Principal Financial Group Inc. Purchases 1,946,322 Shares of Newmark Group, Inc. (NASDAQ:NMRK)

Principal Financial Group Inc. increased its stake in Newmark Group, Inc. (NASDAQ:NMRK - Free Report) by 1,017.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,137,630 shares of the company's stock after purchasing an additional 1,946,322 shares during the quarter. Principal Financial Group Inc. owned approximately 1.25% of Newmark Group worth $33,197,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Miller Howard Investments Inc. NY grew its stake in Newmark Group by 2.4% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 35,091 shares of the company's stock valued at $359,000 after buying an additional 823 shares in the last quarter. Creative Planning increased its position in shares of Newmark Group by 3.0% during the second quarter. Creative Planning now owns 39,393 shares of the company's stock valued at $403,000 after buying an additional 1,131 shares during the period. Hsbc Holdings PLC grew its position in shares of Newmark Group by 6.1% during the 2nd quarter. Hsbc Holdings PLC now owns 24,870 shares of the company's stock valued at $253,000 after purchasing an additional 1,420 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Newmark Group by 21.0% in the second quarter. Mackenzie Financial Corp now owns 12,389 shares of the company's stock worth $127,000 after purchasing an additional 2,153 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its stake in Newmark Group by 19.0% during the second quarter. Oppenheimer Asset Management Inc. now owns 14,526 shares of the company's stock valued at $149,000 after buying an additional 2,324 shares during the period. 58.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NMRK has been the topic of several recent analyst reports. Wolfe Research cut Newmark Group from an "outperform" rating to a "peer perform" rating in a report on Monday, November 25th. The Goldman Sachs Group started coverage on Newmark Group in a report on Friday, December 6th. They issued a "buy" rating and a $19.00 price objective on the stock. Piper Sandler increased their target price on Newmark Group from $13.00 to $17.00 and gave the company 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 price objective for the company from $13.50 to $16.50 in a research report on Thursday, September 5th.

Newmark Group Trading Up 0.3 %

Shares of NASDAQ:NMRK traded up $0.04 during midday trading on Tuesday, hitting $13.16. 354,821 shares of the stock traded hands, compared to its average volume of 1,141,308. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.52. The business's 50 day moving average is $14.94 and its two-hundred day moving average is $13.47. The stock has a market capitalization of $2.25 billion, a PE ratio of 43.87 and a beta of 1.96. Newmark Group, Inc. has a one year low of $9.22 and a one year high of $16.10.

Newmark Group (NASDAQ:NMRK - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.33 earnings per share 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 business had revenue of $685.90 million during the quarter, compared to analysts' expectations of $682.07 million. During the same quarter last year, the business posted $0.27 EPS. The business's revenue was up 11.3% on a year-over-year basis. As a group, research analysts forecast that Newmark Group, Inc. will post 1.15 earnings per share for the current year.

Newmark Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Thursday, November 21st were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.91%. The ex-dividend date was Thursday, November 21st. Newmark Group's dividend payout ratio (DPR) is currently 40.00%.

Newmark Group 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.