Newmark Group (NASDAQ:NMRK) Updates FY24 Earnings Guidance

Newmark Group (NASDAQ:NMRK) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.11-$1.17 for the period, compared to the consensus earnings per share estimate of $1.13. The company issued revenue guidance of $2.62-$2.68 billion, compared to the consensus revenue estimate of $2.63 billion. Newmark Group also updated its FY 2024 guidance to 1.110-1.170 EPS.

Newmark Group Trading Up 2.0 %

NMRK traded up $0.29 during trading on Tuesday, hitting $14.94. 1,087,602 shares of the company’s stock were exchanged, compared to its average volume of 1,144,721. Newmark Group has a 1 year low of $6.64 and a 1 year high of $16.10. The stock has a 50 day moving average price of $14.79 and a 200 day moving average price of $12.28. The firm has a market cap of $2.57 billion, a P/E ratio of 56.35 and a beta of 2.01. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.49.

Newmark Group (NASDAQ:NMRK) last announced its quarterly earnings results on Friday, August 2nd. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The firm had revenue of $633.40 million during the quarter, compared to analysts’ expectations of $630.27 million. During the same period in the prior year, the company earned $0.18 EPS. The firm’s revenue was up 8.1% on a year-over-year basis. As a group, analysts expect that Newmark Group will post 1.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Piper Sandler raised their target price on Newmark Group from $13.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods raised shares of Newmark Group from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $13.50 to $16.50 in a research report on Thursday, September 5th. Finally, Wolfe Research upgraded shares of Newmark Group from a “peer perform” rating to an “outperform” rating and set a $15.00 target price for the company in a research note on Friday, August 16th.

About Newmark Group

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.