Newmark Group (NASDAQ:NMRK) Issues Quarterly Earnings Results

Newmark Group (NASDAQ:NMRK) posted its earnings results on Tuesday. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.03, Briefing.com reports. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The firm had revenue of $685.90 million during the quarter, compared to the consensus estimate of $682.07 million. During the same period last year, the firm posted $0.27 EPS. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. 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 Trading Up 1.3 %

Shares of Newmark Group stock traded up $0.19 during mid-day trading on Thursday, hitting $14.94. 80,779 shares of the stock were exchanged, compared to its average volume of 1,149,067. Newmark Group has a twelve month low of $6.64 and a twelve month high of $16.10. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 56.73 and a beta of 2.01. The company 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.

Newmark Group Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.