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CBRE Group Announces $5B Increase in Stock Repurchase Authorization
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Boosting shareholders’ wealth, CBRE Group’s (CBRE - Free Report) board of directors approved an additional $5 billion increase in the company’s stock repurchase authorization.
This approved expanded authorization supplements CBRE’s existing $4 billion stock repurchase authorization, which had approximately $1.4 billion remaining as of Sept. 30, 2024. Since 2021, CBRE has repurchased 36 million shares at an estimated cost of $3 billion, with a weighted average price of approximately $83.50 per share.
The expanded authorization comes at a crucial time, as the company believes that the current valuation of its shares does not represent its long-term growth potential.
CBRE Group is focused on maintaining a strong financial position. It ended the third quarter of 2024 with more than $4 billion of liquidity. Management expects its free cash flow to be on track to exceed $1 billion this year.
Is it Prudent to Invest in CBRE Stock Now?
CBRE Group is well-positioned to sustain robust earnings and free cash flow growth in the future, supported by its highly resilient and diversified business model. Its initiatives to increase shareholder value reflect the company's strong financial position. The outsourcing business remains healthy, and its pipeline is likely to remain elevated, offering it scope for growth. Strategic buyouts and technology investments are expected to drive its performance.
Analysts seem bullish on this company, with the Zacks Consensus Estimate for its 2024 earnings per share being revised 2.7% upward over the past month to $4.93.
Considering the growth scope, we conclude that the stock indicates a good investment opportunity for investors. Its Zacks Rank #2 (Buy) supports our thesis.
Over the past six months, shares of the company have rallied 50.2% compared with the industry’s upside of 19.3%.
Image: Bigstock
CBRE Group Announces $5B Increase in Stock Repurchase Authorization
Boosting shareholders’ wealth, CBRE Group’s (CBRE - Free Report) board of directors approved an additional $5 billion increase in the company’s stock repurchase authorization.
This approved expanded authorization supplements CBRE’s existing $4 billion stock repurchase authorization, which had approximately $1.4 billion remaining as of Sept. 30, 2024. Since 2021, CBRE has repurchased 36 million shares at an estimated cost of $3 billion, with a weighted average price of approximately $83.50 per share.
The expanded authorization comes at a crucial time, as the company believes that the current valuation of its shares does not represent its long-term growth potential.
CBRE Group is focused on maintaining a strong financial position. It ended the third quarter of 2024 with more than $4 billion of liquidity. Management expects its free cash flow to be on track to exceed $1 billion this year.
Is it Prudent to Invest in CBRE Stock Now?
CBRE Group is well-positioned to sustain robust earnings and free cash flow growth in the future, supported by its highly resilient and diversified business model. Its initiatives to increase shareholder value reflect the company's strong financial position. The outsourcing business remains healthy, and its pipeline is likely to remain elevated, offering it scope for growth. Strategic buyouts and technology investments are expected to drive its performance.
Analysts seem bullish on this company, with the Zacks Consensus Estimate for its 2024 earnings per share being revised 2.7% upward over the past month to $4.93.
Considering the growth scope, we conclude that the stock indicates a good investment opportunity for investors. Its Zacks Rank #2 (Buy) supports our thesis.
Over the past six months, shares of the company have rallied 50.2% compared with the industry’s upside of 19.3%.
Image Source: Zacks Investment Research
Other Stocks to Consider
Some other top-ranked stocks from the operations real estate industry are Jones Lang (JLL - Free Report) and Zillow Group Class C (Z - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for JLL’s 2024 earnings per share is pinned at $13.17, suggesting year-over-year growth of 78%.
The Zacks Consensus Estimate for Z’s ongoing year’s earnings per share stands at $1.44, indicating a 14.3% increase from the year-ago reported figure.