State Street Corp Acquires 247,433 Shares of Newmark Group, Inc. (NASDAQ:NMRK)

State Street Corp boosted its stake in shares of Newmark Group, Inc. (NASDAQ:NMRK) by 7.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,426,682 shares of the company’s stock after buying an additional 247,433 shares during the period. State Street Corp owned 1.99% of Newmark Group worth $53,216,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in shares of Newmark Group by 1,017.4% during the 3rd quarter. Principal Financial Group Inc. now owns 2,137,630 shares of the company’s stock worth $33,197,000 after purchasing an additional 1,946,322 shares during the last quarter. Vision Capital Corp bought a new position in Newmark Group in the third quarter worth about $17,203,000. Systematic Financial Management LP lifted its position in shares of Newmark Group by 53.1% during the third 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 last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Newmark Group by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,686,191 shares of the company’s stock valued at $68,399,000 after buying an additional 480,047 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its position in shares of Newmark Group by 153.6% in the 2nd 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 last quarter. Institutional investors own 58.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group started coverage on shares of Newmark Group in a research note on Friday, December 6th. They issued a “buy” rating and a $19.00 target price for the company. Keefe, Bruyette & Woods upgraded Newmark Group from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $13.50 to $16.50 in a research note on Thursday, September 5th. Piper Sandler increased their price target 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 lowered Newmark Group from an “outperform” rating to a “peer perform” rating in a research note on Monday, November 25th.

Newmark Group Price Performance

NASDAQ NMRK opened at $13.20 on Thursday. The stock’s fifty day moving average price is $15.03 and its 200 day moving average price is $13.38. Newmark Group, Inc. has a 1 year low of $9.22 and a 1 year high of $16.10. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.42 and a quick ratio of 0.42. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 44.00 and a beta of 1.96.

Newmark Group (NASDAQ:NMRK) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.33 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $682.07 million. During the same period last year, the business posted $0.27 earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities research analysts forecast that Newmark Group, Inc. will post 1.15 earnings per share for the current year.

Newmark Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Thursday, November 21st were given a dividend of $0.03 per share. The ex-dividend date was Thursday, November 21st. This represents a $0.12 dividend on an annualized basis and a yield of 0.91%. Newmark Group’s dividend payout ratio is presently 40.00%.

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.