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

Marcus & Millichap (NYSE:MMI) had its price target lowered by analysts at Wells Fargo & Company from $29.00 to $28.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 2.56% from the company’s current price.

A number of other analysts also recently issued reports on the company. Wall Street Zen downgraded Marcus & Millichap from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Weiss Ratings restated a “sell (d+)” rating on shares of Marcus & Millichap in a report on Monday, December 29th. Two equities research 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, the company currently has an average rating of “Reduce” and a consensus target price of $28.00.

Marcus & Millichap Stock Up 0.4%

Marcus & Millichap stock traded up $0.10 during mid-day trading on Monday, hitting $27.30. 10,176 shares of the stock were exchanged, compared to its average volume of 260,257. The firm’s fifty day simple moving average is $27.71 and its two-hundred day simple moving average is $29.54. Marcus & Millichap has a 12 month low of $25.30 and a 12 month high of $41.94. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -170.63 and a beta of 1.32.

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

Institutional Investors Weigh In On Marcus & Millichap

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its position in shares of Marcus & Millichap by 42.8% during the 1st quarter. AQR Capital Management LLC now owns 13,702 shares of the real estate investment trust’s stock valued at $472,000 after buying an additional 4,110 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Marcus & Millichap by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,952 shares of the real estate investment trust’s stock valued at $481,000 after purchasing an additional 600 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Marcus & Millichap by 12.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 77,339 shares of the real estate investment trust’s stock valued at $2,664,000 after acquiring an additional 8,369 shares in the last quarter. Jane Street Group LLC grew its position in shares of Marcus & Millichap by 325.7% during the first quarter. Jane Street Group LLC now owns 43,091 shares of the real estate investment trust’s stock worth $1,484,000 after acquiring an additional 32,968 shares during the last quarter. Finally, Strs Ohio acquired a new position in Marcus & Millichap in the 1st quarter valued at about $145,000. 62.78% of the stock is currently owned by hedge funds and other institutional investors.

About Marcus & Millichap

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.