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

CBRE Group (NYSE:CBRE) released its quarterly earnings results on Thursday. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12, Briefing.com reports. The business had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.31 billion. CBRE Group had a net margin of 2.79% and a return on equity of 12.74%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.82 earnings per share. 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 Price Performance

NYSE CBRE traded up $3.12 on Friday, reaching $110.55. The company’s stock had a trading volume of 3,578,154 shares, compared to its average volume of 1,475,929. CBRE Group has a twelve month low of $64.63 and a twelve month high of $112.21. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.15 and a current ratio of 1.12. The stock has a market cap of $33.92 billion, a PE ratio of 34.44 and a beta of 1.40. The firm’s 50 day moving average is $90.59 and its two-hundred day moving average is $90.05.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CBRE shares. Evercore ISI upgraded shares of CBRE Group from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $100.00 to $123.00 in a research report on Friday. Morgan Stanley initiated coverage on shares of CBRE Group in a research report on Thursday. They set an “equal weight” rating and a $105.00 price target for the company. Raymond James increased their target price on shares of CBRE Group from $122.00 to $124.00 and gave the company a “strong-buy” rating in a research report on Thursday. Keefe, Bruyette & Woods increased their target price on shares of CBRE Group from $100.00 to $110.00 and gave the company a “market perform” rating in a research report on Thursday. Finally, Jefferies Financial Group initiated coverage on shares of CBRE Group in a research report on Wednesday, April 10th. They issued a “hold” rating and a $107.00 target price for the company. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.