Newmark Group (NASDAQ:NMRK) Posts Earnings Results, Beats Expectations By $0.02 EPS

Newmark Group (NASDAQ:NMRK) released its earnings results on Tuesday. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.02, Briefing.com reports. The firm had revenue of $685.90 million for the quarter, compared to analyst estimates of $682.07 million. Newmark Group had a return on equity of 17.78% and a net margin of 1.75%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. Newmark Group updated its FY24 guidance to $1.11-$1.17 EPS and its FY 2024 guidance to 1.110-1.170 EPS.

Newmark Group Stock Down 1.8 %

NMRK stock traded down $0.27 during mid-day trading on Wednesday, hitting $14.63. 1,212,224 shares of the company were exchanged, compared to its average volume of 1,148,546. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.49 and a current ratio of 0.49. Newmark Group has a 1-year low of $6.64 and a 1-year high of $16.10. The firm’s 50 day simple moving average is $14.81 and its 200 day simple moving average is $12.32. The firm has a market cap of $2.51 billion, a P/E ratio of 57.31 and a beta of 2.01.

Wall Street Analyst Weigh In

NMRK has been the topic of several recent analyst reports. Piper Sandler lifted their price objective on shares of Newmark Group from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods raised shares of Newmark Group from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $13.50 to $16.50 in a report on Thursday, September 5th. Finally, Wolfe Research upgraded shares of Newmark Group from a “peer perform” rating to an “outperform” rating and set a $15.00 price objective for the company in a research report on Friday, August 16th.

Newmark Group Company Profile

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.