Marcus & Millichap (NYSE:MMI) Trading Up 9.7% Following Better-Than-Expected Earnings

Marcus & Millichap, Inc. (NYSE:MMI) was up 9.7% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $41.94 and last traded at $40.88. Approximately 59,034 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 83,520 shares. The stock had previously closed at $37.27.

The real estate investment trust reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.28. Marcus & Millichap had a negative net margin of 5.01% and a negative return on equity of 4.95%. During the same quarter in the previous year, the business earned ($0.27) earnings per share.

Marcus & Millichap Dividend Announcement

The firm also recently declared a semi-annual dividend, which will be paid on Friday, April 4th. Shareholders of record on Wednesday, March 12th will be paid a dividend of $0.25 per share. This represents a yield of 1.3%. The ex-dividend date is Wednesday, March 12th. Marcus & Millichap’s dividend payout ratio is -61.73%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MMI. Harbor Capital Advisors Inc. raised its stake in shares of Marcus & Millichap by 103.8% in the third quarter. Harbor Capital Advisors Inc. now owns 149,403 shares of the real estate investment trust’s stock valued at $5,921,000 after acquiring an additional 76,089 shares during the last quarter. Reinhart Partners LLC. raised its stake in shares of Marcus & Millichap by 4.0% in the fourth quarter. Reinhart Partners LLC. now owns 1,909,491 shares of the real estate investment trust’s stock valued at $73,057,000 after acquiring an additional 73,792 shares during the last quarter. Norges Bank bought a new position in shares of Marcus & Millichap in the fourth quarter valued at approximately $2,727,000. JPMorgan Chase & Co. raised its stake in shares of Marcus & Millichap by 61.5% in the fourth quarter. JPMorgan Chase & Co. now owns 123,089 shares of the real estate investment trust’s stock valued at $4,709,000 after acquiring an additional 46,865 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Marcus & Millichap by 21.1% in the fourth quarter. Jennison Associates LLC now owns 264,435 shares of the real estate investment trust’s stock valued at $10,117,000 after acquiring an additional 46,154 shares during the last quarter. Institutional investors own 62.78% of the company’s stock.

Marcus & Millichap Price Performance

The business’s 50 day moving average price is $37.67 and its 200-day moving average price is $38.55. The company has a market cap of $1.53 billion, a P/E ratio of -48.64 and a beta of 1.16.

Marcus & Millichap Company Profile

Marcus & Millichap, Inc engages in the provision of investment real estate brokerage services. It specializes in commercial real estate investment sales, property financing, research, and advisory services. The company was founded by George M. Marcus and William A. Millichap in 1971 and is headquartered in Calabasas, CA.