CBRE Group, Inc. Announces Increase in Stock Repurchase Authorization

CBRE Group, Inc. (NYSE: CBRE) recently disclosed in a filing with the Securities and Exchange Commission that its Board of Directors had sanctioned an extension to the company’s existing stock repurchase authorization. The announcement, released on November 21, 2024, highlighted the approval of an additional $5.0 billion for stock repurchases. This new authorization supplements the previous $4.0 billion repurchase program, which still had approximately $1.4 billion remaining as of September 30, 2024.

Emma Giamartino, the Chief Financial Officer of CBRE, emphasized the significance of share repurchases within the company’s capital allocation strategy. Giamartino stated, “Share repurchases are a key part of our capital allocation strategy. The expanded authorization is particularly timely given that we believe our shares’ current valuation understates our long-term growth prospects.”

CBRE’s strong financial standing was underscored in the announcement, noting the company’s robust liquidity of over $4 billion, minimal leverage, and an anticipated free cash flow exceeding $1 billion for the year. Giamartino expressed confidence in CBRE’s ability to maintain solid earnings and free cash flow growth well into the future, given its resilient and diversified business model.

Since 2021, CBRE has repurchased 36 million shares totaling around $3 billion, with an average price of approximately $83.50 per share. The company’s endeavors in effective capital allocation have been reinforced by this decision to expand their stock repurchase authorization.

CBRE Group, Inc., a globally recognized commercial real estate services and investment firm, continues to demonstrate its commitment to strategic financial management and enhancing shareholder value through its proactive approach to capital allocation.

The detailed press release regarding the expanded stock repurchase authorization can be accessed on CBRE’s investor relations website for further information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CBRE Group’s 8K filing here.

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.