Marcus & Millichap, Inc. $MMI Stake Lessened by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its Marcus & Millichap stake by 1.8%, selling 39,117 shares, but still held about 2.10 million shares, or 5.55% of the company.
• Marcus & Millichap reported quarterly EPS of $0.10 and revenue of $202.91 million, exceeding analyst estimates of $0.03 per share and $194.30 million.
• Analyst sentiment was cautious: MarketBeat reported an average “Reduce” rating and a $28 price target, below the stock’s cited $29.52 opening price.

Pzena Investment Management LLC reduced its stake in Marcus & Millichap, Inc. (NYSE:MMI - Free Report) by 1.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,101,884 shares of the real estate investment trust's stock after selling 39,117 shares during the period. Pzena Investment Management LLC owned 5.55% of Marcus & Millichap worth $59,799,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Marcus & Millichap in the 2nd quarter valued at approximately $112,801,000. Dimensional Fund Advisors LP raised its holdings in Marcus & Millichap by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,481,772 shares of the real estate investment trust's stock worth $39,400,000 after purchasing an additional 43,196 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Marcus & Millichap in the 2nd quarter worth about $5,154,000. Sei Investments Co. increased its stake in shares of Marcus & Millichap by 99.7% in the 1st quarter. Sei Investments Co. now owns 163,766 shares of the real estate investment trust's stock worth $4,355,000 after acquiring an additional 81,743 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Marcus & Millichap in the 2nd quarter worth about $3,965,000. 62.78% of the stock is currently owned by hedge funds and other institutional investors.

Marcus & Millichap Trading Up 3.9%

Shares of MMI opened at $29.52 on Thursday. The firm has a market cap of $1.12 billion, a PE ratio of 79.77 and a beta of 1.25. The firm has a fifty day simple moving average of $29.49 and a two-hundred day simple moving average of $28.77. Marcus & Millichap, Inc. has a 1-year low of $24.43 and a 1-year high of $33.55.

Marcus & Millichap (NYSE:MMI - Get Free Report) last released 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. The firm had revenue of $202.91 million for the quarter, compared to the consensus estimate of $194.30 million. Marcus & Millichap had a return on equity of 2.97% and a net margin of 1.77%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Weiss Ratings raised shares of Marcus & Millichap from a "sell (d)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Wall Street Zen cut Marcus & Millichap from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 5th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Marcus & Millichap presently has an average rating of "Reduce" and an average target price of $28.00.

Marcus & Millichap Profile

Marcus & Millichap, Inc is a commercial real estate brokerage company that specializes in investment sales, financing and advisory services. The company serves owners and investors in a range of property sectors, including multifamily, office, retail, industrial, self-storage, hospitality and land.

Through its brokerage professionals and investment banking platform, Marcus & Millichap helps clients market and acquire commercial properties, arrange financing and evaluate real estate investment opportunities.

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