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Colliers International (CIGI) Surges 4.2%: Is This an Indication of Further Gains?

Zacks Equity Research
·2 min read

Colliers International CIGI shares ended the last trading session 4.2% higher at $111.50. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.4% loss over the past four weeks.

The increased optimism in the stock arises from the rebound in the United States real estate operations sector.

This commercial real estate services provider is expected to post quarterly earnings of $1.45 per share in its upcoming report, which represents a year-over-year change of +0.7%. Revenues are expected to be $964.85 million, down 3.6% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For Colliers International, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CIGI going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Colliers International belongs to the Zacks Real Estate - Operations industry. Another stock from the same industry, PennyMac Mortgage PMT, closed the last trading session 2.7% higher at $12.24. Over the past month, PMT has returned -18.1%.

For PennyMac Mortgage , the consensus EPS estimate for the upcoming report has changed +2.3% over the past month to $0.37. This represents a change of +215.6% from what the company reported a year ago. PennyMac Mortgage currently has a Zacks Rank of #3 (Hold).

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Colliers International Group Inc. (CIGI) : Free Stock Analysis Report

PennyMac Mortgage Investment Trust (PMT) : Free Stock Analysis Report

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Zacks Investment Research