Marcus & Millichap (MMI) Shares Up 5.1% on Strong Earnings

Marcus & Millichap Inc (NYSE:MMI) shares shot up 5.1% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $36.98 and last traded at $36.89. 557,001 shares changed hands during trading, an increase of 173% from the average session volume of 204,121 shares. The stock had previously closed at $35.11.

The real estate investment trust reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.04. Marcus & Millichap had a return on equity of 23.06% and a net margin of 8.44%. The company had revenue of $210.60 million for the quarter, compared to analysts’ expectations of $192.58 million. During the same quarter in the previous year, the business posted $0.40 EPS. The business’s revenue for the quarter was up 14.9% on a year-over-year basis.

Several research firms have weighed in on MMI. JMP Securities cut Marcus & Millichap from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 22nd. Zacks Investment Research lowered Marcus & Millichap from a “buy” rating to a “hold” rating in a report on Saturday, August 11th. Finally, ValuEngine upgraded Marcus & Millichap from a “hold” rating to a “buy” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $42.67.

In other news, Director George M. Marcus sold 28,315 shares of Marcus & Millichap stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $38.30, for a total transaction of $1,084,464.50. Following the completion of the sale, the director now directly owns 18,021 shares in the company, valued at approximately $690,204.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director George M. Marcus sold 38,214 shares of Marcus & Millichap stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $37.79, for a total value of $1,444,107.06. Following the sale, the director now owns 18,021 shares of the company’s stock, valued at $681,013.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 894,852 shares of company stock valued at $32,227,552. 58.30% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in MMI. Royal Bank of Canada lifted its holdings in shares of Marcus & Millichap by 1,029.1% during the 1st quarter. Royal Bank of Canada now owns 5,160 shares of the real estate investment trust’s stock valued at $186,000 after buying an additional 4,703 shares during the last quarter. Zacks Investment Management acquired a new stake in Marcus & Millichap in the 2nd quarter worth approximately $246,000. California Public Employees Retirement System acquired a new stake in Marcus & Millichap in the 2nd quarter worth approximately $246,000. WINTON GROUP Ltd acquired a new stake in Marcus & Millichap in the 2nd quarter worth approximately $295,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Marcus & Millichap in the 2nd quarter worth approximately $300,000. Institutional investors and hedge funds own 50.88% of the company’s stock.

The company has a debt-to-equity ratio of 0.02, a current ratio of 5.69 and a quick ratio of 5.69. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 22.77, a P/E/G ratio of 2.94 and a beta of 1.13.

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About Marcus & Millichap (NYSE:MMI)

Marcus & Millichap, Inc, a brokerage firm, provides 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, and industrial properties, as well as hospitality, self-storage, seniors housing, land, and manufactured housing properties.

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