Geode Capital Management LLC Acquires 190,974 Shares of Newmark Group, Inc. (NASDAQ:NMRK)

Geode Capital Management LLC lifted its holdings in Newmark Group, Inc. (NASDAQ:NMRK) by 5.7% in the third quarter, Holdings Channel reports. The fund owned 3,554,867 shares of the company’s stock after purchasing an additional 190,974 shares during the quarter. Geode Capital Management LLC’s holdings in Newmark Group were worth $55,216,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NMRK. Principal Financial Group Inc. raised its position in Newmark Group by 1,017.4% during the third quarter. Principal Financial Group Inc. now owns 2,137,630 shares of the company’s stock valued at $33,197,000 after purchasing an additional 1,946,322 shares during the period. Vision Capital Corp bought a new position in shares of Newmark Group during the 3rd quarter valued at approximately $17,203,000. Systematic Financial Management LP raised its holdings in Newmark Group by 53.1% during the 3rd quarter. Systematic Financial Management LP now owns 1,421,985 shares of the company’s stock valued at $22,083,000 after buying an additional 493,050 shares during the period. Dimensional Fund Advisors LP lifted its position in Newmark Group by 7.7% in the second quarter. Dimensional Fund Advisors LP now owns 6,686,191 shares of the company’s stock worth $68,399,000 after buying an additional 480,047 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its stake in Newmark Group by 153.6% during the second quarter. Cubist Systematic Strategies LLC now owns 599,351 shares of the company’s stock worth $6,131,000 after buying an additional 363,032 shares during the period. Hedge funds and other institutional investors own 58.42% of the company’s stock.

Newmark Group Stock Up 1.8 %

Shares of NASDAQ:NMRK opened at $13.02 on Monday. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.52. The business’s 50 day moving average is $14.97 and its 200 day moving average is $13.44. The stock has a market cap of $2.23 billion, a P/E ratio of 43.40 and a beta of 1.96. Newmark Group, Inc. has a 52-week low of $9.22 and a 52-week high of $16.10.

Newmark Group (NASDAQ:NMRK) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.30 by $0.03. Newmark Group had a return on equity of 18.95% and a net margin of 2.00%. The firm had revenue of $685.90 million for the quarter, compared to analyst estimates of $682.07 million. During the same quarter last year, the firm posted $0.27 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. Sell-side analysts predict that Newmark Group, Inc. will post 1.15 EPS for the current year.

Newmark Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st were issued a $0.03 dividend. The ex-dividend date was Thursday, November 21st. This represents a $0.12 dividend on an annualized basis and a yield of 0.92%. Newmark Group’s dividend payout ratio is presently 40.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on NMRK shares. Piper Sandler raised their target price on shares of Newmark Group from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, September 3rd. The Goldman Sachs Group assumed coverage on Newmark Group in a report on Friday, December 6th. They issued a “buy” rating and a $19.00 price target on the stock. Wolfe Research downgraded Newmark Group from an “outperform” rating to a “peer perform” rating in a research report on Monday, November 25th. Finally, Keefe, Bruyette & Woods upgraded 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 research report on Thursday, September 5th.

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.