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

Zacks Investment Research cut shares of MGM Growth Properties LLC (NYSE:MGP) from a buy rating to a hold rating in a research report report published on Wednesday, October 18th.

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. “

Several other equities analysts have also commented on the company. ValuEngine upgraded MGM Growth Properties from a hold rating to a buy rating in a research report on Monday, June 26th. Bank of America Corporation reiterated a buy rating and set a $34.00 price objective (up from $32.00) on shares of MGM Growth Properties in a research report on Friday, September 8th. UBS AG reiterated a buy rating and set a $33.00 price objective (up from $30.00) on shares of MGM Growth Properties in a research report on Wednesday, September 6th. Deutsche Bank AG raised their price target on MGM Growth Properties from $28.00 to $30.00 and gave the stock a hold rating in a research report on Wednesday, August 9th. Finally, Barclays PLC restated a buy rating and set a $33.00 price target on shares of MGM Growth Properties in a research report on Friday, August 11th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $31.56.

Shares of MGM Growth Properties (MGP) traded up $0.20 during midday trading on Wednesday, reaching $29.61. The company’s stock had a trading volume of 288,587 shares, compared to its average volume of 779,340. The company has a market cap of $7,590.00 and a price-to-earnings ratio of 15.01. The company has a debt-to-equity ratio of 0.65, a current ratio of 14.43 and a quick ratio of 14.43. MGM Growth Properties has a fifty-two week low of $23.63 and a fifty-two week high of $31.83.

MGM Growth Properties (NYSE:MGP) last announced its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $0.18 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.32). The firm had revenue of $184.45 million for the quarter, compared to the consensus estimate of $184.43 million. MGM Growth Properties had a net margin of 6.21% and a return on equity of 0.81%. MGM Growth Properties’s revenue for the quarter was up 66.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.32 earnings per share. sell-side analysts expect that MGM Growth Properties will post 1.96 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were issued a $0.395 dividend. This represents a $1.58 annualized dividend and a yield of 5.34%. The ex-dividend date of this dividend was Thursday, September 28th. MGM Growth Properties’s dividend payout ratio (DPR) is currently 202.56%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGP. Janus Henderson Group PLC lifted its stake in shares of MGM Growth Properties by 973.9% in the 2nd quarter. Janus Henderson Group PLC now owns 4,133,371 shares of the financial services provider’s stock valued at $120,650,000 after purchasing an additional 3,748,466 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of MGM Growth Properties by 1,350.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,209,769 shares of the financial services provider’s stock valued at $64,503,000 after purchasing an additional 2,057,390 shares during the period. APG Asset Management N.V. purchased a new position in shares of MGM Growth Properties in the 3rd quarter valued at approximately $26,582,000. Russell Investments Group Ltd. lifted its stake in shares of MGM Growth Properties by 778.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 750,219 shares of the financial services provider’s stock valued at $21,878,000 after purchasing an additional 664,860 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of MGM Growth Properties by 16.3% in the 2nd quarter. American Century Companies Inc. now owns 3,862,500 shares of the financial services provider’s stock valued at $112,746,000 after purchasing an additional 542,558 shares during the period. Institutional investors own 89.15% of the company’s stock.

MGM Growth Properties Company Profile

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.

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Analyst Recommendations for MGM Growth Properties (NYSE:MGP)

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