Newmark Group (NASDAQ:NMRK) Releases 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.

Newmark Group Price Performance

NMRK stock traded down $0.13 during trading on Wednesday, hitting $14.77. The company had a trading volume of 1,484,487 shares, compared to its average volume of 1,149,470. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 57.31 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. The business has a 50 day moving average of $14.81 and a 200 day moving average of $12.32. Newmark Group has a fifty-two week low of $6.64 and a fifty-two week high of $16.10.

Newmark Group (NASDAQ:NMRK) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.02. The company had revenue of $685.90 million for 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%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the firm earned $0.27 EPS. As a group, research analysts predict that Newmark Group will post 1.15 earnings per share for the current year.

Analyst Ratings Changes

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

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.