CBRE Group (NYSE:CBRE) Issues FY24 Earnings Guidance

CBRE Group (NYSE:CBRE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.95-5.05 for the period, compared to the consensus earnings per share estimate of $4.82. CBRE Group also updated its FY 2024 guidance to 4.950-5.050 EPS.

CBRE Group Stock Performance

Shares of CBRE traded down $0.96 during mid-day trading on Friday, hitting $132.54. 2,186,080 shares of the company’s stock were exchanged, compared to its average volume of 1,648,764. CBRE Group has a fifty-two week low of $64.63 and a fifty-two week high of $136.06. The firm has a market capitalization of $40.67 billion, a P/E ratio of 41.43 and a beta of 1.40. The business’s 50 day moving average is $119.43 and its two-hundred day moving average is $101.99. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.36.

CBRE Group (NYSE:CBRE) last issued its earnings results on Thursday, October 24th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.14. CBRE Group had a net margin of 2.79% and a return on equity of 12.74%. The company had revenue of $9.04 billion during the quarter, compared to analysts’ expectations of $8.80 billion. During the same period last year, the company posted $0.72 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, equities analysts expect that CBRE Group will post 4.81 earnings per share for the current year.

Analyst Upgrades and Downgrades

CBRE has been the subject of several recent analyst reports. Raymond James lifted their target price on shares of CBRE Group from $122.00 to $124.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Keefe, Bruyette & Woods lifted their target price on shares of CBRE Group from $110.00 to $120.00 and gave the stock a “market perform” rating in a research note on Thursday, August 1st. UBS Group lowered their target price on shares of CBRE Group from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Wednesday, July 3rd. Evercore ISI lifted their price target on shares of CBRE Group from $123.00 to $132.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Finally, Morgan Stanley initiated coverage on shares of CBRE Group in a report on Thursday, July 25th. They issued an “equal weight” rating and a $105.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $113.83.

Insider Buying and Selling at CBRE Group

In related news, COO Vikramaditya Kohli sold 1,074 shares of CBRE Group stock in a transaction on Monday, August 12th. The shares were sold at an average price of $108.89, for a total transaction of $116,947.86. Following the transaction, the chief operating officer now owns 69,226 shares in the company, valued at approximately $7,538,019.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other CBRE Group news, Director Christopher T. Jenny sold 10,847 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $112.00, for a total value of $1,214,864.00. Following the transaction, the director now owns 51,244 shares in the company, valued at $5,739,328. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Vikramaditya Kohli sold 1,074 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $108.89, for a total transaction of $116,947.86. Following the completion of the transaction, the chief operating officer now owns 69,226 shares in the company, valued at $7,538,019.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,232 shares of company stock worth $2,839,047 in the last quarter. 0.54% of the stock is owned by 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.