Newmark Group (NASDAQ:NMRK) Updates FY24 Earnings Guidance

Newmark Group (NASDAQ:NMRK) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.11-$1.17 for the period, compared to the consensus earnings per share estimate of $1.13. The company issued revenue guidance of $2.62-$2.68 billion, compared to the consensus revenue estimate of $2.63 billion. Newmark Group also updated its FY 2024 guidance to 1.110-1.170 EPS.

Newmark Group Trading Up 3.1 %

NASDAQ:NMRK opened at $15.21 on Friday. The company has a market capitalization of $2.61 billion, a PE ratio of 58.50 and a beta of 2.01. The stock’s 50 day moving average price is $14.87 and its 200 day moving average price is $12.36. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.49. Newmark Group has a 52-week low of $6.64 and a 52-week high of $16.10.

Newmark Group (NASDAQ:NMRK) last announced its earnings results on Tuesday, November 5th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.03. Newmark Group had a return on equity of 17.78% and a net margin of 1.75%. The company had revenue of $685.90 million for the quarter, compared to the consensus estimate of $682.07 million. During the same period last year, the business posted $0.27 EPS. The company’s revenue was up 11.3% on a year-over-year basis. On average, research analysts anticipate that Newmark Group will post 1.15 EPS for the current year.

Newmark Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 21st will be given a $0.03 dividend. The ex-dividend date is Thursday, November 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.79%. Newmark Group’s dividend payout ratio is presently 46.16%.

Analysts Set New Price Targets

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

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.