Newmark Group (NASDAQ:NMRK) Updates FY 2024 Earnings Guidance

Newmark Group (NASDAQ:NMRK) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 1.110-1.170 for the period, compared to the consensus estimate of 1.130. The company issued revenue guidance of $2.6 billion-$2.7 billion, compared to the consensus revenue estimate of $2.6 billion. Newmark Group also updated its FY24 guidance to $1.11-$1.17 EPS.

Wall Street Analysts Forecast Growth

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

Newmark Group Trading Down 1.0 %

NASDAQ:NMRK traded down $0.15 on Wednesday, reaching $14.75. The company’s stock had a trading volume of 2,416,023 shares, compared to its average volume of 1,350,841. The firm has a market cap of $2.53 billion, a PE ratio of 56.73 and a beta of 2.01. 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 business’s 50-day moving average price is $14.84 and its two-hundred day moving average price is $12.34. Newmark Group has a 1-year low of $6.64 and a 1-year high of $16.10.

Newmark Group (NASDAQ:NMRK) last posted its earnings results on Tuesday, November 5th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $685.90 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the business earned $0.27 EPS. Equities research analysts anticipate that Newmark Group will post 1.15 earnings per share for the current fiscal year.

Newmark Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date of this dividend is Thursday, November 21st. Newmark Group’s dividend payout ratio (DPR) is presently 46.16%.

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.