Raymond James Financial Services Advisors Inc. reduced its stake in shares of CBRE Group Inc (NYSE:CBRE) by 44.5% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 22,958 shares of the financial services provider’s stock after selling 18,437 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in CBRE Group were worth $1,038,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Clearbridge Investments LLC grew its position in CBRE Group by 2.9% during the 1st quarter. Clearbridge Investments LLC now owns 198,758 shares of the financial services provider’s stock worth $7,495,000 after purchasing an additional 5,520 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of CBRE Group by 54.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 108,311 shares of the financial services provider’s stock valued at $4,084,000 after acquiring an additional 38,197 shares during the period. AXA grew its position in shares of CBRE Group by 69.0% during the 1st quarter. AXA now owns 347,210 shares of the financial services provider’s stock valued at $13,094,000 after acquiring an additional 141,796 shares during the period. Envestnet Asset Management Inc. grew its position in shares of CBRE Group by 23.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 557,747 shares of the financial services provider’s stock valued at $25,221,000 after acquiring an additional 106,385 shares during the period. Finally, First Hawaiian Bank grew its position in shares of CBRE Group by 6.2% during the 1st quarter. First Hawaiian Bank now owns 48,862 shares of the financial services provider’s stock valued at $1,842,000 after acquiring an additional 2,861 shares during the period. 92.96% of the stock is currently owned by institutional investors.
CBRE has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut CBRE Group from an “overweight” rating to a “neutral” rating in a research report on Sunday, April 19th. Zacks Investment Research cut CBRE Group from a “hold” rating to a “sell” rating and set a $46.00 target price on the stock. in a research report on Tuesday, April 14th. Raymond James dropped their target price on CBRE Group from $57.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday. Cfra cut CBRE Group from a “hold” rating to a “sell” rating and dropped their target price for the company from $57.00 to $35.00 in a research report on Friday, May 8th. Finally, UBS Group decreased their price target on shares of CBRE Group from $59.00 to $41.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $48.29.
CBRE Group (NYSE:CBRE) last released its earnings results on Friday, July 31st. The financial services provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.02). CBRE Group had a return on equity of 21.37% and a net margin of 5.23%. The business had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.01 billion. During the same period last year, the business earned $0.81 earnings per share. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, equities analysts anticipate that CBRE Group Inc will post 2.42 earnings per share for the current fiscal year.
In other news, EVP Laurence H. Midler sold 16,000 shares of CBRE Group stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $55.45, for a total transaction of $887,200.00. Following the sale, the executive vice president now owns 134,905 shares of the company’s stock, valued at approximately $7,480,482.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael J. Lafitte sold 39,196 shares of CBRE Group stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $51.73, for a total transaction of $2,027,609.08. Following the sale, the insider now directly owns 325,957 shares in the company, valued at approximately $16,861,755.61. The disclosure for this sale can be found here. Insiders sold a total of 162,212 shares of company stock worth $7,109,705 over the last three months. Corporate insiders own 0.80% of the company’s stock.
CBRE Group Profile
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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