Revenue Grew 39% Year over Year to $396
Million
Net Income Rose 34% to $1.04 Per Diluted
Share
Marcus & Millichap, Inc. (the “Company”, “Marcus &
Millichap”, “MMI”) (NYSE: MMI), a leading national brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services, today reported a record second
quarter.
Second Quarter 2022 Highlights Compared to Second Quarter
2021
- Total revenues grew by 39.0% to $396.0 million
- Net income increased to $42.2 million, or $1.04 per common
share, diluted, compared to $31.5 million, or $0.78 per common
share, diluted
- Adjusted EBITDA was up 30.8% to $62.9 million compared to $48.1
million
- Brokerage commissions increased to $354.7 million, up 40.2%
from prior year
- Private Client brokerage revenue grew by 32.7% to $209.9
million
- Middle Market and Larger Transaction Market brokerage revenue
increased 58.5% to $138.1 million
- Financing fees improved 30.5% to $36.8 million
Six Months 2022 Highlights Compared to Six Months
2021
- Total revenues increased by 52.6% to $715.4 million
- Net income increased to $75.0 million, or $1.85 per common
share, diluted, compared to $46.5 million, or $1.16 per common
share, diluted
- Adjusted EBITDA grew 55.5% to $114.8 million compared to $73.8
million
- Brokerage commissions grew to $641.6 million or 54.3% from
$415.7 million
- Private Client brokerage revenue increased by 40.7% to $370.9
million
- Middle Market and Larger Transaction Market brokerage revenue
rose 86.6% to $258.2 million
- Financing fees improved 37.4% to $63.3 million
“The second quarter was another record for MMI as our sales and
financing professionals effectively navigated a changing
macroeconomic environment, and we benefited from ongoing
investments into the business,” said Hessam Nadji, President and
CEO. “We saw increased activity across the board driven by our
client outreach and marketing initiatives as well as investors’
heightened motivation to transact before additional interest rate
increases. These factors led to the significant increase in
transactions compared to a year ago, including many transaction
closings pulling forward into the quarter. There was also
significant rotation both between property types and regions as
equity built over the past few years was redeployed.”
Mr. Nadji continued, “Looking ahead, we anticipate that the
effect of rapid interest rate increases, and expectations of
additional rate hikes will further widen the bid/ask spread and
tighten lender underwriting. Notwithstanding this market transition
and time needed for valuation expectations to reset, capital is
still attracted to commercial real estate as an inflation hedge
with healthy supply-demand fundamentals and solid long-term growth
prospects. Our fortress balance sheet enables us to continue to
support our growth strategy through internal initiatives to further
strengthen the MMI platform, such as enhancing technology to
increase sales force efficiency, continuing to bolster the team
with experienced professionals, and making targeted accretive
acquisitions. With our capabilities, broad relationships, and deep
industry expertise, we believe we are well positioned for long-term
growth and building shareholder value.”
Dividends
In the six months ended June 30, 2022, the Company paid $50.1
million in dividends to outstanding shareholders. As of June 30,
2022, accrued dividends related to unvested restricted stock units
totaled $2.0 million.
On August 2, 2022, the Board of Directors 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 at
the close of business on September 15, 2022.
Second Quarter 2022 Results Compared to Second Quarter
2021
Total revenues for the second quarter of 2022 reached $396.0
million, compared to $284.9 million for the same period during the
prior year, an increase of 39.0%. The growth in total revenues was
driven by increases in real estate brokerage commissions and
financing fees. Real estate brokerage commissions increased 40.2%
to $354.7 million from the same period in the prior year primarily
due to an increase in overall volume of investment sales and
average transaction size, and revenue growth of 58.5% in the
combined Middle Market and Larger Transaction Market and 32.7% in
the Private Client Market. Financing fees increased by 30.5% to
$36.8 million due to an overall increase in volume of financing
transactions and an increase in average transaction size.
Total operating expenses for the second quarter of 2022 were
$339.2 million, an increase of 39.4% compared to $243.3 million for
the same period in the prior year. The change was primarily driven
by a 43.4% increase in cost of services and a 29.2% increase in
selling, general and administrative expense. Cost of services as a
percent of total revenues increased by 200 basis points to 64.7%
compared to the same period during the prior year, primarily due to
senior investment sales and financing professionals earning
additional commissions as certain annual revenue thresholds were
achieved earlier than in prior years.
Selling, general and administrative expense for the second
quarter of 2022 increased by $18.0 million to $79.8 million,
compared to the same period in the prior year. The change was
primarily due to increases in (i) compensation related costs,
primarily driven by increases in performance compensation due to
significant year-over-year growth in operating results; (ii)
business development, marketing and other support related to the
long-term retention of our sales and financing professionals; and
(iii) a return to in-person agent and client business events,
conferences, and meetings.
Net income for the second quarter of 2022 was $42.2 million, or
$1.04 per common share, diluted, compared to $31.5 million, or
$0.78 per common share, diluted, for the same period in the prior
year. Adjusted EBITDA for the second quarter of 2022 was $62.9
million, compared to $48.1 million for the same period in the prior
year.
Six Months 2022 Results Compared to Six Months 2021
Total revenues for the six months ended June 30, 2022 were
$715.4 million, compared to $468.9 million for the same period in
the prior year, an increase of $246.5 million, or 52.6%. Total
operating expenses for the six months ended June 30, 2022 increased
by 50.9% to $614.4 million compared to $407.1 million for the same
period in the prior year. Cost of services as a percent of total
revenues increased to 63.3%, up 190 basis points compared to the
first six months of 2021. The Company’s net income for the six
months ended June 30, 2022 of $75.0 million, or $1.85 per common
share, diluted, compared with net income of $46.5 million, or $1.16
per common share, diluted, for the same period in the prior year.
Adjusted EBITDA for the six months ended June 30, 2022 increased to
$114.8 million, from $73.8 million for the same period in the prior
year. As of June 30, 2022, the Company had 1,901 investment sales
and financing professionals, a net loss of 121 over the prior
year.
Business Outlook
Notwithstanding the potential ongoing impact of the COVID-19
pandemic, the Company believes it is well positioned to achieve
long-term growth. However, short-term macroeconomic forces have
become increasingly fluid, particularly inflationary pressure and
interest rate movements, and these have the potential to influence
economic growth and investor sentiment.
The Company benefits from its experienced management team,
recent infrastructure investments, industry-leading market research
and proprietary technology. The size and fragmentation of the
Private Client Market segment continues to offer long-term growth
opportunities through consolidation. This highly fragmented market
segment consistently accounts for 80% of all commercial property
sales transactions and over 59% of the commission pool. The top 10
brokerage firms, led by MMI, have an estimated 21% share of this
segment by transaction count.
Key factors that may influence the Company’s business during the
rest of 2022 include:
- Volatility in sales and financing activity and investor
sentiment driven by:
- Slowdown in sales and financing activity of asset types
impacted by COVID-19, elevated inflation, interest rate
fluctuations, an increasing bid-ask spread between buyers and
sellers, and economic trends including a potential recession
- Possible impact to investor sentiment related to the outcome of
the midterm elections and any potential policy or tax law changes
that may contribute to future fluctuations in sales and financing
activity
- Potential higher cost of services resulting from more
experienced investment sales and financing professionals closing a
larger share of revenue and surpassing revenue thresholds earlier
in the year
- Volatility in each of the Company’s market segments
- High variability in the Larger Transaction Market segment from
quarter to quarter, particularly due to changes in the macro
economy and capital market conditions
- Increase in costs related to inflation and the return of
in-person events, client meetings, and conferences
- The impact of a potential rapid increase in interest rates that
could affect acquisition, financing and refinance activity
- Global geopolitical uncertainty, which may disrupt financial
markets or cause investors to refrain from transacting
Webcast and Call Information
Marcus & Millichap will host a live webcast today to discuss
the financial results at 7:30 a.m. Pacific Time/10:30 a.m. Eastern
Time. The webcast will be accessible through the Investor Relations
section of Marcus & Millichap's website at
ir.marcusmillichap.com and will be archived upon completion of the
call. The Company encourages the use of the webcast due to
potential extended wait times to access the conference call via
dial-in.
For those unable to access the webcast, callers from the United
States and Canada should dial 1-877-407-9208 ten minutes prior to
the scheduled call time. International callers should dial
1-201-493-6784.
Replay Information
For those unable to participate during the live broadcast, a
telephonic replay of the call will also be available from 1:30 p.m.
Eastern Time on Friday, August 5, 2022 through 11:59 p.m. Eastern
Time on Friday, August 19, 2022 by dialing 1-844-512-2921 in the
United States and Canada or 1-412-317-6671 internationally and
entering passcode 13731197.
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 June 30, 2022, the
Company had 1,901 investment sales and financing professionals in
82 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 6,540 transactions during
the six months ended June 30, 2022, with a sales volume of $47.4
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 business outlook for 2022, the potential continuing
impact of the COVID-19 pandemic, the anticipation of interest rate
increases, the execution of our capital return program, and
expectations for market share growth. 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 rising 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. We have not filed our Form 10-Q for the
quarter ended June 30, 2022. As a result, all financial results
described in this earnings release should be considered
preliminary, and are subject to change to reflect any necessary
adjustments or changes in accounting estimates, that are identified
prior to the time we file our Form 10-Q.
MARCUS & MILLICHAP,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF NET AND COMPREHENSIVE INCOME
(in thousands, except per
share amounts)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Revenues:
Real estate brokerage
commissions
$
354,685
$
252,903
$
641,594
$
415,699
Financing fees
36,811
28,214
63,264
46,057
Other revenues
4,461
3,829
10,563
7,167
Total revenues
395,957
284,946
715,421
468,923
Operating expenses:
Cost of services
256,042
178,585
452,810
287,688
Selling, general and
administrative
79,841
61,797
154,376
113,474
Depreciation and amortization
3,332
2,959
7,243
5,956
Total operating expenses
339,215
243,341
614,429
407,118
Operating income
56,742
41,605
100,992
61,805
Other (expense) income, net
(461)
1,370
(11)
2,414
Interest expense
(158)
(146)
(318)
(292)
Income before provision for
income taxes
56,123
42,829
100,663
63,927
Provision for income taxes
13,955
11,297
25,712
17,383
Net income
$
42,168
$
31,532
$
74,951
$
46,544
Other comprehensive loss:
Marketable debt securities,
available-for-sale:
Change in net unrealized
gains/losses
(1,558)
146
(3,915)
(475)
Less: reclassification adjustment
for net gains
included in other (expense)
income, net
7
3
(77)
3
Net change, net of tax of $528 and $1,366
for the
three and six months ended June 30, 2022,
and $(51) and
$164 for the three and six months ended
June 30, 2021,
respectively
(1,551)
149
(3,992)
(472)
Foreign currency translation gain (loss),
net of tax of
$0 for each of the three and six months
ended June 30, 2022
and 2021, respectively
179
(217)
120
(330)
Total other comprehensive
loss
(1,372)
(68)
(3,872)
(802)
Comprehensive income
$
40,796
$
31,464
$
71,079
$
45,742
Earnings per share:
Basic
$
1.05
$
0.79
$
1.87
$
1.17
Diluted
$
1.04
$
0.78
$
1.85
$
1.16
Weighted average common shares
outstanding:
Basic
40,048
39,877
40,018
39,817
Diluted
40,342
40,139
40,390
40,112
MARCUS & MILLICHAP, INC. KEY
OPERATING METRICS SUMMARY (Unaudited)
Total sales volume was approximately $26.4 billion for the three
months ended June 30, 2022, encompassing 3,636 transactions
consisting of $19.9 billion for real estate brokerage (2,685
transactions), $4.5 billion for financing (697 transactions) and
$2.0 billion in other transactions, including consulting and
advisory services (254 transactions). Total sales volume was $47.4
billion for the six months ended June 30, 2022, encompassing 6,540
transactions consisting of $37.1 billion for real estate brokerage
(4,822 transactions), $7.2 billion for financing (1,217
transactions) and $3.1 billion in other transactions, including
consulting and advisory services (501 transactions). As of June 30,
2022, the Company had 1,812 investment sales professionals and 89
financing professionals. Key metrics for real estate brokerage and
financing activities (excluding other transactions) are as
follows:
Three Months Ended June 30,
Six Months Ended June 30,
Real Estate Brokerage
2022
2021
2022
2021
Average Number of Investment Sales
Professionals
1,822
1,934
1,839
1,946
Average Number of Transactions per
Investment Sales Professional
1.47
1.20
2.62
2.01
Average Commission per Transaction
$
132,099
$
108,542
$
133,056
$
106,100
Average Commission Rate
1.79
%
1.87
%
1.73
%
1.85
%
Average Transaction Size (in
thousands)
$
7,399
$
5,820
$
7,688
$
5,723
Total Number of Transactions
2,685
2,330
4,822
3,918
Total Sales Volume (in millions)
$
19,868
$
13,560
$
37,073
$
22,424
Three Months Ended June 30,
Six Months Ended June 30,
Financing (1)
2022
2021
2022
2021
Average Number of Financing
Professionals
87
85
86
86
Average Number of Transactions per
Financing Professional
8.01
8.05
14.15
13.70
Average Fee per Transaction
$
44,985
$
34,783
$
44,198
$
32,972
Average Fee Rate
0.70
%
0.82
%
0.75
%
0.86
%
Average Transaction Size (in
thousands)
$
6,453
$
4,228
$
5,882
$
3,824
Total Number of Transactions
697
684
1,217
1,178
Total Financing Volume (in millions)
$
4,498
$
2,892
$
7,158
$
4,504
(1)
Operating metrics exclude certain
financing fees not directly associated to transactions.
The following table sets forth the number of transactions, sales
volume and revenues by commercial real estate market segment for
real estate brokerage:
Three Months Ended June 30,
2022
2021
Change
Real Estate Brokerage
Number
Volume
Revenues
Number
Volume
Revenues
Number
Volume
Revenues
(in millions)
(in thousands)
(in millions)
(in thousands)
(in millions)
(in thousands)
<$1 million
279
$
168
$
6,672
297
$
200
$
7,618
(18)
$
(32)
$
(946)
Private Client Market ($1 - <$10
million)
2,021
7,348
209,868
1,767
5,675
158,136
254
1,673
51,732
Middle Market ($10 - <$20 million)
209
2,819
56,456
156
2,134
41,745
53
685
14,711
Larger Transaction Market (≥$20
million)
176
9,533
81,689
110
5,551
45,404
66
3,982
36,285
2,685
$
19,868
$
354,685
2,330
$
13,560
$
252,903
355
$
6,308
$
101,782
Six Months Ended June 30,
2022
2021
Change
Real Estate Brokerage
Number
Volume
Revenues
Number
Volume
Revenues
Number
Volume
Revenues
(in millions)
(in thousands)
(in millions)
(in thousands)
(in millions)
(in thousands)
<$1 million
485
$
296
$
12,459
524
$
349
$
13,756
(39)
$
(53)
$
(1,297)
Private Client Market ($1 - <$10
million)
3,627
13,044
370,899
2,967
9,343
263,559
660
3,701
107,340
Middle Market ($10 - <$20 million)
393
5,322
103,216
234
3,201
62,346
159
2,121
40,870
Larger Transaction Market (≥$20
million)
317
18,411
155,020
193
9,531
76,038
124
8,880
78,982
4,822
$
37,073
$
641,594
3,918
$
22,424
$
415,699
904
$
14,649
$
225,895
MARCUS & MILLICHAP,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except for
shares and par value)
June 30, 2022 (Unaudited)
December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$
211,651
$
382,140
Accounts receivable, net
14,138
17,230
Prepaid expenses
10,046
13,220
Marketable debt securities,
available-for-sale (includes amortized cost of $254,487 and
$183,915 at June 30, 2022 and
December 31, 2021, respectively, and $0 allowance for credit
losses)
253,040
183,868
Advances and loans, net
3,605
6,403
Other assets, current
5,880
5,270
Total current assets
498,360
608,131
Property and equipment, net
25,338
23,192
Operating lease right-of-use
assets, net
84,351
81,528
Marketable debt securities,
available-for-sale (includes amortized cost of $80,767 and
$111,858
at June 30, 2022 and December 31,
2021, respectively, and $0 allowance for credit losses)
77,588
112,610
Assets held in rabbi trust
9,587
11,508
Deferred tax assets, net
35,233
33,736
Goodwill and other intangible
assets, net
58,263
48,105
Advances and loans, net
164,469
113,242
Other assets, non-current
13,573
13,146
Total assets
$
966,762
$
1,045,198
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable and accrued
expenses
$
13,022
$
15,487
Deferred compensation and
commissions
55,387
114,685
Income tax payable
2,848
17,853
Operating lease liabilities
18,632
18,973
Accrued bonuses and other
employee related expenses
30,586
49,848
Other liabilities, current
7,567
8,784
Total current liabilities
128,042
225,630
Deferred compensation and
commissions
48,096
53,536
Operating lease liabilities
63,366
58,334
Other liabilities,
non-current
10,088
11,394
Total liabilities
249,592
348,894
Commitments and contingencies
-
-
Stockholders’ equity:
Preferred stock, $0.0001 par
value:
Authorized shares – 25,000,000; issued and
outstanding shares – none at June 30, 2022 and
December 31, 2021,
respectively
-
-
Common stock, $0.0001 par
value:
Authorized shares – 150,000,000; issued
and outstanding shares – 39,964,292 and
39,692,373 at June 30, 2022 and
December 31, 2021, respectively
4
4
Additional paid-in capital
123,767
121,844
Retained earnings
596,361
573,546
Accumulated other comprehensive
(loss) income
(2,962)
910
Total stockholders’ equity
717,170
696,304
Total liabilities and
stockholders’ equity
$
966,762
$
1,045,198
MARCUS & MILLICHAP, INC. OTHER
INFORMATION (Unaudited)
Adjusted EBITDA Reconciliation
Adjusted EBITDA, which the Company defines as net income before
(i) interest income and other, including net realized gains
(losses) on marketable debt securities, available-for-sale and cash
and cash equivalents, (ii) interest expense, (iii) provision for
income taxes, (iv) depreciation and amortization, (v) stock-based
compensation, and (vi) non-cash mortgage servicing rights (“MSRs”)
activity. The Company uses Adjusted EBITDA in its business
operations to evaluate the performance of its business, develop
budgets and measure its performance against those budgets, among
other things. The Company also believes that analysts and investors
use Adjusted EBITDA as a supplemental measure to evaluate its
overall operating performance. However, Adjusted EBITDA has
material limitations as a supplemental metric and should not be
considered in isolation or as a substitute for analysis of the
Company’s results as reported under U.S. generally accepted
accounting principles (“U.S. GAAP”). The Company finds Adjusted
EBITDA to be a useful management metric to assist in evaluating
performance, because Adjusted EBITDA eliminates items related to
capital structure, taxes and non-cash items. Considering the
foregoing limitations, the Company does not rely solely on Adjusted
EBITDA as a performance measure and also considers its U.S. GAAP
results. Adjusted EBITDA is not a measurement of the Company’s
financial performance under U.S. GAAP and should not be considered
as an alternative to net income, operating income or any other
measures calculated in accordance with U.S. GAAP. Because Adjusted
EBITDA is not calculated in the same manner by all companies, it
may not be comparable to other similarly titled measures used by
other companies.
A reconciliation of the most directly comparable U.S. GAAP
financial measure, net income, to Adjusted EBITDA is as follows (in
thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Net income
$
42,168
$
31,532
$
74,951
$
46,544
Adjustments:
Interest income and other (1)
(979)
(436)
(1,594)
(967)
Interest expense
158
146
318
292
Provision for income taxes
13,955
11,297
25,712
17,383
Depreciation and amortization
3,332
2,959
7,243
5,956
Stock-based compensation
4,275
2,662
8,131
4,950
Non-cash MSR activity (2)
-
(50)
-
(353)
Adjusted EBITDA
$
62,909
$
48,110
$
114,761
$
73,805
(1)
Other includes net realized gains
(losses) on marketable debt securities available-for-sale.
(2)
Non-cash MSR activity includes
the assumption of new servicing obligations.
Glossary of Terms
- Private Client Market segment: transactions with values from $1
million to up to but less than $10 million
- Middle Market segment: transactions with values from $10
million to up to but less than $20 million
- Larger Transaction Market segment: transactions with values of
$20 million and above
- Acquisitions: acquisition of businesses accounted for as a
business combination in accordance with generally accepted
accounting standards.
Certain Adjusted Metrics
Real Estate Brokerage
During the six months ended June 30, 2022, we closed a portfolio
of large transactions in our real estate brokerage business in
excess of $300 million. Following are actual and as adjusted
metrics excluding those transactions:
Three Months Ended June 30,
2022
Six Months Ended June 30,
2022
(actual)
(as adjusted)
(actual)
(as adjusted)
Total Sales Volume Increase
46.5
%
39.4
%
65.3
%
54.1
%
Average Commission Rate
Reduction
(4.3
)%
(0.2
)%
(6.6
)%
(2.0
)%
Average Transaction Size
Increase
27.1
%
21.1
%
34.3
%
25.3
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220805005069/en/
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