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

Newmark Group (NASDAQ:NMRK) posted its quarterly earnings data on Tuesday. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.31 by $0.02, Briefing.com reports. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The company had revenue of $685.90 million during the quarter, compared to analyst estimates of $682.07 million. During the same period in the previous year, the firm earned $0.27 earnings per share. Newmark Group’s quarterly revenue was up 11.3% compared to the same quarter last year. 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 Trading Down 1.1 %

NMRK stock traded down $0.17 during mid-day trading on Wednesday, reaching $14.73. The company had a trading volume of 1,158,370 shares, compared to its average volume of 1,148,296. The company has a market capitalization of $2.53 billion, a PE ratio of 57.31 and a beta of 2.01. The firm has a 50 day moving average of $14.81 and a 200 day moving average of $12.32. Newmark Group has a 12 month low of $6.64 and a 12 month high of $16.10. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.49 and a quick ratio of 0.49.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Keefe, Bruyette & Woods raised shares of Newmark Group from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $13.50 to $16.50 in a research note on Thursday, September 5th. Wolfe Research upgraded Newmark Group from a “peer perform” rating to an “outperform” rating and set a $15.00 target price for the company in a research report on Friday, August 16th. Finally, Piper Sandler increased their price target 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.