CBRE Group (NYSE:CBRE) Issues Earnings Results, Beats Estimates By $0.12 EPS

CBRE Group (NYSE:CBRE) posted its quarterly earnings results on Thursday. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12, Briefing.com reports. CBRE Group had a return on equity of 12.74% and a net margin of 2.79%. The business had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.31 billion. During the same period in the prior year, the business earned $0.82 EPS. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. CBRE Group updated its FY24 guidance to $4.70-$4.90 EPS and its FY 2024 guidance to 4.700-4.900 EPS.

CBRE Group Stock Performance

CBRE stock opened at $110.55 on Friday. The firm has a market cap of $33.92 billion, a PE ratio of 34.44 and a beta of 1.40. The company has a quick ratio of 1.15, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average of $90.59 and a 200-day moving average of $90.05. CBRE Group has a 12-month low of $64.63 and a 12-month high of $112.21.

Wall Street Analysts Forecast Growth

CBRE has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on CBRE Group in a research note on Wednesday, April 10th. They set a “hold” rating and a $107.00 price target on the stock. Morgan Stanley initiated coverage on CBRE Group in a research note on Thursday. They issued an “equal weight” rating and a $105.00 price objective for the company. UBS Group lowered their price objective on CBRE Group from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Wednesday, July 3rd. StockNews.com downgraded CBRE Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Keefe, Bruyette & Woods increased their price objective on CBRE Group from $100.00 to $110.00 and gave the stock a “market perform” rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $108.86.

CBRE Group Company Profile

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.