At last check, shares of CoStar Group Inc. (CSGP) were down -89.84% to $89.71 in premarket trading. CoStar stock gained 0.50% Friday, closing at $88.26. CSGP stock volume rose to 9.02 million shares, compared to an average daily volume of 0.22 million shares over the past 50 days. A share of CSGP has increased by 24.98% over the last 12 months, and it has moved up by 0.42% over the past week.
It has gained 8.11% over the past three months and shed -2.77% over the past six months. In addition, CSGP’s current market value is $3.47 billion and it has 39.16 million shares outstanding. Price of CSGP stock is fluctuating before today’s stock split.
CSGP will split its stock in what manner?
CoStar is an online marketplace and an information company focusing on commercial real estate. CSGP was founded in 1987 and conducts extensive research on commercial real estate in order to produce and maintain the largest and most comprehensive database available.
Through CSGP’s online services, clients can analyze market conditions, and gain unmatched insight about commercial property values, current availability, and market conditions. In the global hospitality industry, CSGP provides benchmarking data, analytics, and market insights.
A ten-to-one split of the common stock of CSGP was approved and declared by CoStar’s Board of Directors this month.
- As a result of both the split and the dividend, employees and investors will have a greater sense of ownership of the CSGP stock.
- For stock dividends, the record date has been set for June 17, 2021.
- For each share then held by a stockholder of record on the record date, CSGP will issue nine additional shares of common stock.
- After the close of trading on June 25, 2021, dividend shares will be distributed and will begin trading on June 28, 2021 in accordance with the stock split.
The acquisition strategy of CSGP:
CoStar completed the purchase of Homes.com last month.
- CSGP previously announced the $156 million purchase on April 14, 2021.
- A final consent order was issued late last month by the Federal Trade Commission (FTC) to close that transaction.
- The CSGP intends to discontinue Homes.com products and practices that do not conform to the principle that leads generated by an agent’s listings belong to that agent.
CSGP Strategy for new acquisition:
As one of the industry’s leading online marketplaces, CoStar (CSGP) has been growing website traffic with sites like Apartments.com, LoopNet, and others for years. Over one billion visits were made to CSGP’s marketplaces last year.
CSGP plans to grow Homes.com in a similar manner by providing accurate, real-time information straight from the local MLS backed up with the best multimedia and photography, all on a website that empowers people to work directly with real estate agents.
