MGM Growth Properties (NYSE:MGP) Hits New 12-Month High at $34.47

MGM Growth Properties LLC (NYSE:MGP)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $34.47 and last traded at $34.47, with a volume of 58641 shares trading hands. The stock had previously closed at $33.77.

Several brokerages have issued reports on MGP. LADENBURG THALM/SH SH boosted their target price on MGM Growth Properties from $29.50 to $36.00 in a research report on Wednesday, December 9th. Smith Barney Citigroup boosted their price target on MGM Growth Properties from $32.00 to $36.50 in a report on Tuesday, December 15th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price target on MGM Growth Properties from $32.00 to $36.50 in a report on Tuesday, December 15th. KeyCorp initiated coverage on MGM Growth Properties in a report on Monday, March 22nd. They issued an “overweight” rating for the company. Finally, Zacks Investment Research lowered MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Thursday, February 4th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. MGM Growth Properties currently has an average rating of “Buy” and an average target price of $34.12.

The company has a current ratio of 7.69, a quick ratio of 7.69 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average of $33.08 and a 200-day moving average of $30.98. The stock has a market capitalization of $5.30 billion, a price-to-earnings ratio of 70.59 and a beta of 0.76.

MGM Growth Properties (NYSE:MGP) last released its earnings results on Tuesday, February 16th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.27). MGM Growth Properties had a net margin of 7.35% and a return on equity of 1.15%. On average, equities research analysts anticipate that MGM Growth Properties LLC will post 2.27 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st will be given a dividend of $0.495 per share. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.49. This represents a $1.98 annualized dividend and a yield of 5.72%. The ex-dividend date of this dividend is Tuesday, March 30th. MGM Growth Properties’s dividend payout ratio (DPR) is currently 84.98%.

A number of institutional investors and hedge funds have recently made changes to their positions in MGP. JPMorgan Chase & Co. grew its position in MGM Growth Properties by 317.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,452,203 shares of the financial services provider’s stock worth $45,455,000 after purchasing an additional 1,104,642 shares during the period. Kohlberg Kravis Roberts & Co. L.P. grew its position in MGM Growth Properties by 80.6% during the 4th quarter. Kohlberg Kravis Roberts & Co. L.P. now owns 2,349,597 shares of the financial services provider’s stock worth $73,542,000 after purchasing an additional 1,048,356 shares during the period. Nuveen Asset Management LLC grew its position in MGM Growth Properties by 10.3% during the 3rd quarter. Nuveen Asset Management LLC now owns 5,042,981 shares of the financial services provider’s stock worth $141,103,000 after purchasing an additional 471,555 shares during the period. Waterfront Capital Partners LLC acquired a new stake in MGM Growth Properties during the 4th quarter worth about $14,757,000. Finally, Federated Hermes Inc. grew its position in MGM Growth Properties by 17.5% during the 4th quarter. Federated Hermes Inc. now owns 2,550,800 shares of the financial services provider’s stock worth $79,840,000 after purchasing an additional 380,000 shares during the period. 83.18% of the stock is currently owned by institutional investors.

MGM Growth Properties Company Profile (NYSE:MGP)

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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