Marcus & Millichap (NYSE:MMI) Price Target Lowered to $26.00 at Wells Fargo & Company

Marcus & Millichap (NYSE:MMIGet Rating) had its price objective reduced by equities research analysts at Wells Fargo & Company from $30.00 to $26.00 in a note issued to investors on Friday, Stock Target Advisor reports. The brokerage currently has an “underweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 23.57% from the company’s current price.

Marcus & Millichap Stock Down 3.0 %

Shares of NYSE:MMI traded down $1.06 during mid-day trading on Friday, reaching $34.02. 2,596 shares of the stock were exchanged, compared to its average volume of 126,961. Marcus & Millichap has a one year low of $34.13 and a one year high of $58.33. The stock’s 50 day simple moving average is $38.62 and its 200-day simple moving average is $41.95. The company has a market cap of $1.36 billion, a P/E ratio of 8.05 and a beta of 0.99.

Marcus & Millichap (NYSE:MMIGet Rating) last issued its quarterly earnings results on Friday, August 5th. The real estate investment trust reported $1.04 EPS for the quarter, topping the consensus estimate of $0.84 by $0.20. Marcus & Millichap had a net margin of 11.07% and a return on equity of 25.12%. During the same quarter in the previous year, the firm posted $0.78 EPS.

Insider Buying and Selling at Marcus & Millichap

In related news, insider Gregory A. Laberge sold 2,155 shares of Marcus & Millichap stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $40.45, for a total transaction of $87,169.75. Following the completion of the sale, the insider now directly owns 10,172 shares of the company’s stock, valued at approximately $411,457.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 38.80% of the company’s stock.

Institutional Investors Weigh In On Marcus & Millichap

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Marcus & Millichap by 0.7% during the first quarter. Vanguard Group Inc. now owns 3,957,793 shares of the real estate investment trust’s stock valued at $208,497,000 after purchasing an additional 25,663 shares during the period. Royce & Associates LP grew its holdings in shares of Marcus & Millichap by 10.2% in the second quarter. Royce & Associates LP now owns 1,584,177 shares of the real estate investment trust’s stock valued at $58,599,000 after acquiring an additional 147,129 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Marcus & Millichap by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,440,600 shares of the real estate investment trust’s stock worth $75,887,000 after acquiring an additional 24,445 shares during the period. Reinhart Partners Inc. lifted its holdings in Marcus & Millichap by 1.4% during the first quarter. Reinhart Partners Inc. now owns 1,155,798 shares of the real estate investment trust’s stock worth $60,887,000 after acquiring an additional 15,855 shares during the period. Finally, State Street Corp boosted its position in Marcus & Millichap by 1.4% in the second quarter. State Street Corp now owns 819,198 shares of the real estate investment trust’s stock worth $30,302,000 after purchasing an additional 11,548 shares during the last quarter. Institutional investors and hedge funds own 60.73% of the company’s stock.

Marcus & Millichap Company Profile

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Marcus & Millichap, Inc, an investment brokerage company, provides real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real estate investment sales, financing, research, and advisory services for multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing.

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