CBRE Group, Inc. (NYSE: CBRE) has announced an expanded authorization for the repurchase of up to an additional $5 billion of shares. This is in addition to the existing $4 billion stock repurchase authorization, which had approximately $1.4 billion remaining as of September 30, 2024.
Since 2021, CBRE has repurchased 36 million shares for approximately $3 billion at a weighted average price of approximately $83.50 per share. This indicates a significant investment in the company's own stock over the past few years.
CBRE's chief financial officer, Emma Giamartino, mentioned that the company ended the third quarter in an exceptionally strong financial position with more than $4 billion of liquidity, low leverage, and free cash flow on track to exceed $1 billion this year. This suggests a robust financial performance and the ability to generate substantial cash flow.
The press release also highlighted CBRE's position as the world's largest commercial real estate services and investment firm, with more than 130,000 employees serving clients in over 100 countries. The company offers an integrated suite of services, including facilities, transaction and project management, property management, investment management, appraisal and valuation, property leasing, strategic consulting, property sales, mortgage services, and development services.
As a result of these announcements, the company's shares have moved 2.9% on the market, and are now trading at a price of $135.43. For more information, read the company's full 8-K submission here.
