Share Buyback Program Initiated by Colliers International Group (CIGI) Board

Colliers International Group (NASDAQ:CIGI) (TSE:CIGI) announced that its board has approved a stock buyback plan, which allows the company to buyback 2,700,000 outstanding shares on Thursday, July 13th, EventVestor reports. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

A number of equities research analysts have recently issued reports on the stock. Raymond James Financial, Inc. reissued an “outperform” rating and issued a $75.00 price target (up from $59.00) on shares of Colliers International Group in a report on Wednesday, August 2nd. Zacks Investment Research downgraded shares of Colliers International Group from a “hold” rating to a “strong sell” rating in a report on Monday, August 7th. BidaskClub cut shares of Colliers International Group from a “buy” rating to a “hold” rating in a research report on Friday. BMO Capital Markets upped their price objective on shares of Colliers International Group from $60.00 to $63.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 2nd. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $62.00 price objective (up from $58.00) on shares of Colliers International Group in a research report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $65.70.

Shares of Colliers International Group (NASDAQ CIGI) traded up 0.20% on Friday, hitting $49.25. 23,839 shares of the stock traded hands. The firm has a 50 day moving average price of $54.67 and a 200 day moving average price of $49.83. Colliers International Group has a 52-week low of $34.20 and a 52-week high of $60.75. The firm has a market cap of $1.91 billion, a PE ratio of 29.76 and a beta of 1.73.

Colliers International Group (NASDAQ:CIGI) (TSE:CIGI) last released its earnings results on Tuesday, August 1st. The financial services provider reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.16. Colliers International Group had a return on equity of 49.70% and a net margin of 3.23%. The firm had revenue of $544.20 million during the quarter, compared to analysts’ expectations of $515.45 million. During the same period in the previous year, the firm posted $0.63 EPS. Colliers International Group’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, equities analysts forecast that Colliers International Group will post $2.87 EPS for the current year.

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Colliers International Group Company Profile

Colliers International Group Inc is engaged in the provision of commercial real estate services. The Company offers services, including outsourcing and advisory services, lease brokerage and sales brokerage. Its segments include Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, and Corporate.

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