Marcus & Millichap (NYSE:MMI) Price Target Raised to $30.00

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

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

Marcus & Millichap Stock Performance

NYSE:MMI opened at $37.75 on Friday. The business’s 50-day simple moving average is $37.08 and its 200 day simple moving average 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 has a one year low of $26.81 and a one year high of $44.24.

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

Marcus & Millichap Dividend Announcement

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

Insider Activity

In other Marcus & Millichap news, CEO Hessam Nadji sold 800 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $40.03, for a total value of $32,024.00. Following the sale, the chief executive officer now owns 223,323 shares of the company’s stock, valued at approximately $8,939,619.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 29,700 shares of company stock worth $1,119,675 in the last three months. 39.20% of the stock is owned by insiders.

Institutional Trading of Marcus & Millichap

A number of hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Marcus & Millichap during the 1st quarter valued at about $85,000. EntryPoint Capital LLC acquired a new stake in Marcus & Millichap in the 1st quarter valued at $85,000. LRI Investments LLC acquired a new position in Marcus & Millichap during the first quarter worth $143,000. Scharf Investments LLC boosted its stake in shares of Marcus & Millichap by 18.8% in the 1st quarter. Scharf Investments LLC now owns 5,905 shares of the real estate investment trust’s stock valued at $202,000 after purchasing an additional 933 shares in the last quarter. Finally, Heritage Family Offices LLP bought a new stake in Marcus & Millichap during the second quarter worth about $207,000. 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.