Wells Fargo & Company Has Lowered Expectations for Marcus & Millichap (NYSE:MMI) Stock Price

Key Points

• Wells Fargo & Company has reduced the price target for Marcus & Millichap from $30.00 to $29.00, indicating a potential downside of 6.30% from its current price.
• Marcus & Millichap's recent quarterly earnings showed an EPS of ($0.28), which was significantly lower than the consensus estimate of ($0.04).
• Institutional investors control 62.78% of Marcus & Millichap’s stock, with significant stake increases from firms like Tributary Capital Management, which raised its stake by 92.4%.

Marcus & Millichap (NYSE:MMI - Get Free Report) had its price target reduced by analysts at Wells Fargo & Company from $30.00 to $29.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "underweight" rating on the real estate investment trust's stock. Wells Fargo & Company's target price would indicate a potential downside of 6.30% from the company's current price.

Several other research firms have also recently weighed in 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. Citizens Jmp began coverage on shares of Marcus & Millichap in a report on Monday, July 21st. They set a "market perform" rating on the stock. Wall Street Zen lowered shares of Marcus & Millichap from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Marcus & Millichap in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Marcus & Millichap has an average rating of "Reduce" and a consensus target price of $29.00.

Marcus & Millichap Trading Up 1.5%

NYSE MMI traded up $0.47 during trading hours on Friday, reaching $30.95. The company's stock had a trading volume of 20,581 shares, compared to its average volume of 122,973. The business has a 50-day simple moving average of $30.71 and a 200 day simple moving average of $30.60. Marcus & Millichap has a 52 week low of $27.35 and a 52 week high of $42.80. The stock has a market cap of $1.21 billion, a PE ratio of -99.37 and a beta of 1.28.

Marcus & Millichap (NYSE:MMI - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The real estate investment trust reported ($0.28) EPS 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 during the quarter, compared to analyst estimates of $172.60 million.

Institutional Trading of Marcus & Millichap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MMI. Tributary Capital Management LLC increased its stake in Marcus & Millichap by 92.4% in the third quarter. Tributary Capital Management LLC now owns 1,339,094 shares of the real estate investment trust's stock valued at $39,302,000 after acquiring an additional 643,277 shares during the period. Hotchkis & Wiley Capital Management LLC bought a new stake in Marcus & Millichap in the first quarter valued at about $6,045,000. Envestnet Asset Management Inc. increased its stake in Marcus & Millichap by 76.1% in the second quarter. Envestnet Asset Management Inc. now owns 209,908 shares of the real estate investment trust's stock valued at $6,446,000 after acquiring an additional 90,737 shares during the period. Nuveen LLC bought a new stake in Marcus & Millichap during the first quarter worth about $2,570,000. Finally, Reinhart Partners LLC. grew its stake in Marcus & Millichap by 2.4% during the second quarter. Reinhart Partners LLC. now owns 2,214,779 shares of the real estate investment trust's stock worth $68,016,000 after buying an additional 51,844 shares during the last quarter. Institutional investors own 62.78% of the company's stock.

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.

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