HighTower Advisors LLC Increases Holdings in MGM Growth Properties LLC (NYSE:MGP)

HighTower Advisors LLC increased its holdings in shares of MGM Growth Properties LLC (NYSE:MGP) by 9.5% in the second quarter, Holdings Channel reports. The firm owned 45,085 shares of the financial services provider’s stock after acquiring an additional 3,906 shares during the period. HighTower Advisors LLC’s holdings in MGM Growth Properties were worth $1,652,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. The PNC Financial Services Group Inc. boosted its position in MGM Growth Properties by 405.9% during the 1st quarter. The PNC Financial Services Group Inc. now owns 855 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 686 shares during the period. Rocky Mountain Advisers LLC purchased a new stake in MGM Growth Properties during the 2nd quarter worth $33,000. NEXT Financial Group Inc purchased a new stake in MGM Growth Properties during the 2nd quarter worth $43,000. Rockefeller Capital Management L.P. purchased a new stake in MGM Growth Properties during the 1st quarter worth $55,000. Finally, PNC Managed Account Solutions Inc. purchased a new stake in MGM Growth Properties during the 2nd quarter worth $141,000. 92.02% of the stock is owned by hedge funds and other institutional investors.

MGP has been the subject of a number of research reports. Truist cut shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Monday, August 9th. Wolfe Research began coverage on shares of MGM Growth Properties in a research report on Monday, June 14th. They issued a “peer perform” rating and a $43.00 price objective for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $43.00 price objective on shares of MGM Growth Properties in a research report on Friday, August 6th. Truist Securities cut shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Monday, August 9th. Finally, Zacks Investment Research cut shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, July 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, MGM Growth Properties currently has a consensus rating of “Hold” and a consensus price target of $38.45.

Shares of MGP stock opened at $40.58 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 8.05 and a current ratio of 8.05. MGM Growth Properties LLC has a one year low of $25.83 and a one year high of $43.19. The company’s 50-day simple moving average is $39.42 and its 200-day simple moving average is $36.54. The stock has a market capitalization of $6.36 billion, a price-to-earnings ratio of 29.62, a PEG ratio of 2.67 and a beta of 0.80.

MGM Growth Properties (NYSE:MGP) last released its quarterly earnings data on Friday, August 6th. The financial services provider reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.37). The business had revenue of $194.30 million for the quarter, compared to analyst estimates of $197.44 million. MGM Growth Properties had a return on equity of 3.65% and a net margin of 24.23%. MGM Growth Properties’s revenue was up .0% compared to the same quarter last year. During the same quarter last year, the company earned $0.56 EPS. As a group, research analysts forecast that MGM Growth Properties LLC will post 2.54 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, September 30th will be paid a dividend of $0.52 per share. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, September 29th. This represents a $2.08 annualized dividend and a yield of 5.13%. MGM Growth Properties’s dividend payout ratio is 91.15%.

MGM Growth Properties Profile

MGM Growth Properties LLC operates as real estate investment trust, which engages in the acquisition, ownership, and leasing of destination entertainment and leisure resorts. It diverse amenities include casino gaming, hotel, convention, dining, entertainment, and retail offerings. The company was founded on October 23, 2015 and is headquartered in Las Vegas, NV.

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Institutional Ownership by Quarter for MGM Growth Properties (NYSE:MGP)

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