Newmark Group (NASDAQ:NMRK) Announces Earnings Results, Beats Expectations By $0.03 EPS

Newmark Group (NASDAQ:NMRK) issued its quarterly earnings results on Tuesday. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.03, Briefing.com reports. The firm had revenue of $685.90 million during the quarter, compared to analysts’ expectations of $682.07 million. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. Newmark Group’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.27 EPS. Newmark Group updated its FY24 guidance to $1.11-$1.17 EPS and its FY 2024 guidance to 1.110-1.170 EPS.

Newmark Group Price Performance

Shares of NMRK traded up $0.19 during trading hours on Thursday, reaching $14.94. The company had a trading volume of 80,779 shares, compared to its average volume of 1,149,067. The firm has a 50 day simple moving average of $14.84 and a 200-day simple moving average of $12.34. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of 56.73 and a beta of 2.01. Newmark Group has a 12-month low of $6.64 and a 12-month high of $16.10.

Newmark Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 21st will be issued a $0.03 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.80%. Newmark Group’s dividend payout ratio is presently 46.16%.

Wall Street Analysts Forecast Growth

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

Newmark Group Company Profile

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.