CBRE Group Inc. (CBG) Releases Earnings Results, Beats Estimates By $0.02 EPS
CBRE Group Inc. (NYSE:CBG) posted its quarterly earnings results on Thursday. The company reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.02. The firm earned $3.20 billion during the quarter, compared to the consensus estimate of $3.29 billion. CBRE Group had a return on equity of 26.58% and a net margin of 4.28%. The business’s revenue was up 17.7% compared to the same quarter last year. During the same period last year, the company earned $0.51 earnings per share. CBRE Group updated its FY16 guidance to $2.15-2.30 EPS.
Shares of CBRE Group (NYSE:CBG) traded down 3.88% during midday trading on Thursday, reaching $26.73. The company had a trading volume of 3,758,748 shares. CBRE Group has a one year low of $22.74 and a one year high of $38.49. The company has a market capitalization of $8.96 billion, a PE ratio of 16.93 and a beta of 1.99. The company has a 50 day moving average of $27.94 and a 200 day moving average of $28.70.
In related news, insider Valueact Capital Master Fund, acquired 1,502,200 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were purchased at an average price of $28.31 per share, for a total transaction of $42,527,282.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Calvin W. Frese, Jr. sold 11,674 shares of CBRE Group stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $29.57, for a total value of $345,200.18. Following the completion of the transaction, the insider now owns 344,553 shares in the company, valued at approximately $10,188,432.21. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Kovitz Investment Group Partners LLC purchased a new stake in CBRE Group during the first quarter valued at $33,134,000. Trillium Asset Management LLC boosted its stake in CBRE Group by 4.3% in the second quarter. Trillium Asset Management LLC now owns 517,363 shares of the company’s stock valued at $13,700,000 after buying an additional 21,257 shares during the last quarter. Retirement Systems of Alabama boosted its stake in CBRE Group by 3.7% in the second quarter. Retirement Systems of Alabama now owns 548,778 shares of the company’s stock valued at $14,532,000 after buying an additional 19,774 shares during the last quarter. Exxonmobil Investment Management Inc. TX boosted its stake in CBRE Group by 6.7% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 75,540 shares of the company’s stock valued at $2,000,000 after buying an additional 4,740 shares during the last quarter. Finally, Herndon Capital Management LLC boosted its stake in CBRE Group by 26.0% in the second quarter. Herndon Capital Management LLC now owns 1,902,031 shares of the company’s stock valued at $50,365,000 after buying an additional 392,678 shares during the last quarter. 95.70% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on CBG shares. Zacks Investment Research cut CBRE Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 14th. Wedbush initiated coverage on CBRE Group in a report on Wednesday, October 5th. They issued an “outperform” rating and a $35.00 price objective for the company.
About CBRE Group
CBRE Group, Inc is a holding company that conducts all of its operations through its subsidiaries. The Company is a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services.
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