– Board Authorizes Additional $70 Million –
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 has approved an additional $70 million to repurchase common stock under its stock repurchase program. After accounting for stock repurchased through April 28, 2023, and the increased authorization, Marcus & Millichap has approximately $80 million available to repurchase stock under its program. No time limit has been established for the completion of the program, and the repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.
Since initiating a stock repurchase program in mid-2022, the Company has repurchased $60 million comprised of 1.8 million shares at an average price of $32.88 per share.
