Newmark Group (NASDAQ:NMRK) Shares Up 7% – Here’s What Happened

Newmark Group, Inc. (NASDAQ:NMRK) shares shot up 7% during trading on Thursday . The stock traded as high as $15.59 and last traded at $15.56. 432,634 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,150,673 shares. The stock had previously closed at $14.54.

Analyst Upgrades and Downgrades

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

Newmark Group Price Performance

The company’s 50-day moving average is $14.48 and its two-hundred day moving average is $12.00. The firm has a market cap of $2.66 billion, a P/E ratio of 70.00 and a beta of 2.01. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.49 and a quick ratio of 0.49.

Newmark Group (NASDAQ:NMRK) last posted its quarterly earnings results on Friday, August 2nd. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $633.40 million for the quarter, compared to the consensus estimate of $630.27 million. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period last year, the company posted $0.18 EPS. Sell-side analysts anticipate that Newmark Group, Inc. will post 1.15 EPS for the current fiscal year.

Newmark Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 16th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.78%. The ex-dividend date was Friday, August 16th. Newmark Group’s payout ratio is currently 54.55%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Newmark Group by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 20,474,932 shares of the company’s stock worth $227,067,000 after purchasing an additional 702,233 shares during the period. Dimensional Fund Advisors LP boosted its position in Newmark Group by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 6,686,191 shares of the company’s stock valued at $68,399,000 after acquiring an additional 480,047 shares during the last quarter. Leeward Investments LLC MA grew its holdings in Newmark Group by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 1,907,574 shares of the company’s stock worth $19,514,000 after acquiring an additional 101,426 shares during the period. Systematic Financial Management LP raised its position in shares of Newmark Group by 11.9% in the 2nd quarter. Systematic Financial Management LP now owns 928,935 shares of the company’s stock worth $9,503,000 after acquiring an additional 98,532 shares in the last quarter. Finally, Foundry Partners LLC raised its position in shares of Newmark Group by 5.3% in the 2nd quarter. Foundry Partners LLC now owns 840,576 shares of the company’s stock worth $8,599,000 after acquiring an additional 42,314 shares in the last quarter. 58.42% of the stock is owned by institutional investors and hedge funds.

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.