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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02, Briefing.com reports. The company had revenue of $685.90 million for the quarter, compared to the consensus estimate of $682.07 million. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the company earned $0.27 earnings per share. 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 Stock Performance

NASDAQ:NMRK traded down $0.19 during trading on Wednesday, reaching $14.71. The company’s stock had a trading volume of 1,140,562 shares, compared to its average volume of 1,147,848. The firm has a market cap of $2.53 billion, a price-to-earnings 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. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.49 and a current ratio of 0.49. Newmark Group has a 12 month low of $6.64 and a 12 month high of $16.10.

Analyst Ratings Changes

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