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

Marcus & Millichap, Inc. (NYSE:MMI)’s share price was up 9.7% during trading on Friday following a stronger than expected earnings report. The company traded as high as $41.94 and last traded at $40.88. Approximately 59,034 shares were traded during 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 the consensus estimate of ($0.06) by $0.28. Marcus & Millichap had a negative return on equity of 4.95% and a negative net margin of 5.01%. During the same period in the previous year, the company earned ($0.27) earnings per share.

Marcus & Millichap Dividend Announcement

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

Institutional Investors Weigh In On Marcus & Millichap

Hedge funds have recently made changes to their positions in the company. Sterling Capital Management LLC increased its holdings in shares of Marcus & Millichap by 807.2% during the fourth quarter. Sterling Capital Management LLC now owns 753 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 670 shares in the last quarter. R Squared Ltd bought a new stake in Marcus & Millichap during the 4th quarter worth approximately $66,000. KLP Kapitalforvaltning AS acquired a new stake in Marcus & Millichap during the 4th quarter valued at $172,000. BNP Paribas Financial Markets raised its position in Marcus & Millichap by 8.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,165 shares of the real estate investment trust’s stock valued at $205,000 after purchasing an additional 400 shares during the last quarter. Finally, Heritage Family Offices LLP boosted its stake in Marcus & Millichap by 7.1% in the fourth quarter. Heritage Family Offices LLP now owns 7,030 shares of the real estate investment trust’s stock worth $269,000 after purchasing an additional 464 shares in the last quarter. Institutional investors and hedge funds own 62.78% of the company’s stock.

Marcus & Millichap Stock Up 8.9 %

The company has a market cap of $1.58 billion, a P/E ratio of -50.47 and a beta of 1.16. The firm has a fifty day moving average price of $37.70 and a 200 day moving average price of $38.56.

About Marcus & Millichap

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.