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

Newmark Group (NASDAQ:NMRK) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 1.110-1.170 for the period, compared to the consensus EPS 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.

Wall Street Analyst Weigh In

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

Newmark Group Stock Performance

NMRK stock traded up $0.46 during trading on Thursday, reaching $15.21. The company had a trading volume of 1,242,880 shares, compared to its average volume of 1,154,556. The firm has a 50-day simple moving average of $14.87 and a 200-day simple moving average of $12.36. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 58.50 and a beta of 2.01. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.49 and a current ratio of 0.49. Newmark Group has a twelve month low of $6.64 and a twelve month high of $16.10.

Newmark Group (NASDAQ:NMRK) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.30 by $0.03. Newmark Group had a net margin of 1.75% and a return on equity of 17.78%. The business had revenue of $685.90 million during the quarter, compared to analysts’ expectations of $682.07 million. During the same period in the previous year, the business posted $0.27 EPS. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, sell-side analysts expect that Newmark Group will post 1.15 earnings per share for the current 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 paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.79%. The ex-dividend date is Thursday, November 21st. Newmark Group’s payout ratio is 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.