Newmark Group (NASDAQ:NMRK) Issues FY24 Earnings Guidance

Newmark Group (NASDAQ:NMRK) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $1.11-$1.17 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

Several brokerages recently commented on NMRK. Keefe, Bruyette & Woods upgraded Newmark Group from a “market perform” rating to an “outperform” rating and upped their target price for the company from $13.50 to $16.50 in a report on Thursday, September 5th. Wolfe Research raised 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. Finally, 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 report on Tuesday, September 3rd.

Newmark Group Price Performance

Shares of NMRK stock traded up $0.46 during trading hours on Thursday, reaching $15.21. 1,242,880 shares of the company were exchanged, compared to its average volume of 1,154,556. The stock’s fifty day moving average is $14.87 and its two-hundred day moving average is $12.36. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.49 and a quick ratio of 0.49. Newmark Group has a fifty-two week low of $6.64 and a fifty-two week high of $16.10. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 58.50 and a beta of 2.01.

Newmark Group (NASDAQ:NMRK) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.03. The firm 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 company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 earnings per share. Sell-side analysts forecast that Newmark Group will post 1.15 earnings per share for the current fiscal year.

Newmark Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 21st will be issued a $0.03 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.79%. Newmark Group’s dividend payout ratio is presently 46.16%.

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.