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

Marcus & Millichap (NYSE:MMI) had its target price trimmed by Wells Fargo & Company from $29.00 to $28.00 in a report released on Monday morning,Benzinga reports. The firm currently has an underweight rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently commented on MMI. Wall Street Zen downgraded Marcus & Millichap from a “buy” rating to a “hold” rating in a report on Sunday, December 28th. Weiss Ratings reissued a “sell (d+)” rating on shares of Marcus & Millichap in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $28.00.

Marcus & Millichap Price Performance

Shares of MMI opened at $25.51 on Monday. The company’s fifty day moving average price is $27.48 and its 200-day moving average price is $29.44. Marcus & Millichap has a 1-year low of $24.96 and a 1-year high of $41.94. The firm has a market capitalization of $992.93 million, a PE ratio of -159.44 and a beta of 1.32.

Marcus & Millichap (NYSE:MMI) last issued its quarterly earnings results on Friday, November 7th. The real estate investment trust reported $0.09 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 analysts’ expectations of $183.10 million. Marcus & Millichap had a negative return on equity of 0.58% and a negative net margin of 0.89%.

Institutional Inflows and Outflows

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

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.