Jennison Associates LLC Has $70.22 Million Stock Position in CBRE Group Inc (NYSE:CBRE)

Jennison Associates LLC lowered its stake in CBRE Group Inc (NYSE:CBRE) by 7.8% during the second quarter, Holdings Channel reports. The institutional investor owned 1,368,868 shares of the financial services provider’s stock after selling 116,215 shares during the period. Jennison Associates LLC’s holdings in CBRE Group were worth $70,223,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in CBRE. Hexavest Inc. acquired a new position in CBRE Group in the 2nd quarter valued at about $30,000. Rational Advisors LLC grew its stake in CBRE Group by 347.6% in the 1st quarter. Rational Advisors LLC now owns 640 shares of the financial services provider’s stock valued at $32,000 after buying an additional 497 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in CBRE Group in the 2nd quarter valued at about $33,000. Enterprise Financial Services Corp grew its stake in CBRE Group by 680.6% in the 2nd quarter. Enterprise Financial Services Corp now owns 765 shares of the financial services provider’s stock valued at $39,000 after buying an additional 667 shares during the last quarter. Finally, Carroll Financial Associates Inc. grew its stake in CBRE Group by 115.7% in the 2nd quarter. Carroll Financial Associates Inc. now owns 798 shares of the financial services provider’s stock valued at $40,000 after buying an additional 428 shares during the last quarter. Institutional investors and hedge funds own 93.59% of the company’s stock.

In other CBRE Group news, CEO Robert E. Sulentic sold 40,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $50.00, for a total transaction of $2,000,000.00. Following the transaction, the chief executive officer now owns 841,601 shares in the company, valued at approximately $42,080,050. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James R. Groch sold 50,000 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 404,918 shares in the company, valued at approximately $22,323,129.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 130,000 shares of company stock worth $6,756,500. Company insiders own 0.74% of the company’s stock.

CBRE has been the topic of a number of research reports. UBS Group upped their price target on shares of CBRE Group from $56.00 to $57.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. Raymond James upped their price target on shares of CBRE Group from $65.00 to $67.00 and gave the company a “strong-buy” rating in a research note on Friday, August 2nd. Finally, Compass Point initiated coverage on shares of CBRE Group in a research note on Wednesday, July 10th. They issued a “neutral” rating and a $54.00 price target on the stock. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $57.83.

CBRE traded down $2.60 on Friday, reaching $49.26. The company had a trading volume of 1,782,780 shares, compared to its average volume of 1,375,461. The company’s fifty day moving average is $52.43 and its 200 day moving average is $50.35. CBRE Group Inc has a fifty-two week low of $37.45 and a fifty-two week high of $56.47. The stock has a market cap of $17.44 billion, a P/E ratio of 15.02, a P/E/G ratio of 1.26 and a beta of 1.70. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.17.

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, topping the Zacks’ consensus estimate of $0.78 by $0.03. CBRE Group had a net margin of 4.79% and a return on equity of 24.14%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.59 billion. During the same quarter in the prior year, the business posted $0.74 EPS. The business’s revenue was up 11.8% compared to the same quarter last year. On average, sell-side analysts expect that CBRE Group Inc will post 3.75 EPS for the current year.

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.

Further Reading: Bond

Want to see what other hedge funds are holding CBRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CBRE Group Inc (NYSE:CBRE).

Institutional Ownership by Quarter for CBRE Group (NYSE:CBRE)

Receive News & Ratings for CBRE Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CBRE Group and related companies with MarketBeat.com's FREE daily email newsletter.