Newmark Group (NASDAQ:NMRK) Issues FY24 Earnings Guidance

Newmark Group (NASDAQ:NMRK) issued an update on its FY24 earnings guidance on Tuesday morning. 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 opened at $15.21 on Friday. Newmark Group has a 12-month low of $6.64 and a 12-month high of $16.10. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $2.61 billion, a P/E ratio of 58.50 and a beta of 2.01. The stock has a fifty day moving average of $14.87 and a 200-day moving average of $12.36.

Newmark Group (NASDAQ:NMRK) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.03. Newmark Group had a return on equity of 17.78% and a net margin of 1.75%. The firm had revenue of $685.90 million during the quarter, compared to analyst estimates of $682.07 million. During the same period last year, the company posted $0.27 EPS. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. Equities analysts forecast that Newmark Group will post 1.15 EPS for the current fiscal year.

Newmark Group Dividend Announcement

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

Wall Street Analyst Weigh In

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