CB Richard Ellis Group Down 3.3% Despite Earnings Beat (CBG)

Shares of Los Angeles, California-basedCB Richard Ellis Group Inc. CBG are currently down 3.3% at $22.99 per share during Friday morning trading. Today's trading range for shares of CB Richard Ellis Group Inc has been between $22.71 and $22.71 per share. The consensus price target of analysts covering the company's stock is $22.83 per share. Volume of 1.9 million shares is already more than halfway to the the daily average volume of 3.6 million shares. CB Richard Ellis Group Inc. (CBG) released financial results late on Thursday that beat Wall Street estimates. CB Richard Ellis Group Inc reported 4th quarter earnings of 36 cents per share, on revenue of $1.65 billion. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 34 cents per share, on revenue of $1.57 billion. The company provided 2011 full-year guidance of adjusted earnings in the range of $0.95 to $1.05 per share. Chief executive officer Brett White said, “The increasing pace of market recovery in 2010 was well matched to CB Richard Ellis' strengths of people, brand and platform. Our professionals around the world executed extremely well and drove our second-most profitable year ever, punctuated by sizable increases in activity across virtually all business lines in the final quarter." CB Richard Ellis Group Inc is the world's largest commercial real estate services firm (in terms of 2010 revenue), offering strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Read more from Benzinga's Company news.