Marcus & Millichap (NYSE:MMI) Sets New 12-Month Low on Analyst Downgrade

Marcus & Millichap, Inc. (NYSE:MMI – Get Rating)’s stock price hit a new 52-week low on Friday after Wells Fargo & Company lowered their price target on the stock from $30.00 to $26.00. Wells Fargo & Company currently has an underweight rating on the stock. Marcus & Millichap traded as low as $33.72 and last traded at $33.79, with a volume of 1862 shares changing hands. The stock had previously closed at $35.08.

Insider Activity

In other news, insider Gregory A. Laberge sold 2,155 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $40.45, for a total value of $87,169.75. Following the completion of the transaction, the insider now directly owns 10,172 shares in the company, valued at $411,457.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 38.80% of the company’s stock.

Institutional Trading of Marcus & Millichap

Several institutional investors and hedge funds have recently added to or reduced their stakes in MMI. Bank of America Corp DE lifted its stake in Marcus & Millichap by 32.6% during the fourth quarter. Bank of America Corp DE now owns 40,404 shares of the real estate investment trust’s stock valued at $2,079,000 after purchasing an additional 9,944 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in Marcus & Millichap during the fourth quarter valued at approximately $236,000. Citigroup Inc. raised its stake in Marcus & Millichap by 44.5% during the fourth quarter. Citigroup Inc. now owns 18,971 shares of the real estate investment trust’s stock valued at $976,000 after purchasing an additional 5,843 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in Marcus & Millichap during the fourth quarter valued at approximately $247,000. Finally, Blair William & Co. IL lifted its position in shares of Marcus & Millichap by 8.7% in the 4th quarter. Blair William & Co. IL now owns 12,637 shares of the real estate investment trust’s stock valued at $650,000 after acquiring an additional 1,007 shares in the last quarter. 60.73% of the stock is owned by institutional investors and hedge funds.

Marcus & Millichap Trading Down 4.2%

The firm has a market cap of $1.34 billion, a PE ratio of 8.05 and a beta of 0.99. The company’s 50-day moving average is $38.62 and its 200-day moving average is $41.95.

Marcus & Millichap (NYSE:MMI – Get Rating) last issued its quarterly earnings results on Friday, August 5th. The real estate investment trust reported $1.04 EPS for the quarter, beating the consensus estimate of $0.84 by $0.20. Marcus & Millichap had a net margin of 11.07% and a return on equity of 25.12%. During the same period in the previous year, the firm posted $0.78 earnings per share.

Marcus & Millichap Announces Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, October 6th. Shareholders of record on Thursday, September 15th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 14th. This represents a yield of 1.2%. Marcus & Millichap’s payout ratio is 11.85%.

About Marcus & Millichap

(Get Rating)

Marcus & Millichap, Inc., an investment brokerage company, provides real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real estate investment sales, financing, research, and advisory services for multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing.

See Also

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