Newmark Group (NASDAQ:NMRK) Releases FY24 Earnings Guidance

Newmark Group (NASDAQ:NMRK) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $1.11-$1.17 for the period, compared to the consensus EPS estimate of $1.13. The company issued revenue guidance of $2.62-$2.68 billion, compared to the consensus revenue estimate of $2.63 billion. Newmark Group also updated its FY 2024 guidance to 1.110-1.170 EPS.

Newmark Group Trading Down 0.9 %

Shares of NMRK stock traded down $0.13 during trading hours on Wednesday, reaching $14.77. The company had a trading volume of 1,484,487 shares, compared to its average volume of 1,149,470. 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 has a 1-year low of $6.64 and a 1-year high of $16.10. The company has a 50 day moving average of $14.81 and a 200 day moving average of $12.32. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 57.31 and a beta of 2.01.

Newmark Group (NASDAQ:NMRK) last issued its earnings results on Tuesday, November 5th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. Newmark Group had a return on equity of 17.78% and a net margin of 1.75%. The firm had revenue of $685.90 million for the quarter, compared to analysts’ expectations of $682.07 million. During the same quarter last year, the business earned $0.27 earnings per share. The company’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Newmark Group will post 1.15 EPS for the current year.

Analysts Set New Price Targets

NMRK has been the subject of a number of research analyst reports. Wolfe Research raised 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. Piper Sandler upped their target price on Newmark Group from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, September 3rd. Finally, Keefe, Bruyette & Woods raised Newmark Group from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $13.50 to $16.50 in a research report on Thursday, September 5th.

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.