Zurcher Kantonalbank Increases Stake in Colliers International Group Inc. (NASDAQ:CIGI)

Zurcher Kantonalbank Zurich Cantonalbank has enhanced its holdings in Colliers International Group Inc. (NASDAQ:CIGI) by 3.2% during the third quarter, according to recent reports. After acquiring an additional 291 shares, Zurcher Kantonalbank now owns a total of 9,346 shares in the financial services firm, bringing the estimated value of its holdings to approximately $1,420,000 following its latest filing with the Securities & Exchange Commission.

Other institutional investors have also adjusted their investments in CIGI. The Manufacturers Life Insurance Company significantly raised its stake in Colliers International Group by 47.6% during the second quarter, resulting in ownership of 1,011,898 shares worth $112,834,000 after purchasing an additional 326,453 shares during that period. Meanwhile, Victory Capital Management Inc. grew its position by 5.9%, now holding 743,150 shares valued at $82,973,000 after acquiring an additional 41,225 shares. Also, Bank of Montreal Can increased its holdings by 0.9%, reaching ownership of 689,358 shares worth $76,703,000. Furthermore, Vulcan Value Partners LLC uplifted its position in Colliers by 4.6%, reaching a total of 454,181 shares valued at $50,767,000. Lastly, Loomis Sayles & Co. L P raised its stake in the company significantly by 55.5%, owning 358,748 shares valued at $54,461,000 post acquisition of 128,005 shares. Notably, institutional investors now collectively hold 80.09% of Colliers International Group's stock.

Recent Analyst Ratings

Colliers International Group has been the subject of multiple recent analyst evaluations. BMO Capital Markets raised their price target on the stock from $163.00 to $164.00, assigning it an “outperform” rating in a report on September 13. On the other hand, StockNews.com downgraded Colliers from a “buy” rating to a “hold” rating in a research report released on October 8. National Bank Financial improved its rating for the company from “hold” to “strong-buy” as per a report on November 5. Scotiabank also increased their price target from $155.00 to $167.50 while giving a “sector outperform” rating on November 6. Finally, Royal Bank of Canada lifted its forecast from $160.00 to $174.00, continuing an “outperform” rating in a study from October 21. Overall, there are two analysts with a hold rating, five with a buy recommendation, and one who has given it a strong buy rating, indicating a consensus rating of “Moderate Buy” with an average price target of $160.42 according to data from MarketBeat.

Current Stock Performance

Currently, CIGI's stock price stands at $152.03, reflecting a decline of 1.8%. The firm has a debt-to-equity ratio of 1.42, a current ratio of 1.17, and a quick ratio of 1.17. With a market capitalization of $7.47 billion, it has a price-to-earnings ratio of 48.42 and a beta value of 1.47. Colliers International Group's stock has fluctuated between a low of $101.01 and a high of $156.96 over the past year. The 50-day and 200-day simple moving averages are currently at $150.08 and $135.40, respectively.

In its most recent earnings report issued on November 5, Colliers International Group reported earnings per share of $1.32 for the quarter, falling short of consensus estimates of $1.49 by $0.17. The company's net margin stood at 3.38%, with a return on equity of 21.78%. It reported revenue of $1.18 billion for the quarter, exceeding analyst expectations of $1.17 billion, marking an 11.7% increase compared to the prior year’s figures.

Dividend Announcement

Colliers International Group has also disclosed a semi-annual dividend set to be distributed on January 14. Shareholders on record by December 31 will receive a dividend of $0.15 per share, translating to a yield of 0.2%. The current dividend payout ratio is 9.55%.

About Colliers International Group

Colliers International Group Inc. specializes in providing commercial real estate services, including investment management, to corporate and institutional clients worldwide across the Americas, Europe, the Middle East, Africa, and Asia Pacific. The services offered encompass outsourcing and advisory services such as engineering, property management, valuation, and loan servicing for clients in commercial real estate.

Investments, Shares, Earnings