Teacher Retirement System of Texas increased its stake in shares of CBRE Group, Inc. (NYSE:CBG) by 25.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 64,224 shares of the financial services provider’s stock after buying an additional 12,996 shares during the period. Teacher Retirement System of Texas’ holdings in CBRE Group were worth $2,338,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of CBG. State of Alaska Department of Revenue acquired a new stake in CBRE Group during the first quarter valued at $116,000. Harbour Capital Advisors LLC acquired a new stake in CBRE Group during the first quarter valued at $118,000. Pettee Investors Inc. acquired a new stake in CBRE Group during the first quarter valued at $203,000. Cambridge Investment Research Advisors Inc. acquired a new stake in CBRE Group during the first quarter valued at $206,000. Finally, Harbor Advisors LLC acquired a new stake in CBRE Group during the first quarter valued at $209,000. Institutional investors own 96.84% of the company’s stock.
Shares of CBRE Group, Inc. (NYSE:CBG) opened at 34.91 on Friday. The firm has a 50 day moving average price of $37.02 and a 200-day moving average price of $35.22. CBRE Group, Inc. has a 12-month low of $25.40 and a 12-month high of $38.99. The company has a market cap of $11.76 billion, a price-to-earnings ratio of 17.04 and a beta of 1.83.
CBRE Group (NYSE:CBG) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The business had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.39 billion. CBRE Group had a return on equity of 26.40% and a net margin of 5.21%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 earnings per share. On average, equities analysts expect that CBRE Group, Inc. will post $2.57 earnings per share for the current fiscal year.
Several research firms have weighed in on CBG. UBS AG began coverage on CBRE Group in a report on Wednesday, July 26th. They issued a “neutral” rating and a $41.00 price objective for the company. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $36.00 price objective on shares of CBRE Group in a report on Friday, July 21st. Wedbush reiterated an “outperform” rating and issued a $38.00 price objective on shares of CBRE Group in a report on Wednesday, August 2nd. Barclays PLC increased their price objective on CBRE Group from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, July 18th. Finally, Zacks Investment Research upgraded CBRE Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Friday, July 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $39.60.
In other news, insider Michael J. Lafitte sold 15,000 shares of the company’s stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $37.02, for a total transaction of $555,300.00. Following the transaction, the insider now directly owns 369,774 shares of the company’s stock, valued at $13,689,033.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William F. Concannon sold 20,000 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $38.09, for a total value of $761,800.00. Following the transaction, the chief executive officer now directly owns 233,896 shares in the company, valued at $8,909,098.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 165,627 shares of company stock worth $6,054,206. Insiders own 1.00% of the company’s stock.
About CBRE Group
CBRE Group, Inc is a holding company that conducts all of its operations through its subsidiaries. The Company operates as a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services.
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