Marcus & Millichap (NYSE:MMI) Releases Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Marcus & Millichap (NYSE:MMI) issued its quarterly earnings data on Friday. The real estate investment trust reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.12, FiscalAI reports. Marcus & Millichap had a negative return on equity of 0.58% and a negative net margin of 0.89%.The business had revenue of $243.95 million for the quarter, compared to analyst estimates of $229.45 million.

Here are the key takeaways from Marcus & Millichap’s conference call:

• Marcus & Millichap delivered resumed profitability in 2025 with total revenue of $755 million (up 8.5%) and Adjusted EBITDA of $25 million versus $9 million in 2024, and Q4 results beat a tough prior-year comp.
• The firm added nearly 100 net brokerage and financing professionals (the strongest sales-force growth in seven years) and completed roughly 9,000 transactions totaling over $50 billion, with Private Client and Middle Market activity accelerating.
• Financing continues to scale — 2025 financing revenue rose 23% to $104 million, transaction count jumped 33%, and MMCC/IPA closed nearly $12 billion of financings (including ~$2.3B placed with Fannie/Freddie).
• Larger institutional deals (transactions ≥ $20M) declined ~13% as institutional apartment strength eased and select metros face oversupply and rising multifamily vacancies, leaving some assets underpriced to clear the market.
• The company enters 2026 with a strong balance sheet (~$398 million cash, no debt), ongoing dividends/share repurchases and targeted investments in AI and central services, while remaining disciplined and cautious on M&A given recent valuation uncertainty.

Marcus & Millichap Trading Up 1.3%

MMI stock traded up $0.33 during midday trading on Friday, hitting $25.34. The stock had a trading volume of 115,152 shares, compared to its average volume of 270,264. The firm has a market cap of $986.04 million, a P/E ratio of -158.34 and a beta of 1.32. The business has a fifty day moving average price of $27.12 and a two-hundred day moving average price of $29.24. Marcus & Millichap has a 1-year low of $24.43 and a 1-year high of $41.94.

Marcus & Millichap Announces Dividend

The company also recently announced a dividend, which will be paid on Friday, April 3rd. Investors of record on Friday, March 13th will be paid a dividend of $0.25 per share. This represents a yield of 190.0%. The ex-dividend date of this dividend is Friday, March 13th. Marcus & Millichap’s dividend payout ratio (DPR) is currently -312.50%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wells Fargo & Company cut their price target on Marcus & Millichap from $29.00 to $28.00 and set an “underweight” rating on the stock in a research note on Monday, February 2nd. Wall Street Zen downgraded shares of Marcus & Millichap from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Marcus & Millichap in a research report on Monday, December 29th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $28.00.

Hedge Funds Weigh In On Marcus & Millichap

Several institutional investors have recently added to or reduced their stakes in MMI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 acquiring an additional 600 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Marcus & Millichap by 8.1% in the third quarter. Intech Investment Management LLC now owns 10,284 shares of the real estate investment trust’s stock worth $302,000 after purchasing an additional 767 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Marcus & Millichap by 20.5% in the second quarter. BNP Paribas Financial Markets now owns 10,137 shares of the real estate investment trust’s stock valued at $311,000 after purchasing an additional 1,727 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Marcus & Millichap by 4.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 67,625 shares of the real estate investment trust’s stock valued at $1,845,000 after purchasing an additional 2,673 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Marcus & Millichap by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 385,116 shares of the real estate investment trust’s stock valued at $10,510,000 after buying an additional 3,547 shares during the last quarter. 62.78% of the stock is 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.