Marcus & Millichap Further Expands Capital Allocation Strategy With Initial Stock Repurchase Program
August 03 2022 - 8:00AM
Business Wire
- Authorizes $70 Million Stock Repurchase
Program -
- Declares $0.25 per Share Semi-annual
Regular Dividend -
Marcus & Millichap Inc. (NYSE: MMI), a leading commercial
real estate brokerage firm specializing in investment sales,
financing, research and advisory services, announced today that its
Board of Directors (the “Board”) has authorized a $70 million stock
repurchase program.
The Company’s stock repurchase program authorizes the purchase
of the Company’s common stock through open market and privately
negotiated transactions, at such times and in such amounts as
management deems appropriate. The timing and actual number of
shares repurchased will depend on a variety of factors, including
price, corporate and regulatory requirements, capital availability
and other market conditions. The stock repurchase program does not
have an expiration date and may be limited or terminated at any
time without prior notice.
In addition, per the company’s announcement of a dividend policy
in February of 2022, the Board of Directors has declared a
semi-annual regular dividend of $0.25 per share, or approximately
$10.4 million, payable on October 6, 2022 to stockholders of record
as of the close of business on September 15, 2022. Any and all
future dividends are subject to review and approval by the Board of
Directors.
Hessam Nadji, President and CEO, stated, “We continue to focus
on delivering long-term value for investors, balancing strategic
investments with a return of capital to shareholders. Our strong
balance sheet enables us to remain proactive in pursuing strategic
acquisitions and continue investing in technology and other
platform enhancements as our top capital allocation strategies. At
the same time, we are in a great position to implement our first
stock repurchase program in combination with our regular dividend
policy and the special dividend paid earlier this year. These
programs have the Board’s full support and reflect our continued
confidence in the overall long-term outlook of the Company.”
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading national brokerage
firm specializing in commercial real estate investment sales,
financing, research and advisory services. As of March 31, 2022,
the Company had 1,931 investment sales and financing professionals
in 81 offices who provide investment brokerage and financing
services to sellers and buyers of commercial real estate. The
Company also offers market research, consulting and advisory
services to our clients. Marcus & Millichap closed 2,904
transactions during the three months ended March 31, 2022, with a
sales volume of $21.0 billion. For additional information, please
visit www.MarcusMillichap.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements, including the
Company’s execution of our capital return program, including the
semi-annual dividend and stock repurchase program, and expectations
for accretive acquisitions. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends affecting the financial
condition of our business. Forward-looking statements should not be
read as a guarantee of future performance or results and will not
necessarily be accurate indications of the times at, or by, which
such performance or results may be achieved. Forward-looking
statements are based on information available at the time those
statements are made and/or management’s good faith belief as of
that time with respect to future events and are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. Important factors that could cause such
differences include, but are not limited to:
- uncertainties relating to the economic, operational and
financial impact of the ongoing COVID-19 pandemic, including
uncertainties regarding the potential impact of new variants on our
workforce;
- general uncertainty in the capital markets and a worsening of
economic conditions and the rate and pace of economic recovery
following an economic downturn;
- changes in our business operations;
- market trends in the commercial real estate market or the
general economy, including the impact of inflation;
- our ability to attract and retain qualified senior executives,
managers and investment sales and financing professionals;
- the effects of increased competition on our business;
- our ability to successfully enter new markets or increase our
market share;
- our ability to successfully expand our services and businesses
and to manage any such expansions;
- our ability to retain existing clients and develop new
clients;
- our ability to keep pace with changes in technology;
- any business interruption or technology failure, including
cyber and ransomware attacks, and any related impact on our
reputation;
- changes in interest rates, availability of capital, tax laws,
employment laws or other government regulation affecting our
business;
- our ability to successfully identify, negotiate, execute and
integrate accretive acquisitions; and
- other risk factors included under “Risk Factors” in our most
recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q.
In addition, in this release, the words “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“predict,” “potential,” “should” and similar expressions, as they
relate to our company, our business and our management, are
intended to identify forward-looking statements. In light of these
risks and uncertainties, the forward-looking events and
circumstances discussed in this release may not occur and actual
results could differ materially from those anticipated or implied
in the forward-looking statements.
Forward-looking statements speak only as of the date of this
release. You should not put undue reliance on any forward-looking
statements. We assume no obligation to update forward-looking
statements to reflect actual results, changes in assumptions or
changes in other factors affecting forward-looking information,
except to the extent required by applicable laws. If we update one
or more forward-looking statements, no inference should be drawn
that we will make additional updates with respect to those or other
forward-looking statements.
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Investor Relations: Investor Relations
InvestorRelations@marcusmillichap.com
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