Bank of New York Mellon Corp Purchases Shares of 165,361 Marcus & Millichap, Inc. $MMI

Key Points

• Bank of New York Mellon acquired 165,361 shares of Marcus & Millichap valued at approximately $5.15 million, giving it a 0.44% stake. Institutional investors and hedge funds collectively own 62.78% of the company.
• Analyst sentiment remains cautious: Marcus & Millichap has an average “Reduce” rating and a $28 price target, below its recent opening price of $31.87.
• The company reported quarterly EPS of $0.10, beating estimates of $0.03, while revenue of $202.91 million exceeded expectations. It also announced a $0.25-per-share dividend payable October 6 to shareholders of record September 15.

Bank of New York Mellon Corp acquired a new stake in shares of Marcus & Millichap, Inc. (NYSE:MMI - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 165,361 shares of the real estate investment trust's stock, valued at approximately $5,154,000. Bank of New York Mellon Corp owned 0.44% of Marcus & Millichap as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in MMI. AQR Capital Management LLC raised its stake in Marcus & Millichap by 42.8% in the first quarter. AQR Capital Management LLC now owns 13,702 shares of the real estate investment trust's stock valued at $472,000 after buying an additional 4,110 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Marcus & Millichap by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,952 shares of the real estate investment trust's stock worth $481,000 after buying an additional 600 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Marcus & Millichap by 12.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 77,339 shares of the real estate investment trust's stock valued at $2,664,000 after buying an additional 8,369 shares during the last quarter. Jane Street Group LLC boosted its stake in Marcus & Millichap by 325.7% in the first quarter. Jane Street Group LLC now owns 43,091 shares of the real estate investment trust's stock valued at $1,484,000 after acquiring an additional 32,968 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Marcus & Millichap in the first quarter worth $145,000. 62.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MMI. Wall Street Zen cut shares of Marcus & Millichap from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Weiss Ratings raised Marcus & Millichap from a "sell (d)" rating to a "hold (c-)" rating in a report on Friday, August 21st. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $28.00.

Marcus & Millichap Price Performance

NYSE MMI opened at $31.87 on Friday. Marcus & Millichap, Inc. has a 12 month low of $24.43 and a 12 month high of $33.62. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 86.14 and a beta of 1.23. The firm's fifty day moving average price is $31.38 and its 200 day moving average price is $29.01.

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

Marcus & Millichap Announces Dividend

The company also recently announced a dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.25 per share. This represents a dividend yield of 163.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Marcus & Millichap's payout ratio is presently 135.14%.

Marcus & Millichap Profile

Marcus & Millichap NYSE: MMI is a leading commercial real estate brokerage firm focused on investment sales, financing, research and advisory services. Founded in 1971 by George M. Marcus and William A. Millichap, the company has grown to specialize in the marketing of multifamily, retail, office, industrial, hospitality and other commercial property types. Through an extensive network of investment specialists, Marcus & Millichap connects property owners and investors with tailored transactions across a range of asset classes.

The firm offers comprehensive capital markets solutions, including debt and equity placement, structured finance, and customized financing programs.

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