Addison Clark Management L.L.C. increased its stake in shares of MGM Growth Properties LLC (NYSE:MGP) by 14.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,779 shares of the financial services provider’s stock after buying an additional 16,379 shares during the period. MGM Growth Properties comprises approximately 6.0% of Addison Clark Management L.L.C.’s investment portfolio, making the stock its 8th largest position. Addison Clark Management L.L.C. owned about 0.22% of MGM Growth Properties worth $3,483,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the stock. Penn Capital Management Co. Inc. acquired a new stake in shares of MGM Growth Properties during the third quarter worth approximately $1,852,000. Russell Investments Group Ltd. acquired a new stake in shares of MGM Growth Properties during the fourth quarter worth approximately $2,117,000. Comerica Bank acquired a new stake in shares of MGM Growth Properties during the fourth quarter worth approximately $2,068,000. Cipher Capital LP purchased a new stake in MGM Growth Properties during the fourth quarter valued at about $410,000. Finally, State Street Corp purchased a new stake in MGM Growth Properties during the fourth quarter valued at about $1,210,000. Institutional investors own 95.45% of the company’s stock.
MGM Growth Properties (NYSE:MGP) last announced its quarterly earnings data on Thursday, April 27th. The financial services provider reported $0.20 EPS for the quarter, missing the Zacks’ consensus estimate of $0.48 by $0.28. MGM Growth Properties had a return on equity of 2.67% and a net margin of 22.29%. The company had revenue of $183.90 million for the quarter, compared to analysts’ expectations of $180.80 million.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be 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 of this dividend is Wednesday, June 28th. This represents a $1.58 dividend on an annualized basis and a yield of 5.41%. MGM Growth Properties’s dividend payout ratio (DPR) is presently 140.91%.
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Several analysts have recently issued reports on the stock. Ladenburg Thalmann Financial Services initiated coverage on shares of MGM Growth Properties in a research note on Friday, June 2nd. They issued a “buy” rating and a $32.00 target price for the company. Zacks Investment Research downgraded shares of MGM Growth Properties from a “hold” rating to a “sell” rating in a report on Tuesday, February 21st. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $28.00 price target (up from $27.00) on shares of MGM Growth Properties in a report on Friday, April 28th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $28.50.
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.
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.
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