Marcus & Millichap (NYSE:MMI – Get Rating) had its price objective lowered by Wells Fargo & Company from $30.00 to $26.00 in a research report report published on Friday morning, Stock Target Advisor reports. The firm currently has an underweight rating on the real estate investment trust's stock.
Marcus & Millichap Trading Down 3.7 %
Marcus & Millichap stock opened at $33.79 on Friday. Marcus & Millichap has a 12-month low of $33.27 and a 12-month high of $58.33. The stock has a market cap of $1.35 billion, a P/E ratio of 8.01 and a beta of 0.99. The company has a 50-day moving average price of $38.55 and a 200 day moving average price of $41.82.
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Marcus & Millichap (NYSE:MMI – Get Rating) last announced its quarterly earnings results on Friday, August 5th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates 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 quarter in the previous year, the firm earned $0.78 earnings per share.
Marcus & Millichap Announces Dividend
The firm also recently disclosed a Semi-Annual dividend, which will be paid on Thursday, October 6th. Stockholders of record on Thursday, September 15th will be paid a $0.25 dividend. This represents a dividend yield of 1.2%. The ex-dividend date is Wednesday, September 14th. Marcus & Millichap's payout ratio is 11.85%.
Insider Buying and Selling
In related news, insider Gregory A. Laberge sold 2,155 shares of Marcus & Millichap 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 owns 10,172 shares in the company, valued at $411,457.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 38.80% of the stock is owned by insiders.
Hedge Funds Weigh In On Marcus & Millichap
Institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Marcus & Millichap during the 1st quarter worth $41,000. First Horizon Advisors Inc. purchased a new position in Marcus & Millichap in the 2nd quarter valued at about $35,000. Captrust Financial Advisors lifted its holdings in Marcus & Millichap by 342.7% in the 1st quarter. Captrust Financial Advisors now owns 1,483 shares of the real estate investment trust's stock valued at $79,000 after purchasing an additional 1,148 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in Marcus & Millichap in the 2nd quarter valued at about $58,000. Finally, Lazard Asset Management LLC increased its stake in shares of Marcus & Millichap by 117.8% during the 2nd quarter. Lazard Asset Management LLC now owns 1,760 shares of the real estate investment trust's stock valued at $65,000 after acquiring an additional 952 shares during the last quarter. 60.73% of the stock is owned by institutional investors and hedge funds.
About Marcus & Millichap
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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.
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