1832 Asset Management Reduces Stake in Colliers International Group

1832 Asset Management L.P. has reduced its holdings in Colliers International Group Inc. (NASDAQ:CIGI, TSE:CIGI) by 8.1% during the second quarter, according to its latest Form 13F filing with the Securities & Exchange Commission. The institutional investor now owns 372,027 shares of the financial services provider’s stock after divesting 32,679 shares during this period. As of the most recent filing, these shares are valued at approximately $48,564,000, representing around 0.75% of Colliers International Group.

Several other institutional investors have also adjusted their positions in Colliers International Group. Notably, Caitong International Asset Management Co. Ltd acquired a new stake valued at $33,000 in the first quarter. Similarly, JPMorgan Chase & Co. purchased a new position in the second quarter valued at about $39,000, while the State of Wyoming secured a new stake valued at approximately $52,000 in the first quarter. Vanguard Personalized Indexing Management LLC increased its investment by 23.4% during the second quarter, owning now 2,090 shares worth $273,000 after purchasing an additional 397 shares.

Market Response and Analyst Ratings

As of now, approximately 80.09% of Colliers International Group’s stock is owned by hedge funds and institutional investors. Analyst ratings for CIGI have been generally positive. Scotiabank recently raised its price target from $170.00 to $185.00 and assigned an “outperform” rating. Similarly, JPMorgan Chase & Co. increased its target price from $137.00 to $181.00, maintaining a “neutral” rating.

Other analysts have also adjusted their ratings, with CIBC raising their target from $175.00 to $179.00, indicating an “outperform” rating. Stifel Nicolaus went further, boosting its target to $195.00 and assigning a “buy” rating. Currently, one analyst rates the stock as a Strong Buy, seven as Buy, and six as Hold. The average rating stands at “Moderate Buy” with a consensus target price of $175.70, according to data from MarketBeat.com.

Colliers International Group Stock Performance

Colliers International Group’s shares opened at $144.21 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.14, and a debt-to-equity ratio of 1.27. The stock has experienced a 52-week low of $100.86 and a high of $171.51. Its 50-day moving average is $152.14, while the 200-day moving average is $146.96. The market capitalization of Colliers International Group stands at $7.16 billion, with a price-to-earnings ratio of 62.97 and a beta of 1.39.

Additionally, the company has announced a dividend of $0.15 per share, to be paid on January 14, 2024. Shareholders on record as of December 31, 2023 will receive this dividend, resulting in a yield of 21.0%. The ex-dividend date is also set for December 31, 2023, while the dividend payout ratio is currently at 13.10%.

Colliers International Group Inc. provides a range of commercial real estate professional and investment management services to clients across the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its service offerings include outsourcing and advisory services, engineering and project management, property management, valuation, and loan servicing for commercial real estate clients.