Brokerages Set MGM Growth Properties LLC (MGP) PT at $28.67

Shares of MGM Growth Properties LLC (NYSE:MGP) have been assigned a consensus rating of “Buy” from the nine ratings firms that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $28.57.

A number of analysts have recently issued reports on the company. Zacks Investment Research lowered MGM Growth Properties from a “buy” rating to a “hold” rating in a research note on Thursday, June 8th. ValuEngine lowered MGM Growth Properties from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. Ladenburg Thalmann Financial Services started coverage on MGM Growth Properties in a research report on Friday, June 2nd. They set a “buy” rating and a $32.00 price objective on the stock. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $28.00 price objective (up previously from $27.00) on shares of MGM Growth Properties in a research report on Friday, April 28th.

MGM Growth Properties (NYSE MGP) traded up 0.77% during mid-day trading on Friday, reaching $28.63. The company had a trading volume of 350,926 shares. The stock has a 50 day moving average of $28.48 and a 200 day moving average of $26.74. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 39.71 and a beta of -1.38. MGM Growth Properties has a 52 week low of $23.63 and a 52 week high of $29.71.

MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings results on Thursday, April 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by $0.28. The firm had revenue of $183.90 million during the quarter, compared to analyst estimates of $180.80 million. MGM Growth Properties had a return on equity of 2.67% and a net margin of 22.29%. Analysts anticipate that MGM Growth Properties will post $0.87 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were given a dividend of $0.395 per share. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.39. The ex-dividend date was Wednesday, June 28th. This represents a $1.58 dividend on an annualized basis and a yield of 5.52%. MGM Growth Properties’s dividend payout ratio (DPR) is presently 143.64%.

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In related news, Director Robert W. Smith acquired 2,000 shares of MGM Growth Properties stock in a transaction that occurred on Tuesday, May 30th. The shares were purchased at an average price of $27.87 per share, for a total transaction of $55,740.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at approximately $55,740. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.60% of the company’s stock.

A number of institutional investors have recently made changes to their positions in MGP. Vanguard Group Inc. increased its position in shares of MGM Growth Properties by 2.0% in the first quarter. Vanguard Group Inc. now owns 4,548,696 shares of the financial services provider’s stock worth $123,042,000 after buying an additional 88,687 shares during the last quarter. American Century Companies Inc. increased its position in shares of MGM Growth Properties by 18.6% in the first quarter. American Century Companies Inc. now owns 3,319,942 shares of the financial services provider’s stock worth $89,804,000 after buying an additional 519,494 shares during the last quarter. Brookfield Asset Management Inc. increased its position in shares of MGM Growth Properties by 20.7% in the fourth quarter. Brookfield Asset Management Inc. now owns 3,235,681 shares of the financial services provider’s stock worth $81,895,000 after buying an additional 555,890 shares during the last quarter. Teachers Advisors LLC increased its position in shares of MGM Growth Properties by 14.2% in the first quarter. Teachers Advisors LLC now owns 1,535,861 shares of the financial services provider’s stock worth $41,545,000 after buying an additional 190,462 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of MGM Growth Properties by 146.9% in the first quarter. Victory Capital Management Inc. now owns 793,840 shares of the financial services provider’s stock worth $21,473,000 after buying an additional 472,340 shares during the last quarter. Hedge funds and other institutional investors own 95.19% of the company’s stock.

About MGM Growth Properties

MGM Growth Properties LLC is a real estate investment trust engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts, whose amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. Its portfolio consists of approximately 10 destination resorts.

Analyst Recommendations for MGM Growth Properties (NYSE:MGP)

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