CBRE Group (NYSE:CBRE) Releases FY24 Earnings Guidance

CBRE Group (NYSE:CBRE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.70-$4.90 for the period, compared to the consensus estimate of $4.47. CBRE Group also updated its FY 2024 guidance to 4.700-4.900 EPS.

CBRE Group Price Performance

Shares of CBRE Group stock opened at $110.55 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 1.15. CBRE Group has a one year low of $64.63 and a one year high of $112.21. The stock has a market capitalization of $33.92 billion, a P/E ratio of 34.44 and a beta of 1.40. The business’s 50 day simple moving average is $90.59 and its two-hundred day simple moving average is $90.05.

CBRE Group (NYSE:CBRE) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. The business had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.31 billion. CBRE Group had a return on equity of 12.74% and a net margin of 2.79%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 earnings per share. Analysts forecast that CBRE Group will post 4.83 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CBRE shares. Evercore ISI upgraded CBRE Group from an in-line rating to an outperform rating and increased their target price for the stock from $100.00 to $123.00 in a research report on Friday. Morgan Stanley assumed coverage on CBRE Group in a research note on Thursday. They issued an equal weight rating and a $105.00 price objective for the company. Jefferies Financial Group assumed coverage on CBRE Group in a report on Wednesday, April 10th. They issued a hold rating and a $107.00 price target on the stock. Raymond James increased their price target on CBRE Group from $122.00 to $124.00 and gave the stock a strong-buy rating in a report on Thursday. Finally, Keefe, Bruyette & Woods increased their price target on CBRE Group from $100.00 to $110.00 and gave the stock a market perform rating in a report on Thursday. Five research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, CBRE Group has a consensus rating of Moderate Buy and a consensus target price of $108.86.

About CBRE Group

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.