According to Zacks, “MGM Growth Properties LLC is a real estate investment trust. The company is engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts which include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGM Growth Properties LLC is based in Las Vegas, Nevada. “
A number of other brokerages also recently issued reports on MGP. Deutsche Bank downgraded shares of Hilton Hotels from a buy rating to a hold rating and set a $92.60 price objective for the company. in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on shares of from GBX 1,430 ($18.69) to GBX 1,560 ($20.38) and gave the company an equal weight rating in a research report on Tuesday, June 11th. Credit Suisse Group reissued a neutral rating and set a $108.00 price objective on shares of Wynn Resorts in a research report on Wednesday, March 20th. JPMorgan Chase & Co. set a €117.00 ($136.05) price objective on shares of Siemens and gave the company a buy rating in a research report on Tuesday, April 2nd. Finally, TheStreet raised shares of Secureworks from a d+ rating to a c- rating in a research report on Monday, April 22nd. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. MGM Growth Properties presently has an average rating of Buy and an average price target of $33.90.
MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.34). MGM Growth Properties had a net margin of 6.73% and a return on equity of 1.16%. The business had revenue of $271.30 million for the quarter, compared to the consensus estimate of $283.07 million. During the same period in the previous year, the firm earned $0.49 EPS. The company’s revenue was up 25.7% on a year-over-year basis. On average, research analysts anticipate that MGM Growth Properties will post 2.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.468 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.87 annualized dividend and a yield of 6.13%. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.47. MGM Growth Properties’s dividend payout ratio is currently 83.86%.
In other news, Director Robert W. Smith bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average price of $31.14 per share, with a total value of $62,280.00. Following the acquisition, the director now owns 8,819 shares of the company’s stock, valued at approximately $274,623.66. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.49% of the company’s stock.
A number of institutional investors have recently modified their holdings of MGP. First Hawaiian Bank bought a new position in MGM Growth Properties in the 1st quarter worth $39,000. Advisory Services Network LLC boosted its holdings in MGM Growth Properties by 471.9% in the 1st quarter. Advisory Services Network LLC now owns 1,384 shares of the financial services provider’s stock worth $44,000 after buying an additional 1,142 shares during the period. Cutler Group LP boosted its holdings in MGM Growth Properties by 201.8% in the 1st quarter. Cutler Group LP now owns 1,509 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,009 shares during the period. Legal & General Group Plc boosted its holdings in MGM Growth Properties by 308.7% in the 4th quarter. Legal & General Group Plc now owns 2,076 shares of the financial services provider’s stock worth $55,000 after buying an additional 1,568 shares during the period. Finally, NumerixS Investment Technologies Inc boosted its holdings in MGM Growth Properties by 2,400.0% in the 4th quarter. NumerixS Investment Technologies Inc now owns 5,000 shares of the financial services provider’s stock worth $134,000 after buying an additional 4,800 shares during the period. 99.38% of the stock is owned by institutional investors.
MGM Growth Properties Company Profile
MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings.
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