Bank of America Corp DE Makes New $3.96 Million Investment in Marcus & Millichap, Inc. $MMI

Key Points

• Bank of America initiated a $3.96 million position in Marcus & Millichap during the second quarter, purchasing 127,219 shares and owning 0.34% of the company. Institutional investors collectively hold 62.78% of the stock.
• Analyst sentiment remains cautious: Marcus & Millichap has an average “Reduce” rating and a consensus price target of $28, below its reported opening price of $28.86.
• The company beat quarterly expectations, reporting $0.10 in EPS and $202.91 million in revenue, versus estimates of $0.03 and $194.30 million, respectively. It also declared a $0.25-per-share dividend, although the article’s stated 162% yield and 135.14% payout ratio indicate significant distribution pressure.

Bank of America Corp DE purchased a new stake in Marcus & Millichap, Inc. (NYSE:MMI - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 127,219 shares of the real estate investment trust's stock, valued at approximately $3,965,000. Bank of America Corp DE owned 0.34% of Marcus & Millichap at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Jupiter Topco LLC acquired a new position in Marcus & Millichap in the 2nd quarter valued at approximately $340,000. Legal & General Group Plc acquired a new position in shares of Marcus & Millichap in the second quarter worth $1,636,000. The Manufacturers Life Insurance Company acquired a new position in shares of Marcus & Millichap in the second quarter worth $222,000. Compass Financial Management LLC acquired a new position in shares of Marcus & Millichap in the second quarter worth $25,000. Finally, Ieq Capital LLC purchased a new stake in shares of Marcus & Millichap during the second quarter worth $1,705,000. 62.78% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Wall Street Zen lowered Marcus & Millichap from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 5th. Weiss Ratings upgraded Marcus & Millichap from a "sell (d)" rating to a "hold (c-)" rating in a report on Friday, August 21st. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Marcus & Millichap presently has an average rating of "Reduce" and a consensus target price of $28.00.

Marcus & Millichap Trading Down 3.0%

Shares of NYSE MMI opened at $28.86 on Tuesday. The business has a fifty day simple moving average of $31.19 and a 200 day simple moving average of $29.53. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 77.99 and a beta of 1.23. Marcus & Millichap, Inc. has a one year low of $24.43 and a one year high of $33.55.

Marcus & Millichap (NYSE:MMI - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.07. Marcus & Millichap had a net margin of 1.77% and a return on equity of 2.97%. The firm had revenue of $202.91 million for the quarter, compared to analyst estimates of $194.30 million.

Marcus & Millichap Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a dividend yield of 162.0%. Marcus & Millichap's dividend payout ratio (DPR) is presently 135.14%.

Marcus & Millichap Profile

Marcus & Millichap, Inc is a commercial real estate brokerage and investment services company that specializes in the sale, financing, research and advisory of investment properties. Its platform serves private investors, institutions, developers and other real estate owners across a range of property types, including multifamily, retail, industrial, office, self-storage, hospitality, senior housing and manufactured housing.

The company provides investment sales and brokerage services through its Marcus & Millichap brand.

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