Bank of America Corporation Downgrades RE/MAX Holdings, Inc. (NYSE:RMAX) to Underperform

Bank of America Corporation downgraded shares of RE/MAX Holdings, Inc. (NYSE:RMAX) from a neutral rating to an underperform rating in a research report report published on Friday, June 30th, Marketbeat.com reports. Bank of America Corporation currently has $56.00 target price on the financial services provider’s stock.

RMAX has been the subject of several other research reports. Compass Point reiterated a sell rating on shares of RE/MAX Holdings in a research note on Thursday, March 9th. Wedbush assumed coverage on shares of RE/MAX Holdings in a research report on Tuesday, March 14th. They set a neutral rating on the stock. TheStreet raised shares of RE/MAX Holdings from a c rating to a b rating in a research report on Friday, March 17th. Keefe, Bruyette & Woods set a $53.00 price objective on shares of RE/MAX Holdings and gave the company a hold rating in a report on Monday, April 10th. Finally, Zacks Investment Research raised shares of RE/MAX Holdings from a hold rating to a buy rating and set a $66.00 price objective on the stock in a report on Thursday, April 27th. Three research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. RE/MAX Holdings currently has a consensus rating of Hold and a consensus target price of $58.33.

Shares of RE/MAX Holdings (NYSE:RMAX) traded down 0.60% during midday trading on Friday, hitting $57.95. The company’s stock had a trading volume of 48,807 shares. RE/MAX Holdings has a 52-week low of $40.41 and a 52-week high of $63.35. The stock’s 50 day moving average is $56.55 and its 200-day moving average is $56.63. The firm has a market cap of $1.03 billion, a P/E ratio of 45.03 and a beta of 0.93.

RE/MAX Holdings (NYSE:RMAX) last posted its quarterly earnings results on Thursday, May 4th. The financial services provider reported $0.40 EPS for the quarter, beating the consensus estimate of $0.39 by $0.01. RE/MAX Holdings had a net margin of 12.50% and a return on equity of 82.39%. The business had revenue of $48.20 million during the quarter, compared to analyst estimates of $47.52 million. During the same quarter in the previous year, the business posted $0.38 EPS. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. Equities analysts predict that RE/MAX Holdings will post $1.88 EPS for the current fiscal year.

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A number of institutional investors have recently bought and sold shares of RMAX. BlackRock Inc. boosted its position in RE/MAX Holdings by 27,449.3% in the first quarter. BlackRock Inc. now owns 2,300,092 shares of the financial services provider’s stock worth $136,741,000 after buying an additional 2,291,743 shares in the last quarter. Teachers Advisors LLC boosted its position in RE/MAX Holdings by 428.7% in the first quarter. Teachers Advisors LLC now owns 155,769 shares of the financial services provider’s stock worth $9,260,000 after buying an additional 126,307 shares in the last quarter. Bank of New York Mellon Corp boosted its position in RE/MAX Holdings by 29.2% in the first quarter. Bank of New York Mellon Corp now owns 446,973 shares of the financial services provider’s stock worth $26,574,000 after buying an additional 101,083 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in RE/MAX Holdings by 18.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 548,099 shares of the financial services provider’s stock worth $30,694,000 after buying an additional 83,433 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of RE/MAX Holdings by 9.7% in the first quarter. Vanguard Group Inc. now owns 855,962 shares of the financial services provider’s stock worth $50,887,000 after buying an additional 75,595 shares during the period.

About RE/MAX Holdings

RE/MAX Holdings, Inc is a franchisor in the real estate industry, franchising real estate brokerages around the world under the RE/MAX brand and mortgage brokerages within the United States under the Motto Mortgage brand. The Company is a franchised business, with all of the RE/MAX branded brokerage office locations being operated by franchisees, including RE/MAX, LLC, which owns the RE/MAX brand, and sells franchises and franchising rights; Independent Regional Franchise Owner, which owns rights to sell brokerage franchises in a specified region; Franchisee (or Broker-Owner), which operates a RE/MAX-branded brokerage office, lists properties and recruits agents, and Agent (or Sales Associate), including branded independent contractors operating out of local franchise brokerage offices.

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