ValueAct Holdings L.P. cut its stake in shares of CBRE Group Inc (NYSE:CBG) by 13.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,916,923 shares of the financial services provider’s stock after selling 3,961,557 shares during the period. CBRE Group comprises approximately 10.9% of ValueAct Holdings L.P.’s holdings, making the stock its 3rd largest position. ValueAct Holdings L.P. owned approximately 7.34% of CBRE Group worth $1,079,151,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Zeke Capital Advisors LLC purchased a new stake in CBRE Group during the 4th quarter valued at $243,000. Clark Capital Management Group Inc. raised its stake in CBRE Group by 6.8% during the 4th quarter. Clark Capital Management Group Inc. now owns 368,246 shares of the financial services provider’s stock valued at $15,949,000 after buying an additional 23,503 shares during the last quarter. LPL Financial LLC raised its stake in CBRE Group by 56.2% during the 4th quarter. LPL Financial LLC now owns 21,808 shares of the financial services provider’s stock valued at $946,000 after buying an additional 7,845 shares during the last quarter. Millennium Management LLC increased its stake in shares of CBRE Group by 90.1% in the 4th quarter. Millennium Management LLC now owns 663,759 shares of the financial services provider’s stock worth $28,747,000 after purchasing an additional 314,571 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. increased its stake in shares of CBRE Group by 10.0% in the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 56,803 shares of the financial services provider’s stock worth $2,459,000 after purchasing an additional 5,172 shares in the last quarter. Institutional investors and hedge funds own 94.31% of the company’s stock.
In other CBRE Group news, insider Brandon Boze sold 5,000,000 shares of the stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $45.78, for a total value of $228,900,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frederic V. Malek sold 50,000 shares of the stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $47.68, for a total value of $2,384,000.00. Following the completion of the sale, the director now owns 267,446 shares of the company’s stock, valued at approximately $12,751,825.28. The disclosure for this sale can be found here. Insiders sold a total of 5,228,290 shares of company stock valued at $239,282,352 in the last quarter. 1.00% of the stock is currently owned by company insiders.
CBRE Group (NYSE:CBG) last issued its quarterly earnings results on Thursday, February 8th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.06. CBRE Group had a return on equity of 25.03% and a net margin of 4.87%. The business had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.12 billion. During the same quarter in the prior year, the business posted $0.93 EPS. CBRE Group’s revenue for the quarter was up 13.4% compared to the same quarter last year. research analysts anticipate that CBRE Group Inc will post 3.06 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 22nd. Shareholders of record on Monday, April 23rd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.12%.
CBG has been the subject of several analyst reports. Barclays restated a “buy” rating and issued a $47.00 price objective on shares of CBRE Group in a research note on Wednesday, December 27th. Zacks Investment Research lowered CBRE Group from a “buy” rating to a “hold” rating in a research note on Monday, January 8th. Evercore ISI initiated coverage on CBRE Group in a research note on Monday, January 22nd. They issued an “in-line” rating and a $48.00 price objective for the company. JMP Securities lowered CBRE Group from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 24th. They noted that the move was a valuation call. Finally, ValuEngine upgraded CBRE Group from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $47.28.
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CBRE Group Profile
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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