Kennedy-Wilson Holdings Azioni (NYSE: KW)

Ultime notizie per Kennedy-Wilson Holdings (NYSE:KW) Azioni

Kennedy-Wilson Holdings

Kennedy-Wilson Holdings Inc is a real estate investment company that owns, operates, and invests in real estate both on its own and through its investment management platform. The Company focuses on multifamily and office properties, as well as industrial and debt investments. It has two business segments; the Consolidated Portfolio includes investment activities that involve ownership of multifamily units, office, retail and industrial space, and one hotel, and The Co-Investment Portfolio segment consists of investments the Company makes with partners in which it receives fees, performance allocations that it earns on its fee-bearing capital and distributions and profits from its ownership interest in the underlying operations of its co-investments.

Kennedy-Wilson Holdings Inc. Common Stock

Kennedy-Wilson Holdings Inc

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Kennedy-Wilson Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KW#NYSE">KW</a>) reported quarterly losses of $(0.30) per share which missed the analyst consensus estimate of $(0.19) by 57.89 percent. This is a 257.89 percent decrease over earnings of $0.19 per share from the same period last year. The company reported quarterly sales of $128.30 million which missed the analyst consensus estimate of $160.27 million by 19.95 percent. This is a 5.94 percent decrease over sales of $136.40 million the same period last year.

Earnings

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Kennedy-Wilson Holdings Q1 EPS $(0.30) Misses $(0.19) Estimate, Sales $128.30M Miss $160.27M Estimate

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Earnings Scheduled For May 7, 2025

Global real estate investment company Kennedy Wilson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KW#NYSE">KW</a>) has partnered with Tokyu Land US Corporation, a wholly owned subsidiary of Tokyu Land Corporation (Tokyu), one of Japan's largest real estate developers, to launch a new preferred equity and mezzanine real estate investment platform. The expanded credit solution focus will further scale Kennedy Wilson's thriving credit platform.
Kennedy Wilson and Tokyu will target over $200 million in investments with a focus on preferred equity investments and mezzanine loans to high-quality sponsors across multifamily and industrial projects nationwide. The platform is targeting markets with strong and growing local economies, attractive local amenities, and proximity to employment prospects. The platform's target investment size will generally range between $10 million and $50 million. Each investment within the platform will be approved by both Tokyu and Kennedy Wilson and Kennedy Wilson will hold 10% of the venture.

Kennedy Wilson Partners with Tokyu Land For New $200M Real Estate Investment Focus

WIIM

Kennedy-Wilson shares are trading higher following better-than-expected Q4 financial results.

Kennedy-Wilson Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KW#NYSE">KW</a>) reported quarterly earnings of $0.24 per share which beat the analyst consensus estimate of $(0.51) by 147.06 percent. This is a 113.48 percent increase over losses of $(1.78) per share from the same period last year. The company reported quarterly sales of $135.50 million which beat the analyst consensus estimate of $100.74 million by 34.50 percent. This is a 3.28 percent decrease over sales of $140.10 million the same period last year.

Earnings Beats

Kennedy-Wilson Holdings Q4 EPS $0.24 Beats $(0.51) Estimate, Sales $135.50M Beat $100.74M Estimate

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Earnings Scheduled For February 26, 2025

Kennedy-Wilson Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KW#NYSE">KW</a>) reported quarterly losses of $(0.56) per share which missed the analyst consensus estimate of $(0.53) by 5.66 percent. The company reported quarterly sales of $127.500 million which beat the analyst consensus estimate of $97.710 million by 30.49 percent. This is a 9.77 percent decrease over sales of $141.300 million the same period last year.

Kennedy-Wilson Holdings Q3 2024 GAAP EPS $(0.56) Misses $(0.53) Estimate, Sales $127.500M Beat $97.710M Estimate

Canada Pension Plan Investment Board (CPP Investments) has partnered with global real estate investment company Kennedy Wilson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KW#NYSE">KW</a>) to launch a new single-family rental housing joint venture ("the JV") in the United Kingdom. CPP Investments will initially commit £500 million, with Kennedy Wilson committing £56 million. The JV will have an initial target of approximately £1 billion of asset value, including leverage, with the potential to commit further capital depending on market opportunities. CPP Investments will hold 90% of the venture and Kennedy Wilson will hold a 10% ownership interest moving forward.
Through partnerships with housebuilders, the JV will target energy efficient, new-build housing stock in strong and growing local economies that offer residents excellent connectivity, attractive local amenities, and proximity to strong employment prospects and educational institutions.
The investment program is seeded with properties from two developments sourced by Kennedy Wilson, including units under construction by Barratt Redrow in Norwich, where Kennedy Wilson is now leasing up the first phase of completed homes, and units by Miller Homes in Stevenage, which will deliver completed houses from Q2 2025. Kennedy Wilson has an active pipeline of opportunities totaling over £360 million and 1,100 units, with the capacity to reach 4,000 units at full capital deployment.

CPP Investments and Kennedy Wilson Target Energy-Efficient Housing with £1B UK Rental Joint Venture

The Zacks Real Estate Operations industry constituents are poised to gain from the increased adoption of outsourced real estate services and emerging trends. The easing of monetary policy in many large markets is expected to result in a decrease in borrowing costs, more availability of credit and drive economic growth, in turn fueling transaction activity. Companies like Newmark Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nmrk#NASDAQ">NMRK</a>), Kennedy-Wilson Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kw#NYSE">KW</a>) and RE/MAX Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rmax#NYSE">RMAX</a>) are set to benefit from these positive trends.
However, the industry faces challenges such as macroeconomic uncertainty and geopolitical tensions. Customers remain focused on cost controls and for certain asset categories are delaying their decision-making with respect to leasing.
About the Industry
The Zacks Real Estate Operations industry comprises companies that provide leasing, property management, investment management, valuation, development services, facility management, project management, transaction and consulting services, among others. However, real estate investment trusts or REITs are excluded from this group. Economic trends and government policies impact the real estate market (global and regional), which determines the industry&#39;s performance. Economic activity, employment growth, office-based employment, interest-rate levels, costs and availability of credit, tax and regulatory policies, and the geopolitical environment are the major factors shaping the real estate market&#39;s fate. Also, pandemic-induced public health challenges and geopolitical issues have affected property sales and the leasing lines of businesses.
What&#39;s Shaping the Real Estate Operations Industry&#39;s Future?
Interest Rate Cut Provides Relief for Transaction-Based Business: The latest cut in the interest rates by the Federal Reserve and anticipations of future reductions are expected to drive transaction-based businesses in the United States. Along with the United States, the easing of monetary policy in many large markets is expected to result in a decrease in borrowing costs, more availability of credit, and drive economic growth. This is expected to help investors in better price discovery and consequently result in reduced transaction completion times. It is also expected to lead to a rise in the average deal size, thereby bolstering the industry&#39;s near-term revenue prospects.
Outsourcing of Real Estate Needs to Remain Strong: Real estate occupiers, including corporations, public sector entities, healthcare providers, and those in finance, industry, life sciences and technology, are increasingly preferring to outsource their real estate needs. They are entrusting third-party real estate experts to enhance execution and efficiency. Organizations are seeking strategic advice to reimagine their workplaces and workstyles to foster culture, attract talent and improve performance. These developments are creating opportunities for participants in the real estate operations industry. Major players in the industry are leveraging this transition, securing new clients and expanding relationships with existing ones. Also, companies in this industry continue to prioritize investments in technology as it consistently improves efficiency, delivers client services and supports market share growth.
Certain Real Estate Categories&#39; Demand Hurt: The pandemic has significantly reshaped the use of commercial real estate. Also, economic uncertainty continues to affect real estate sales and leasing activities. While companies are promoting the return to office, this transition is gradual, which is hindering tenants&#39; confidence in long-term commitments. As such, pre-pandemic office occupancy levels are likely to remain elusive in the near or intermediate term. Amid a volatile environment and geopolitical issues, customers remain focused on cost controls and delaying their decision-making with respect to leasing. As such, industrial real estate demand remains subdued and this trend is expected to continue in the near term. Additionally, the pace of business-related travel and in-person interactions has not fully rebounded to pre-pandemic norms.
Zacks Industry Rank Indicates Bright Prospects
The Zacks Real Estate Operations industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #104, which places it in the top 42% of more than 250 Zacks industries.
The group&#39;s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates robust near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
The industry&#39;s positioning in the top 50% of the Zacks-ranked industries is a result of the upward earnings per share outlook for the constituent companies in aggregate. Looking at the aggregate earnings per share estimate revisions, it appears that of late, analysts are gaining confidence in this group&#39;s growth potential. Over the past year, the industry&#39;s earnings per share estimates for 2024 and 2025 have moved 46.8% and 37.2% north, respectively.
Before we present a few stocks that you may want to consider for your portfolio, let&#39;s take a look at the industry&#39;s recent stock-market performance and valuation picture.
Industry Outperforms the Sector &amp; the S&amp;P 500
The Zacks Real Estate Operations industry has outperformed the broader Zacks Finance sector and the S&amp;P 500 composite over the past year.
The industry has advanced 40.8% during this period compared with the S&amp;P 500&#39;s growth of 32.5% and the broader Finance sector&#39;s rise of 31.2%.
<h3>One-Year Price Performance</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/priceperf.jpg" style="height:228px; width:620px" />
Industry&#39;s Current Valuation
On the basis of the forward 12-month price-to-earnings, which is a commonly used multiple for valuing Real Estate Operations stocks, we see that the industry is currently trading at 17.06X compared with the S&amp;P 500&#39;s forward 12-month price-to-earnings (P/E) of 22.08X. The industry is trading above the Finance sector&#39;s forward 12-month P/E of 16.66X. This is shown in the chart below.
<h3>Forward 12-Month Price-To-Earnings Ratio</h3>
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Over the last five years, the industry has traded as high as 32.49X and as low as 11.45X, with a median of 17.26X.
3 Real Estate Operation Stocks to Bet On
RE/MAX Holdings: Headquartered in Denver, CO, it is a franchisor in the real estate industry. The company franchises real estate brokerages globally under the RE/MAX brand and mortgage brokerages within the United States under the Motto Mortgage brand. It also sells ancillary products and services, such as loan processing services, mainly to its Motto network.
RE/MAX is poised to benefit from its strategic growth initiatives. With its efforts to expand the mortgage business and its objective to maintain a strong liquidity position, RE/MAX is well-poised to ride the growth curve.
RE/MAX Holdings currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for the company&#39;s 2024 earnings per share currently stands at $1.24. The stock has increased 20.8% in the past three months.
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/rmax.jpg" style="height:214px; width:620px" />
Newmark Group, Inc.: Headquartered in New York City, Newmark is a leading commercial real estate services company that is rapidly expanding its presence globally. Together with its subsidiaries, Newmark Group advises and provides services to large institutional investors, global corporations and other owners and occupiers of commercial real estate.
With investments in talent and technology, the company is expected to experience decent performance going forward. It is poised to benefit from the opportunities from the large and highly fragmented market, institutional investor demand for commercial real estate and from the favorable trend toward outsourcing of commercial real estate services.
Newmark carries a Zacks Rank of 2 (Buy) at present. The Zacks Consensus Estimate for the company&#39;s 2024 EPS has remained unchanged at $1.15 over the past month. This also suggests 9.5% growth year over year. NMRK shares have gained 22.7% over the past three months.
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/nmrk.jpg" style="height:215px; width:620px" />
Kennedy Wilson: Headquartered in Beverly Hills, CA, Kennedy Wilson is a global real estate investment company that invests in high-growth markets across the United States, the U.K. and Ireland. KW is engaged in the ownership, operation and investment in real estate on its own and through its investment management platform.
The company is expected to benefit from the continued growth of its investment management business and healthy demand for its high-quality multifamily and commercial portfolio.
Kennedy Wilson has a Zacks Rank of 2 at present. The Zacks Consensus Estimate for 2024 EPS has moved significantly upward over the past two months to $2.96. This suggests a notable increase year over year. The company&#39;s shares have appreciated 32.1% in the past six months.
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/kw.jpg" style="height:213px; width:620px" />
<a href="https://www.zacks.com/commentary/2350419/3-stocks-to-buy-on-the-real-estate-operations-industry-s-recovery?cid=CS-BENZ-FT-industry_outlook-2350419">To read this article on Zacks.com click here.</a>

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3 Stocks to Buy on the Real Estate Operations Industry's Recovery

The new credit facility has a three-year term and two six-month extension options.&nbsp;Loans under the new credit facility bear interest at a rate equal to SOFR plus a spread of&nbsp;1.75%&nbsp;to&nbsp;2.75%.

Kennedy Wilson Reveals Expansion Of Its $500M Unsecured Revolving Credit Facility To $550M In Partnership With Group Of 10 Banks

JP Morgan analyst Anthony Paolone maintains Kennedy-Wilson Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KW#NYSE">KW</a>) with a Neutral and raises the price target from $12 to $13.

Price Target

JP Morgan Maintains Neutral on Kennedy-Wilson Holdings, Raises Price Target to $13

Kennedy-Wilson Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KW#NYSE">KW</a>) reported quarterly losses of $(0.43) per share which beat the analyst consensus estimate of $(0.55) by 21.82 percent. The company reported quarterly sales of $132.00 million which beat the analyst consensus estimate of $100.66 million by 31.13 percent. This is a 9.90 percent decrease over sales of $146.50 million the same period last year.

Kennedy-Wilson Holdings Q2 2024 Adj EPS $(0.43) Beats $(0.55) Estimate, Sales $132.00M Beat $100.66M Estimate

CBRE Group Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cbre#NYSE">CBRE</a>) reported second-quarter 2024 core earnings per share of 81 cents, ahead of the Zacks Consensus Estimate of 69 cents. However, the reported figure declined 1.2% year over year.
Reflecting positive sentiments, shares of CBRE were up more than 9% so far today. Results reflect growth in its resilient lines of business. Global Workplace Solutions (&quot;GWS&quot;) experienced strong business wins with a healthy balance of new clients and expansion. The leasing business performed well due to office leasing revenue growth in the United States, driven by strength in New York. However, the Real Estate Investments segment&#39;s revenues decreased year over year.
Quarterly revenues were up 8.7% year over year to $8.39 billion but compared unfavorably with the Zacks Consensus Estimate of $8.52 billion.
Net revenues increased 11% (11.7% in local currency) year over year to $4.97 billion. Core EBITDA rose marginally (1.7% in local currency) to $505 million.
<h3>Quarter in Detail</h3>
CBRE Group&#39;s Advisory Services segment reported a year-over-year revenue increase of 8.6% (9.3% in local currency) to $2.22 billion. Our estimate was nearly the same as reported number.
Global leasing revenues rose 9% (same local currency), driven by leasing revenue growth in the Americas and Asia-Pacific regions.
Global sales revenues fell 3% (2% in local currency) even though property sales revenues began to stabilize. However, mortgage origination revenue rose 38% (same local currency) due to a 20% increase in loan origination fees and higher interest earnings on escrow balances.
The GWS segment registered a year-over-year increase of 9.5% (10.3% in local currency) in revenues to $5.94 billion. Our estimate was pegged at $5.98 billion.
Paced by the sustained strength in the Local business, Facilities management net revenues rose 18% (19% in local currency). Project management net revenues increased 11% (12% in local currency) due to the continued strong growth in Turner &amp; Townsend. Net operating margin improved 20 basis points compared with first-quarter 2024, reflecting the early benefit of recent cost actions, but was below the prior-year period.
The Real Estate Investments segment experienced a decrease of 9.2% (same local currency) in revenues to $232 million.
At the end of the second quarter of 2024, assets under management decreased $1.5 billion from the first quarter of 2024 to $142.5 billion due to lower asset values and an adverse foreign currency movement.
In the second quarter of 2024, CBRE acquired Direct Line Global, which is a leading provider of technical facilities management services for data center owners and operators, for a total cash and non-cash consideration of $290.9 million. CBRE also acquired a provider of local facilities management technical services in Canada.
During the quarter, CBRE also announced its plan to combine its project management business with its Turner &amp; Townsend subsidiary.
<h3>Balance Sheet Position</h3>
CBRE Group exited the second quarter of 2024 with cash and cash equivalents of $928 million, down from $1.04 billion as of Mar 31, 2024.
As of Jun 30, 2024, CBRE Group had $3.7 billion in total liquidity. This comprised nearly $927.7 million in cash in addition to the ability to borrow a total of approximately $2.7 billion under its revolving credit facilities, net of any outstanding letters of credit. The company&#39;s net leverage ratio was 1.58x as of the same date, significantly less than CBRE&#39;s primary debt covenant of 4.25x.
During the June-end quarter, the company repurchased approximately 0.6 million shares for $48.4 million. As of Jun 30, 2024, it had $1.4 billion of stock-repurchase capacity remaining under its authorized buyback program.
<h3>Outlook</h3>
For 2024, CBRE projects its core EPS in the range of $4.70-$4.90, up from the previous guided range of $4.25-$4.65. The company expects approximately over 45% of its full-year core EPS to be achieved in the fourth quarter of 2024. The Zacks Consensus Estimate for the same is currently pegged at $4.48, which is below the guided range.
Currently, CBRE Group carries a Zacks Rank #3 (Hold).
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<h3>CBRE Group, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="CBRE Group, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/96/1721919867.png" style="height:265px; width:577px" title="" />
CBRE Group, Inc. price-consensus-eps-surprise-chart | CBRE Group, Inc. Quote
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<h3>Upcoming Releases</h3>
It&#39;s time to look forward to two stocks from the real estate operation industry, Jones Lang LaSalle Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jll#NYSE">JLL</a>) and Kennedy-Wilson Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kw#NYSE">KW</a>). While Jones Lang LaSalle is slated to report quarterly numbers on Aug 6, Kennedy-Wilson Holdings is scheduled to come up with its figures on Aug 7.
The Zacks Consensus Estimate for Jones Lang LaSalle&#39;s second-quarter 2024 EPS stands at $2.27, which suggests a significant increase on a year-over-year basis. JLL currently carries a Zacks Rank of 3.
The Zacks Consensus Estimate for Kennedy-Wilson Holdings&#39; second-quarter 2024 loss per share is pegged at 24 cents, which implies a substantial decrease year over year. KW currently carries a Zacks Rank of 2 (Buy).
<a href="https://www.zacks.com/stock/news/2309308/cbre-group-cbre-q2-earnings-beat-2024-outlook-raised?cid=CS-BENZ-FT-analyst_blog|earnings_article-2309308">To read this article on Zacks.com click here.</a>

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CBRE Group Q2 Earnings Beat, 2024 Outlook Raised

The anticipation of Federal Reserve rate cuts is starting to have a favorable impact on the <a href="https://www.benzinga.com/money/mortgages">real estate mortgage market. </a>
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased by 13 basis points to 6.87% for the week ending July 12, 2024, down from 7% the prior week, as reported by the Mortgage Bankers Association Wednesday. 
This decline represents the most significant drop in borrowing costs in around four months and the lowest rate since early March. 
Fed Rate Cut Bets, Lower Treasury Yields Push Mortgage Rates Down
The reduction was largely propelled by rising expectations on Fed rate cuts and the fall in 30-year Treasury yields, a key indicator for long-term mortgage rates, which decreased by approximately 30 basis points month-to-date to 4.37%.
Market expectations for a 25 basis point rate cut in September have surged to nearly 100%, up from a 60% likelihood a month ago, according to the CME FedWatch Tool.
Joel Kan, the MBA's vice president, said, &#8220;Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower.&#8221;
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Rising Mortgage Demand
The 13 basis point reduction in mortgage rates has positively influenced demand, with applications for new mortgages and refinancing existing mortgages rising significantly last week. 
According to MBA data, mortgage applications in the U.S. jumped by 3.9% in the third week of July, recovering from declines in the previous two weeks to achieve the sharpest increase in a month.
Refinancing applications, which are particularly sensitive to weekly rate changes, increased by 15% from the previous week, reaching their highest level in two years.
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Market Reactions
The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) traded 1.33% higher at the time of publication Wednesday, after closing 1% higher Tuesday. The Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) was up 1.27%.
Top performers in the premarket were:
<ul>
<li>SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) up 2.30%. </li>
<li>CubeSmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CUBE#NYSE">CUBE</a>) up 1.90%.</li>
<li>National Storage Affiliates Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSA#NYSE">NSA</a>) up 0.90%.</li>
<li>Kennedy-Wilson Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KW#NYSE">KW</a>) up 0.56%.</li>
<li>Alexandria Real Estate Equities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARE#NYSE">ARE</a>) up 0.54%.</li>
<li>Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) up 0.47%. </li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39805707/regional-bank-gains-hit-levels-unseen-since-silicon-valley-banks-failure-as-investo">Regional Bank Gains Hit Levels Unseen Since Silicon Valley Bank&#8217;s Failure As Investor Sentiment Shifts To Small-Cap Names</a></li>
</ul>
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