CBRE Group, Inc. (CBRE), headquartered in Dallas, Texas, operates as a commercial real estate services and investment company. Valued at $29.04 billion by market cap, the company serves clients in more than 100 countries, providing an integrated suite of services, including facilities, transaction and project management, property management, investment management, appraisal and valuation, property leasing, strategic consulting, property sales, mortgage services, and development services. The commercial real estate and investment services giant is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Thursday, Jul. 25.
Ahead of the event, analysts expect CBRE to report a profit of $0.72 per share on a diluted basis, down 12.2% from $0.82 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports. During the previous quarter, its assets under management declined 3% year over year to $144 billion under its Real Estate Investments segment.
For fiscal 2024, analysts expect CBRE to report EPS of $4.50, up 17.2% from $3.84 in fiscal 2023.
CBRE stock has underperformed the S&P 500’s ($SPX) 17.7% gains on a YTD basis, with shares up 1.7% during this period. However, it outshined the S&P 500 Real Estate Sector SPDR’s (XLRE) marginal losses over the same time frame.
On May 3, CBRE reported its Q1 results. Its adjusted net income was $241.3 million, and core EPS was $0.78, beating the consensus estimates of $0.69. The company’s revenue stood at $7.94 billion, falling short of the Wall Street forecasts of $8.07 billion. CBRE maintained the core EPS outlook to be between $4.25 and $4.65 and expects nearly 70% of full-year core EPS to be achieved during the second half of 2024. CBRE shares closed down marginally on the day the results were released but have been on an uptrend since then.
Analysts’ consensus opinion on CBRE stock is bullish, with a “Moderate Buy” rating overall. Out of eight analysts covering the stock, three advise a “Strong Buy” rating, and five have a “Hold.” The average analyst price target for CBRE is $104.28, indicating a 10.2% potential upside from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
