Zacks Investment Research Upgrades MGM Growth Properties (NYSE:MGP) to Hold

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Zacks Investment Research upgraded shares of MGM Growth Properties (NYSE:MGP) from a sell rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

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. “

MGP has been the topic of a number of other reports. TheStreet upgraded shares of Secureworks from a d+ rating to a c- rating in a research note on Monday, April 22nd. JPMorgan Chase & Co. set a €117.00 ($136.05) price objective on shares of Siemens and gave the stock a buy rating in a research note on Tuesday, April 2nd. Credit Suisse Group reiterated a neutral rating and set a $108.00 price objective on shares of Wynn Resorts in a research note on Wednesday, March 20th. Morgan Stanley increased their price objective on shares of from GBX 1,430 ($18.69) to GBX 1,560 ($20.38) and gave the stock an equal weight rating in a research note on Tuesday, June 11th. Finally, Deutsche Bank downgraded shares of Hilton Hotels from a buy rating to a hold rating and set a $92.60 price objective on the stock. in a research note on Wednesday, May 1st. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of Buy and an average price target of $33.78.

Shares of MGM Growth Properties stock opened at $30.54 on Wednesday. The firm has a market capitalization of $2.76 billion, a P/E ratio of 13.70, a price-to-earnings-growth ratio of 2.37 and a beta of 0.50. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.96 and a quick ratio of 0.96. MGM Growth Properties has a 12-month low of $25.50 and a 12-month high of $33.30. The business’s 50-day moving average price is $31.07.

MGM Growth Properties (NYSE:MGP) last announced 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). The firm had revenue of $271.30 million for the quarter, compared to analyst estimates of $283.07 million. MGM Growth Properties had a return on equity of 1.16% and a net margin of 6.73%. The company’s quarterly revenue was up 25.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.49 earnings per share. On average, research analysts forecast that MGM Growth Properties will post 2.27 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.468 dividend. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.47. This represents a $1.87 dividend on an annualized basis and a dividend yield of 6.13%. The ex-dividend date of this dividend is Thursday, June 27th. MGM Growth Properties’s dividend payout ratio (DPR) is presently 83.86%.

In related news, Director Robert W. Smith purchased 2,000 shares of MGM Growth Properties stock in a transaction dated Wednesday, May 29th. The shares were bought at an average cost of $31.14 per share, for a total transaction of $62,280.00. Following the purchase, the director now owns 8,819 shares in the company, valued at approximately $274,623.66. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.49% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of MGP. Timbercreek Investment Management Inc. increased its stake in shares of MGM Growth Properties by 9.5% in the 2nd quarter. Timbercreek Investment Management Inc. now owns 541,034 shares of the financial services provider’s stock valued at $16,653,000 after acquiring an additional 47,000 shares in the last quarter. Advisory Services Network LLC increased its stake in shares of 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 valued at $44,000 after acquiring an additional 1,142 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in shares of MGM Growth Properties in the 1st quarter valued at $2,168,000. Marshall Wace LLP bought a new stake in shares of MGM Growth Properties in the 1st quarter valued at $170,000. Finally, Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of MGM Growth Properties by 6.8% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,111,978 shares of the financial services provider’s stock valued at $132,611,000 after acquiring an additional 260,695 shares in the last quarter. Institutional investors own 99.38% of the company’s stock.

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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