© Reuters.
NEW YORK – Newmark Group , Inc. (NASDAQ:), a global commercial real estate advisory firm, has announced the appointment of Jonathan Firestone as Co-President, Global Debt & Structured Finance. Firestone, with a 25-year track record in the sector, will be based in Los Angeles and will work alongside Jordan Roeschlaub to run the company’s debt platform.
Firestone’s hiring is part of Newmark’s ongoing strategy to unify and expand its talent pool. Previously at Eastdil Secured, Firestone contributed to the growth of the company’s debt, structured finance, and loan sale businesses. His career includes executing financing and loan sale transactions worth $175 billion.
Newmark’s CEO, Barry Gosin, highlighted Firestone’s role in the company’s next phase of client services, emphasizing his ability to drive change and growth within the firm. Chad Lavender, Newmark’s President of Capital Markets for North America, underscored the collaborative approach of the debt and equity platform in providing holistic advice to clients.
Doug Harmon, Co-Head of U.S. Capital Markets at Newmark, pointed to the increasingly intertwined nature of debt and equity markets, noting Firestone’s expected contributions to the company’s client service expansion across various transaction types.
The announcement follows Newmark’s advisory role in the FDIC’s disposition of the Signature Bridge Bank loan portfolio and comes after a series of high-profile hires in 2023, aimed at strengthening the company’s market position.
InvestingPro Insights
As Newmark Group, Inc. (NASDAQ:NMRK) continues to bolster its executive team with the addition of Jonathan Firestone, the company’s financial metrics and market performance offer a deeper understanding of its current standing. Newmark’s aggressive share buyback strategy, as highlighted in the InvestingPro Tips, signals a strong confidence from management in the company’s value. This is further supported by the company’s high shareholder yield, which may be attractive to investors seeking returns.
With a market capitalization of $2.5 billion and a robust revenue of $2.33 billion for the last twelve months as of Q3 2023, Newmark’s financial health appears stable despite a revenue growth decline of 24.41% in the same period. The company’s P/E ratio stands at 72.19 when adjusted for the last twelve months as of Q3 2023, which indicates a high earnings multiple. However, the firm’s stock price has experienced notable volatility, with a significant 47.21% price uptick over the last six months, showcasing strong recent performance that aligns with the InvestingPro Tip noting a strong return over the last three months.
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