Newmark Group (NASDAQ:NMRK) Stock Rating Upgraded by Keefe, Bruyette & Woods

Newmark Group (NASDAQ:NMRK) was upgraded by equities researchers at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report issued on Thursday, MarketBeat.com reports. The firm currently has a $16.50 price objective on the stock, up from their previous price objective of $13.50. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 17.61% from the stock’s previous close.

A number of other brokerages have also weighed in on NMRK. Piper Sandler increased their target price on shares of Newmark Group from $13.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday. Wolfe Research upgraded Newmark Group from a “peer perform” rating to an “outperform” rating and set a $15.00 target price for the company in a research note on Friday, August 16th.

Newmark Group Stock Performance

NASDAQ NMRK opened at $14.03 on Thursday. The company has a market capitalization of $2.42 billion, a PE ratio of 63.82 and a beta of 2.01. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.49 and a current ratio of 0.49. Newmark Group has a 52-week low of $5.09 and a 52-week high of $14.47. The company has a 50-day simple moving average of $12.18 and a 200 day simple moving average of $11.00.

Newmark Group (NASDAQ:NMRK) last issued its quarterly earnings results on Friday, August 2nd. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.01. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The company had revenue of $633.40 million during the quarter, compared to analyst estimates of $630.27 million. During the same quarter last year, the business posted $0.18 EPS. Newmark Group’s quarterly revenue was up 8.1% compared to the same quarter last year. On average, research analysts predict that Newmark Group will post 1.14 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its position in Newmark Group by 168.5% in the 4th quarter. BNP Paribas Financial Markets now owns 136,034 shares of the company’s stock worth $1,491,000 after buying an additional 85,362 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Newmark Group by 251.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 708,300 shares of the company’s stock valued at $7,246,000 after purchasing an additional 506,510 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Newmark Group during the fourth quarter valued at about $964,000. Paulson & CO. Inc. increased its position in shares of Newmark Group by 133.5% during the fourth quarter. Paulson & CO. Inc. now owns 3,000,000 shares of the company’s stock valued at $32,880,000 after buying an additional 1,715,375 shares during the period. Finally, Brown Advisory Inc. bought a new position in Newmark Group in the fourth quarter worth about $412,000. Institutional investors own 58.42% of the company’s stock.

About Newmark Group

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.