 to $124.00 and gave the stock a “strong-buy” rating in a report on Thursday. StockNews.com lowered CBRE Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Evercore ISI upgraded shares of CBRE Group from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $100.00 to $123.00 in a report on Friday. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $108.86.

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.