Land & Buildings Investment Management LLC acquired a new stake in shares of MGM Growth Properties LLC (NYSE:MGP) during the 1st quarter, HoldingsChannel.com reports. The firm acquired 344,771 shares of the financial services provider’s stock, valued at approximately $11,246,000. MGM Growth Properties makes up about 2.4% of Land & Buildings Investment Management LLC’s investment portfolio, making the stock its 17th biggest position.
Other hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP bought a new stake in MGM Growth Properties in the 1st quarter valued at $170,000. Bank of New York Mellon Corp increased its holdings in shares of MGM Growth Properties by 7.5% in the fourth quarter. Bank of New York Mellon Corp now owns 19,984 shares of the financial services provider’s stock worth $625,000 after purchasing an additional 1,391 shares during the last quarter. Northern Trust Corp lifted its position in shares of MGM Growth Properties by 30.4% in the fourth quarter. Northern Trust Corp now owns 149,777 shares of the financial services provider’s stock worth $4,688,000 after buying an additional 34,920 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in MGM Growth Properties by 83.1% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 40,000 shares of the financial services provider’s stock valued at $1,252,000 after buying an additional 18,155 shares during the last quarter. Finally, LPL Financial LLC purchased a new position in MGM Growth Properties during the 4th quarter valued at approximately $296,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MGP traded down $0.46 during mid-day trading on Thursday, reaching $37.22. 6,164 shares of the company’s stock traded hands, compared to its average volume of 1,237,643. The company has a debt-to-equity ratio of 0.82, a quick ratio of 7.14 and a current ratio of 7.14. The firm’s 50-day moving average is $36.30. MGM Growth Properties LLC has a 12 month low of $25.01 and a 12 month high of $37.94. The stock has a market capitalization of $5.71 billion, a PE ratio of 27.11, a P/E/G ratio of 2.43 and a beta of 0.79.
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th were given a dividend of $0.515 per share. This represents a $2.06 annualized dividend and a dividend yield of 5.53%. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Tuesday, June 29th. MGM Growth Properties’s dividend payout ratio (DPR) is 91.15%.
MGP has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft upped their price objective on MGM Growth Properties from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, May 3rd. Wolfe Research began coverage on shares of MGM Growth Properties in a research note on Monday, June 14th. They set a “peer perform” rating and a $43.00 price target on the stock. LADENBURG THALM/SH SH increased their price objective on shares of MGM Growth Properties from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday, April 27th. Morgan Stanley boosted their target price on shares of MGM Growth Properties from $34.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 4th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $38.18.
In other news, Director Daniel J. Taylor sold 5,992 shares of the company’s stock in a transaction dated Monday, May 17th. The shares were sold at an average price of $34.77, for a total value of $208,341.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by insiders.
MGM Growth Properties 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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