Vanguard Group Inc. Cuts Stake in Marcus & Millichap, Inc. $MMI

Key Points

• Vanguard Group Inc. reduced its stake in Marcus & Millichap by 0.4%, holding approximately 9.73% of the company, valued at about $131.35 million.
• Wall Street analysts downgraded Marcus & Millichap from a "hold" to a "sell" rating, now holding a consensus target price of $30.00.
• The company reported a loss of ($0.28) EPS in its recent earnings, which fell short of the consensus estimate, and it announced a $0.25 dividend to be distributed in October.

Vanguard Group Inc. lessened its stake in shares of Marcus & Millichap, Inc. (NYSE:MMI - Free Report) by 0.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,812,726 shares of the real estate investment trust's stock after selling 15,446 shares during the quarter. Vanguard Group Inc. owned about 9.73% of Marcus & Millichap worth $131,348,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MMI. Reinhart Partners LLC. raised its holdings in shares of Marcus & Millichap by 13.3% in the 1st quarter. Reinhart Partners LLC. now owns 2,162,935 shares of the real estate investment trust's stock valued at $74,513,000 after acquiring an additional 253,444 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Marcus & Millichap by 1.2% in the 4th quarter. Northern Trust Corp now owns 248,750 shares of the real estate investment trust's stock worth $9,517,000 after purchasing an additional 2,858 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Marcus & Millichap by 25.7% in the 1st quarter. Harbor Capital Advisors Inc. now owns 191,689 shares of the real estate investment trust's stock worth $6,604,000 after purchasing an additional 39,235 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Marcus & Millichap by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 119,789 shares of the real estate investment trust's stock valued at $4,127,000 after purchasing an additional 3,095 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Marcus & Millichap by 3.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 119,171 shares of the real estate investment trust's stock valued at $4,105,000 after buying an additional 4,495 shares in the last quarter. Institutional investors own 62.78% of the company's stock.

Marcus & Millichap Price Performance

MMI stock traded up $1.5980 during trading on Friday, reaching $32.3580. The company had a trading volume of 185,861 shares, compared to its average volume of 125,202. Marcus & Millichap, Inc. has a 52 week low of $27.61 and a 52 week high of $42.80. The business has a 50 day moving average of $31.10 and a 200 day moving average of $32.33. The company has a market cap of $1.26 billion, a P/E ratio of -104.38 and a beta of 1.27.

Marcus & Millichap (NYSE:MMI - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The real estate investment trust reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.24). Marcus & Millichap had a negative net margin of 1.69% and a negative return on equity of 1.99%. The firm had revenue of $172.28 million for the quarter, compared to the consensus estimate of $172.60 million.

Marcus & Millichap Announces Dividend

The company also recently declared a half year 25 dividend, which will be paid on Monday, October 6th. Investors of record on Monday, September 15th will be paid a $0.25 dividend. This represents a yield of 160.0%. The ex-dividend date of this dividend is Monday, September 15th. Marcus & Millichap's dividend payout ratio is presently -161.29%.

Wall Street Analyst Weigh In

A number of brokerages have commented on MMI. JMP Securities assumed coverage on shares of Marcus & Millichap in a research report on Monday, July 21st. They set a "market perform" rating on the stock. Wall Street Zen cut shares of Marcus & Millichap from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Citizens Jmp started coverage on shares of Marcus & Millichap in a research report on Monday, July 21st. They issued a "market perform" rating on the stock. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Marcus & Millichap has a consensus rating of "Reduce" and a consensus target price of $30.00.

Marcus & Millichap Company Profile

Marcus & Millichap, Inc engages in the provision of investment real estate brokerage services. It specializes in commercial real estate investment sales, property financing, research, and advisory services. The company was founded by George M. Marcus and William A. Millichap in 1971 and is headquartered in Calabasas, CA.