Pzena Investment Management LLC Raises Stock Position in Marcus & Millichap, Inc. (NYSE:MMI)

Pzena Investment Management LLC raised its holdings in shares of Marcus & Millichap, Inc. (NYSE:MMI) by 122.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 641,667 shares of the real estate investment trust’s stock after acquiring an additional 352,832 shares during the quarter. Pzena Investment Management LLC’s holdings in Marcus & Millichap were worth $20,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of MMI. Allspring Global Investments Holdings LLC purchased a new position in shares of Marcus & Millichap during the 1st quarter worth $85,000. EntryPoint Capital LLC purchased a new position in shares of Marcus & Millichap during the 1st quarter worth $85,000. LRI Investments LLC purchased a new position in shares of Marcus & Millichap during the 1st quarter worth $143,000. Scharf Investments LLC lifted its stake in shares of Marcus & Millichap by 18.8% during the 1st quarter. Scharf Investments LLC now owns 5,905 shares of the real estate investment trust’s stock valued at $202,000 after buying an additional 933 shares in the last quarter. Finally, Heritage Family Offices LLP purchased a new position in shares of Marcus & Millichap during the 2nd quarter valued at $207,000. Hedge funds and other institutional investors own 62.78% of the company’s stock.

Marcus & Millichap Stock Performance

MMI opened at $38.21 on Thursday. Marcus & Millichap, Inc. has a fifty-two week low of $26.81 and a fifty-two week high of $44.24. The firm’s fifty day moving average is $36.82 and its 200 day moving average is $34.43. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -38.21 and a beta of 1.12.

Marcus & Millichap (NYSE:MMI) last released its earnings results on Wednesday, August 7th. The real estate investment trust reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. Marcus & Millichap had a negative net margin of 5.68% and a negative return on equity of 5.50%. The company had revenue of $158.37 million for the quarter.

Marcus & Millichap Announces Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a yield of 1.3%. Marcus & Millichap’s dividend payout ratio is currently -50.00%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Marcus & Millichap from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th.

Insider Buying and Selling at Marcus & Millichap

In other Marcus & Millichap news, CEO Hessam Nadji sold 800 shares of Marcus & Millichap stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $40.03, for a total value of $32,024.00. Following the sale, the chief executive officer now directly owns 223,323 shares in the company, valued at approximately $8,939,619.69. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 29,700 shares of company stock worth $1,119,675. Insiders own 39.20% of the company’s stock.

Marcus & Millichap Company Profile

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, as well as capital markets.