Newmark Group (NASDAQ:NMRK) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Newmark Group (NASDAQ:NMRK) issued its earnings results on Tuesday. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.02, Briefing.com reports. Newmark Group had a return on equity of 17.78% and a net margin of 1.75%. The company had revenue of $685.90 million for the quarter, compared to the consensus estimate of $682.07 million. During the same quarter last year, the company earned $0.27 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. 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 NASDAQ:NMRK traded down $0.17 on Wednesday, reaching $14.73. The company’s stock had a trading volume of 1,158,370 shares, compared to its average volume of 1,148,296. The company has a 50-day simple moving average of $14.81 and a 200 day simple moving average of $12.32. Newmark Group has a 52-week low of $6.64 and a 52-week high of $16.10. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.49 and a current ratio of 0.49. The company has a market cap of $2.53 billion, a P/E ratio of 57.31 and a beta of 2.01.

Analyst Ratings Changes

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

Newmark Group Company Profile

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.