Pzena Investment Management LLC Purchases New Shares in Marcus & Millichap, Inc. $MMI

Key Points

• Pzena Investment Management acquired 2.14 million Marcus & Millichap shares worth approximately $66.7 million, giving it a 5.66% stake. Institutional investors collectively own 62.78% of the company.
• Marcus & Millichap exceeded quarterly expectations, reporting EPS of $0.10 versus the $0.03 consensus estimate and revenue of $202.91 million versus $194.30 million expected.
• Despite the earnings beat, analysts maintain a consensus “Sell” rating with an average price target of $28, below the reported share price of $31. The company also declared a $0.25 dividend, with a payout ratio of 135.14%.

Pzena Investment Management LLC acquired a new stake in shares of Marcus & Millichap, Inc. (NYSE:MMI - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 2,141,001 shares of the real estate investment trust's stock, valued at approximately $66,735,000. Pzena Investment Management LLC owned 5.66% of Marcus & Millichap at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Marcus & Millichap by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 3,816,951 shares of the real estate investment trust's stock valued at $104,165,000 after purchasing an additional 86,609 shares in the last quarter. BlackRock Inc. purchased a new stake in Marcus & Millichap in the second quarter worth about $112,801,000. Dimensional Fund Advisors LP lifted 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 buying an additional 43,196 shares during the period. State Street Corp lifted its holdings in Marcus & Millichap by 3.0% in the fourth quarter. State Street Corp now owns 951,032 shares of the real estate investment trust's stock worth $25,954,000 after buying an additional 27,275 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Marcus & Millichap by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 385,116 shares of the real estate investment trust's stock valued at $10,510,000 after acquiring an additional 3,547 shares in the last quarter. 62.78% of the stock is currently owned by institutional investors.

Marcus & Millichap Price Performance

Shares of Marcus & Millichap stock opened at $31.00 on Tuesday. The company has a 50-day moving average of $30.77 and a 200 day moving average of $28.46. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 83.78 and a beta of 1.23. Marcus & Millichap, Inc. has a 1 year low of $24.43 and a 1 year high of $33.62.

Marcus & Millichap (NYSE:MMI - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported $0.10 EPS for the quarter, topping 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 business 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 declared a dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be given a $0.25 dividend. 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 currently 135.14%.

Wall Street Analysts Forecast Growth

MMI has been the topic of a number of research analyst reports. Wall Street Zen upgraded Marcus & Millichap from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 8th. Weiss Ratings restated a "sell (d)" rating on shares of Marcus & Millichap in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, Marcus & Millichap has a consensus rating of "Sell" and an average price target of $28.00.

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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