Newmark Group (NASDAQ:NMRK) Updates 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.

Analyst Upgrades and Downgrades

A number of research firms have commented on NMRK. Wolfe Research raised Newmark Group from a “peer perform” rating to an “outperform” rating and set a $15.00 target price on the stock in a report on Friday, August 16th. Piper Sandler upped their price target on Newmark Group from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, September 3rd. Finally, Keefe, Bruyette & Woods raised shares of Newmark Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $13.50 to $16.50 in a report on Thursday, September 5th.

Newmark Group Stock Performance

NMRK traded up $0.29 on Tuesday, hitting $14.94. 1,087,602 shares of the company’s stock were exchanged, compared to its average volume of 1,144,721. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.49. The stock has a fifty day moving average of $14.79 and a two-hundred day moving average of $12.28. Newmark Group has a twelve month low of $6.64 and a twelve month high of $16.10. The firm has a market cap of $2.57 billion, a PE ratio of 56.35 and a beta of 2.01.

Newmark Group (NASDAQ:NMRK) last announced its quarterly earnings results on Friday, August 2nd. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $633.40 million for the quarter, compared to analysts’ expectations of $630.27 million. Newmark Group had a return on equity of 17.78% and a net margin of 1.75%. The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 EPS. On average, research analysts anticipate that Newmark Group will post 1.15 earnings per share for the current fiscal year.

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.