Short Interest in Newmark Group Inc (NASDAQ:NMRK) Declines By 9.6%

Newmark Group Inc (NASDAQ:NMRK) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 2,930,000 shares, a drop of 9.6% from the September 30th total of 3,240,000 shares. Based on an average trading volume of 796,400 shares, the days-to-cover ratio is presently 3.7 days. Approximately 2.0% of the shares of the stock are short sold.

Shares of NASDAQ:NMRK traded down $0.08 during midday trading on Monday, hitting $12.45. The company had a trading volume of 888,800 shares, compared to its average volume of 981,559. Newmark Group has a twelve month low of $7.02 and a twelve month high of $12.64. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.49 and a quick ratio of 0.46. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 8.19, a price-to-earnings-growth ratio of 0.85 and a beta of 1.30. The business’s 50-day simple moving average is $10.29 and its 200-day simple moving average is $9.28.

Newmark Group (NASDAQ:NMRK) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $586.63 million during the quarter, compared to analysts’ expectations of $565.52 million. Newmark Group had a return on equity of 41.01% and a net margin of 6.44%. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 earnings per share. As a group, sell-side analysts forecast that Newmark Group will post 1.66 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Tuesday, November 19th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, November 18th. This represents a $0.40 annualized dividend and a yield of 3.21%. Newmark Group’s dividend payout ratio (DPR) is 26.32%.

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. acquired a new stake in Newmark Group during the second quarter worth $187,462,000. BlackRock Inc. acquired a new stake in Newmark Group during the second quarter worth $86,478,000. Westfield Capital Management Co. LP acquired a new stake in Newmark Group during the second quarter worth $32,718,000. Bank of New York Mellon Corp acquired a new stake in Newmark Group during the second quarter worth $30,001,000. Finally, EJF Capital LLC acquired a new stake in Newmark Group during the second quarter worth $27,331,000. 50.23% of the stock is owned by institutional investors.

Several equities research analysts recently commented on the company. ValuEngine cut Newmark Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, November 13th. Bank of America assumed coverage on Newmark Group in a report on Friday, October 18th. They issued a “buy” rating and a $15.00 price target for the company. Finally, Zacks Investment Research raised Newmark Group from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $14.00.

About Newmark Group

Newmark Group, Inc provides commercial real estate services in the United States and internationally. Its investor/owner services and products include capital markets, such as investment sales; and agency leasing, property management, valuation and advisory, and diligence and underwriting, as well as government sponsored enterprise lending, loan servicing, debt and structured finance, and loan sales under the Newmark Knight Frank name.

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