Wells Fargo & Company Lowers Marcus & Millichap (NYSE:MMI) Price Target to $28.00

Marcus & Millichap (NYSE:MMI) had its target price decreased by equities researchers at Wells Fargo & Company from $29.00 to $28.00 in a report issued on Monday,Benzinga reports. The firm currently has an “underweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 11.23% from the stock’s current price.

Several other brokerages have also issued reports on MMI. Weiss Ratings reiterated a “sell (d+)” rating on shares of Marcus & Millichap in a report on Monday, December 29th. Wall Street Zen lowered Marcus & Millichap from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $28.00.

Marcus & Millichap Stock Performance

MMI stock opened at $25.17 on Monday. The firm has a 50 day simple moving average of $27.57 and a 200 day simple moving average of $29.47. Marcus & Millichap has a 52 week low of $24.99 and a 52 week high of $41.94. The stock has a market cap of $979.73 million, a P/E ratio of -157.33 and a beta of 1.32.

Marcus & Millichap (NYSE:MMI) last released its earnings results on Friday, November 7th. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.13. The company had revenue of $193.89 million during the quarter, compared to the consensus estimate of $183.10 million. Marcus & Millichap had a negative net margin of 0.89% and a negative return on equity of 0.58%.

Institutional Trading of Marcus & Millichap

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tributary Capital Management LLC grew its holdings in Marcus & Millichap by 92.4% during 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 purchasing an additional 643,277 shares during the last quarter. Millennium Management LLC grew its stake in shares of Marcus & Millichap by 1,372.2% in the third quarter. Millennium Management LLC now owns 172,267 shares of the real estate investment trust’s stock worth $5,056,000 after acquiring an additional 160,566 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of 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 worth $6,446,000 after acquiring an additional 90,737 shares during the last quarter. Vanguard Group Inc. increased its position in Marcus & Millichap by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 3,816,951 shares of the real estate investment trust’s stock worth $104,165,000 after acquiring an additional 86,609 shares during the period. Finally, Invesco Ltd. raised its stake in Marcus & Millichap by 64.1% during the 3rd quarter. Invesco Ltd. now owns 128,485 shares of the real estate investment trust’s stock valued at $3,771,000 after purchasing an additional 50,204 shares during the last quarter. Institutional investors and hedge funds own 62.78% of the company’s stock.

Marcus & Millichap Company 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.