Newmark Group (NASDAQ:NMRK) Issues Quarterly Earnings Results

by · The Markets Daily

Newmark Group (NASDAQ:NMRK – Get Free Report) announced its quarterly earnings data on Tuesday. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02, Briefing.com reports. The company had revenue of $685.90 million for the quarter, compared to analyst estimates of $682.07 million. Newmark Group had a return on equity of 17.78% and a net margin of 1.75%. Newmark Group’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 EPS. Newmark Group updated its FY24 guidance to $1.11-$1.17 EPS and its FY 2024 guidance to 1.110-1.170 EPS.

Newmark Group Price Performance

Shares of NMRK traded down $0.27 during mid-day trading on Wednesday, hitting $14.63. 1,212,224 shares of the company traded hands, compared to its average volume of 1,148,546. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 57.31 and a beta of 2.01. The business has a 50-day moving average of $14.81 and a 200 day moving average of $12.32. Newmark Group has a one year low of $6.64 and a one year high of $16.10.

Analysts Set New Price Targets

NMRK has been the subject of a number of recent research reports. Wolfe Research upgraded shares of Newmark Group from a “peer perform” rating to an “outperform” rating and set a $15.00 price objective for the company in a research note on Friday, August 16th. Keefe, Bruyette & Woods upgraded Newmark Group from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $13.50 to $16.50 in a research note on Thursday, September 5th. Finally, Piper Sandler boosted their price target on Newmark Group from $13.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, September 3rd.

Read Our Latest Research Report on NMRK

Newmark Group Company Profile

(Get Free Report)

Newmark Group, Inc provides commercial real estate services in the United States, the United Kingdom, and internationally. The company offers capital markets consisting of investment sales and commercial mortgage brokerage; landlord or agency representation leasing; valuation and advisory; property management; commercial real estate technology platform and capabilities; the United Kingdom business rates services; due diligence, consulting, and other advisory services; GSEs and the Federal Housing Administration lending services comprising multifamily lending and loan servicing; asset management; and flexible workspace solutions for owners.

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