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

Newmark Group (NASDAQ:NMRK) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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.

Newmark Group Price Performance

Shares of NASDAQ NMRK traded up $0.46 during midday trading on Thursday, reaching $15.21. The stock had a trading volume of 1,242,880 shares, compared to its average volume of 1,154,556. The stock has a 50-day moving average of $14.87 and a 200-day moving average of $12.36. 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 company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 58.50 and a beta of 2.01. Newmark Group has a 12-month low of $6.64 and a 12-month high of $16.10.

Newmark Group (NASDAQ:NMRK) last issued its earnings results on Tuesday, November 5th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.03. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The firm had revenue of $685.90 million during the quarter, compared to analyst estimates of $682.07 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. Newmark Group’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, research analysts anticipate that Newmark Group will post 1.15 EPS for the current fiscal year.

Newmark Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.03 per share. The ex-dividend date is Thursday, November 21st. This represents a $0.12 annualized dividend and a yield of 0.79%. Newmark Group’s dividend payout ratio (DPR) is currently 46.16%.

Analysts Set New Price Targets

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