Meeder Asset Management Inc. grew its holdings in CBRE Group Inc (NYSE:CBRE) by 1,069.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,251 shares of the financial services provider’s stock after purchasing an additional 1,144 shares during the quarter. Meeder Asset Management Inc.’s holdings in CBRE Group were worth $64,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Cornerstone Investment Partners LLC purchased a new stake in CBRE Group during the second quarter valued at approximately $48,418,000. The Manufacturers Life Insurance Company grew its stake in CBRE Group by 209.7% in the first quarter. The Manufacturers Life Insurance Company now owns 969,625 shares of the financial services provider’s stock worth $47,948,000 after purchasing an additional 656,566 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in CBRE Group by 34.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,560,714 shares of the financial services provider’s stock worth $102,533,000 after purchasing an additional 653,165 shares in the last quarter. TimesSquare Capital Management LLC grew its stake in CBRE Group by 15.6% in the second quarter. TimesSquare Capital Management LLC now owns 3,846,700 shares of the financial services provider’s stock worth $197,336,000 after purchasing an additional 518,900 shares in the last quarter. Finally, Marshall Wace North America L.P. grew its stake in CBRE Group by 662.3% in the first quarter. Marshall Wace North America L.P. now owns 538,924 shares of the financial services provider’s stock worth $26,650,000 after purchasing an additional 468,224 shares in the last quarter. Institutional investors and hedge funds own 93.59% of the company’s stock.
Several brokerages recently issued reports on CBRE. UBS Group increased their price objective on CBRE Group from $56.00 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Compass Point began coverage on CBRE Group in a research report on Wednesday, July 10th. They set a “neutral” rating and a $54.00 target price on the stock. Finally, Raymond James increased their target price on CBRE Group from $65.00 to $67.00 and gave the company a “strong-buy” rating in a research report on Friday, August 2nd. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $57.83.
CBRE Group (NYSE:CBRE) last announced its earnings results on Thursday, August 1st. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.59 billion. CBRE Group had a return on equity of 24.14% and a net margin of 4.79%. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 EPS. On average, equities analysts predict that CBRE Group Inc will post 3.75 earnings per share for the current fiscal year.
In other news, insider James R. Groch sold 50,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $55.13, for a total transaction of $2,756,500.00. Following the sale, the insider now directly owns 404,918 shares in the company, valued at approximately $22,323,129.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert E. Sulentic sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $50.00, for a total value of $2,000,000.00. Following the sale, the chief executive officer now owns 841,601 shares in the company, valued at $42,080,050. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,000 shares of company stock valued at $6,756,500. Company insiders own 0.74% of the company’s stock.
About CBRE Group
CBRE Group, Inc operates as a commercial real estate services and investment company worldwide. It operates through Americas; Europe, Middle East and Africa; Asia Pacific; Global Investment Management; and Development Services segments. The company offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; integrated property sales, and mortgage and structured financing services under the CBRE Capital Markets brand; 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.
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