Newmark Group, Inc. $NMRK Stock: Penn Capital Management Company LLC Cuts Stake

Penn Capital Management Company LLC cut its position in Newmark Group, Inc. (NASDAQ:NMRK) by 8.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,281,563 shares of the company’s stock after selling 114,372 shares during the quarter. Penn Capital Management Company LLC’s holdings in Newmark Group were worth $15,743,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assenagon Asset Management S.A. acquired a new stake in Newmark Group in the second quarter worth about $4,415,000. Bank of New York Mellon Corp lifted its holdings in shares of Newmark Group by 18.9% during the first quarter. Bank of New York Mellon Corp now owns 1,173,058 shares of the company’s stock valued at $17,584,000 after purchasing an additional 186,236 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Newmark Group during the second quarter valued at about $1,532,000. Hillsdale Investment Management Inc. boosted its stake in Newmark Group by 115,331.1% in the 1st quarter. Hillsdale Investment Management Inc. now owns 519,440 shares of the company’s stock worth $7,786,000 after purchasing an additional 518,990 shares during the period. Finally, Bank of America Corp DE grew its position in Newmark Group by 30.6% during the 1st quarter. Bank of America Corp DE now owns 543,309 shares of the company’s stock worth $8,144,000 after purchasing an additional 127,365 shares in the last quarter. 58.42% of the stock is currently owned by institutional investors and hedge funds.

Newmark Group Stock Up 1.3%

Newmark Group stock opened at $12.07 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.55 and a quick ratio of 0.55. Newmark Group, Inc. has a fifty-two week low of $11.13 and a fifty-two week high of $18.25. The firm has a fifty day moving average price of $12.83 and a two-hundred day moving average price of $14.71. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 6.57 and a beta of 1.80.

Newmark Group (NASDAQ:NMRK) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.01. The business had revenue of $973.20 million for the quarter, compared to the consensus estimate of $957.78 million. Newmark Group had a net margin of 4.07% and a return on equity of 27.61%. Newmark Group’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter last year, the company posted $0.42 earnings per share. As a group, analysts forecast that Newmark Group, Inc. will post 1.86 earnings per share for the current year.

Newmark Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 13th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, November 13th. Newmark Group’s payout ratio is 28.92%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NMRK shares. Piper Sandler cut Newmark Group from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $14.00 to $13.00 in a research report on Monday, October 19th. Barclays increased their price objective on Newmark Group from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Keefe, Bruyette & Woods reduced their price objective on Newmark Group from $17.50 to $16.00 and set an “outperform” rating for the company in a research note on Friday, October 9th. Weiss Ratings upgraded Newmark Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, October 13th. Finally, Citizens Jmp lowered their target price on Newmark Group from $22.00 to $17.00 and set a “market outperform” rating on the stock in a research note on Thursday, October 22nd. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $17.60.

Newmark Group Company Profile

Newmark Group, Inc is a commercial real estate services and advisory firm serving property owners, occupiers, investors and developers. Its services include commercial leasing, investment sales, debt and structured finance, property and facilities management, valuation, consulting, project management and workplace strategy.

The company works across major property types, including office, industrial, retail, multifamily and hospitality. It serves clients throughout the United States and in international markets through its global offices and network.

Newmark became a publicly traded company in 2017 after being separated from BGC Partners.