State Treasurer State of Michigan raised its position in CBRE Group, Inc. (NYSE:CBG) by 650.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 741,732 shares of the financial services provider’s stock after buying an additional 642,900 shares during the period. State Treasurer State of Michigan owned approximately 0.22% of CBRE Group worth $28,097,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of CBG. Janus Henderson Group PLC boosted its position in CBRE Group by 13,158.3% in the 2nd quarter. Janus Henderson Group PLC now owns 5,733,291 shares of the financial services provider’s stock valued at $208,691,000 after buying an additional 5,690,048 shares during the last quarter. Alliancebernstein L.P. boosted its position in CBRE Group by 273.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,275,845 shares of the financial services provider’s stock valued at $119,241,000 after buying an additional 2,398,384 shares during the last quarter. AJO LP boosted its position in CBRE Group by 314.1% in the 2nd quarter. AJO LP now owns 2,887,891 shares of the financial services provider’s stock valued at $105,119,000 after buying an additional 2,190,476 shares during the last quarter. Prudential Financial Inc. boosted its position in CBRE Group by 123.2% in the 2nd quarter. Prudential Financial Inc. now owns 3,626,928 shares of the financial services provider’s stock valued at $132,020,000 after buying an additional 2,002,209 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in CBRE Group by 4.6% in the 2nd quarter. Vanguard Group Inc. now owns 29,111,569 shares of the financial services provider’s stock valued at $1,059,662,000 after buying an additional 1,289,368 shares during the last quarter. 95.49% of the stock is owned by institutional investors.
In other CBRE Group news, CFO Gil Borok sold 25,627 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $37.33, for a total value of $956,655.91. Following the sale, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William F. Concannon sold 25,000 shares of the firm’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $39.02, for a total transaction of $975,500.00. The disclosure for this sale can be found here. Insiders sold a total of 5,732,094 shares of company stock worth $206,038,877 over the last 90 days. Company insiders own 1.00% of the company’s stock.
Shares of CBRE Group, Inc. (NYSE:CBG) traded down 1.12% during midday trading on Monday, hitting $39.79. 823,998 shares of the stock were exchanged. CBRE Group, Inc. has a 12-month low of $25.40 and a 12-month high of $40.35. The firm has a market cap of $13.41 billion, a P/E ratio of 19.42 and a beta of 1.82. The stock’s 50 day moving average is $37.93 and its 200 day moving average is $36.17.
CBRE Group (NYSE:CBG) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.12. The company had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.39 billion. CBRE Group had a net margin of 5.21% and a return on equity of 26.40%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. On average, equities research analysts forecast that CBRE Group, Inc. will post $2.57 earnings per share for the current fiscal year.
A number of equities analysts have weighed in on the stock. Barclays PLC upped their price objective on shares of CBRE Group from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, August 15th. Wedbush reissued an “outperform” rating and issued a $38.00 price objective on shares of CBRE Group in a research report on Wednesday, August 2nd. UBS AG assumed coverage on shares of CBRE Group in a research report on Wednesday, July 26th. They issued a “neutral” rating and a $41.00 price objective for the company. BidaskClub cut shares of CBRE Group from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $36.00 price objective on shares of CBRE Group in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $39.60.
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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