Marcus & Millichap (NYSE:MMI) Price Target Increased to $30.00 by Analysts at Wells Fargo & Company

Marcus & Millichap (NYSE:MMI) had its price objective increased by Wells Fargo & Company from $20.00 to $30.00 in a research note published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the real estate investment trust’s stock.

Separately, StockNews.com raised Marcus & Millichap from a sell rating to a hold rating in a report on Wednesday, July 24th.

Marcus & Millichap Stock Down 1.6 %

Shares of NYSE:MMI opened at $37.75 on Friday. Marcus & Millichap has a fifty-two week low of $26.81 and a fifty-two week high of $44.24. The firm’s 50 day moving average price is $37.08 and its 200 day moving average price is $34.44. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -37.75 and a beta of 1.12.

Marcus & Millichap (NYSE:MMI) last announced its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $158.37 million for the quarter. Marcus & Millichap had a negative net margin of 5.68% and a negative return on equity of 5.50%.

Marcus & Millichap Dividend Announcement

The business also recently disclosed a Semi-Annual dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 16th. This represents a dividend yield of 1.3%. Marcus & Millichap’s dividend payout ratio is presently -50.00%.

Insider Activity

In related news, CEO Hessam Nadji sold 15,000 shares of Marcus & Millichap stock in a transaction on Friday, July 12th. The shares were sold at an average price of $35.27, for a total transaction of $529,050.00. Following the sale, the chief executive officer now directly owns 224,123 shares in the company, valued at approximately $7,904,818.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 29,700 shares of company stock worth $1,119,675. Corporate insiders own 39.20% of the company’s stock.

Hedge Funds Weigh In On Marcus & Millichap

Several hedge funds have recently made changes to their positions in MMI. The Manufacturers Life Insurance Company boosted its position in shares of Marcus & Millichap by 5.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,220 shares of the real estate investment trust’s stock valued at $480,000 after purchasing an additional 750 shares during the period. Deprince Race & Zollo Inc. purchased a new position in shares of Marcus & Millichap during the second quarter worth approximately $2,543,000. Public Sector Pension Investment Board increased its holdings in shares of Marcus & Millichap by 6.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 52,747 shares of the real estate investment trust’s stock valued at $1,663,000 after acquiring an additional 3,357 shares during the period. Hsbc Holdings PLC acquired a new stake in shares of Marcus & Millichap during the second quarter worth about $212,000. Finally, WINTON GROUP Ltd increased its holdings in shares of Marcus & Millichap by 4.4% in the second quarter. WINTON GROUP Ltd now owns 29,060 shares of the real estate investment trust’s stock valued at $916,000 after purchasing an additional 1,213 shares during the period. Hedge funds and other institutional investors own 62.78% of the company’s stock.

Marcus & Millichap Company Profile

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, as well as capital markets.