CBRE Group (CBG) Downgraded to “Hold” at Zacks Investment Research
CBRE Group (NYSE:CBG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Shares of CBRE Group have outperformed the industry it belongs to in the past three months. In December 2017, the company announced the acquisition of a building technical engineering services provider in Italy — Geico Lender S.p.A. The move comes as part of the company’s strategic efforts to expand its facilities management expertise in the region. Notably, CBRE Group is experiencing strength in all three of its regional services businesses. Going forward, its extensive real estate products and services offerings, improving leasing and outsourcing business, strategic in-fill acquisitions, transformational deals, and healthy balance sheet are expected to drive results. Yet, competition from international, regional and local players, its exposure to unfavorable foreign currency movements and uneasiness in certain global economies are concerns before CBRE.”
A number of other equities analysts have also commented on the company. Barclays reaffirmed a “buy” rating and issued a $47.00 price objective on shares of CBRE Group in a research note on Wednesday, December 27th. Bank of America boosted their price target on CBRE Group from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, November 6th. 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. Evercore ISI started coverage on CBRE Group in a research note on Monday, January 22nd. They issued an “in-line” rating and a $48.00 price target on the stock. Finally, William Blair reissued an “outperform” rating on shares of CBRE Group in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $45.63.
In other CBRE Group news, EVP Laurence H. Midler sold 7,878 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $40.69, for a total value of $320,555.82. Following the transaction, the executive vice president now directly owns 82,663 shares of the company’s stock, valued at $3,363,557.47. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Holdings L.P. Valueact sold 84,500 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $42.82, for a total value of $3,618,290.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,968,565 shares of company stock worth $126,806,961. Insiders own 1.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. increased its holdings in shares of CBRE Group by 103.7% during the fourth quarter. Crossmark Global Holdings Inc. now owns 40,575 shares of the financial services provider’s stock valued at $1,757,000 after acquiring an additional 20,660 shares in the last quarter. Public Employees Retirement Association of Colorado increased its holdings in shares of CBRE Group by 3.1% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 62,591 shares of the financial services provider’s stock valued at $2,711,000 after acquiring an additional 1,871 shares in the last quarter. Aperio Group LLC increased its holdings in shares of CBRE Group by 15.8% during the fourth quarter. Aperio Group LLC now owns 460,364 shares of the financial services provider’s stock valued at $19,938,000 after acquiring an additional 62,917 shares in the last quarter. Telemus Capital LLC increased its holdings in shares of CBRE Group by 2.1% during the fourth quarter. Telemus Capital LLC now owns 132,940 shares of the financial services provider’s stock valued at $5,758,000 after acquiring an additional 2,727 shares in the last quarter. Finally, Comerica Bank increased its holdings in shares of CBRE Group by 31.2% during the fourth quarter. Comerica Bank now owns 106,166 shares of the financial services provider’s stock valued at $4,800,000 after acquiring an additional 25,221 shares in the last quarter. Hedge funds and other institutional investors own 94.66% of the company’s stock.
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CBRE Group Company 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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