Earnest Partners LLC cut its position in CBRE Group Inc (NYSE:CBG) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,841,606 shares of the financial services provider’s stock after selling 29,392 shares during the quarter. Earnest Partners LLC owned about 0.55% of CBRE Group worth $67,034,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of CBG. UBS Asset Management Americas Inc. increased its stake in CBRE Group by 17.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 846,298 shares of the financial services provider’s stock valued at $29,443,000 after buying an additional 122,807 shares during the period. Sei Investments Co. increased its stake in CBRE Group by 13.4% during the 1st quarter. Sei Investments Co. now owns 6,950 shares of the financial services provider’s stock valued at $241,000 after buying an additional 819 shares during the period. Pacer Advisors Inc. increased its stake in CBRE Group by 3.2% during the 1st quarter. Pacer Advisors Inc. now owns 6,998 shares of the financial services provider’s stock valued at $243,000 after buying an additional 220 shares during the period. Nordea Investment Management AB increased its stake in CBRE Group by 1.6% during the 1st quarter. Nordea Investment Management AB now owns 15,356 shares of the financial services provider’s stock valued at $534,000 after buying an additional 245 shares during the period. Finally, Alliancebernstein L.P. increased its stake in CBRE Group by 72.4% during the 1st quarter. Alliancebernstein L.P. now owns 877,461 shares of the financial services provider’s stock valued at $30,527,000 after buying an additional 368,530 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.
Several brokerages have recently issued reports on CBG. Barclays PLC lifted their price objective on shares of CBRE Group from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 15th. BidaskClub downgraded shares of CBRE Group from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Wedbush reissued an “outperform” rating and issued a $38.00 target price on shares of CBRE Group in a research report on Wednesday, August 2nd. UBS AG initiated coverage on shares of CBRE Group in a research report on Wednesday, July 26th. They issued a “neutral” rating and a $41.00 target price on the stock. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $36.00 price target on shares of CBRE Group in a report on Friday, July 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $39.60.
In related news, CFO Gil Borok sold 25,627 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $37.33, for a total transaction of $956,655.91. Following the transaction, the chief financial officer now directly owns 76,651 shares in the company, valued at approximately $2,861,381.83. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William F. Concannon sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $38.09, for a total value of $761,800.00. Following the transaction, the chief executive officer now owns 233,896 shares in the company, valued at $8,909,098.64. The disclosure for this sale can be found here. Insiders have sold a total of 5,715,787 shares of company stock worth $205,347,397 over the last quarter. Corporate insiders own 1.00% of the company’s stock.
Shares of CBRE Group Inc (NYSE CBG) traded up 0.53% during mid-day trading on Tuesday, hitting $39.73. 143,413 shares of the stock were exchanged. CBRE Group Inc has a 12-month low of $25.40 and a 12-month high of $39.75. The firm has a 50-day moving average price of $37.36 and a 200 day moving average price of $35.99. The company has a market capitalization of $13.39 billion, a PE ratio of 19.39 and a beta of 1.82.
CBRE Group (NYSE:CBG) last announced its earnings results on Thursday, July 27th. The financial services provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The business had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.39 billion. CBRE Group had a return on equity of 23.43% and a net margin of 5.94%. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. On average, equities research analysts expect that CBRE Group Inc will post $2.57 earnings per share for the current year.
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About CBRE Group
CBRE Group, Inc is a holding company that conducts all of its operations through its subsidiaries. The Company operates as a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services.
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