Zacks Investment Research lowered shares of MGM Growth Properties (NYSE:MGP) from a buy rating to a hold rating in a research note issued to investors on Friday, January 5th.
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. “
A number of other research firms have also commented on MGP. SunTrust Banks reaffirmed a buy rating and set a $30.00 price target on shares of MGM Growth Properties in a research report on Tuesday, October 24th. Bank of America reissued a buy rating and issued a $34.00 target price (up previously from $32.00) on shares of MGM Growth Properties in a research report on Friday, September 8th. ValuEngine raised MGM Growth Properties from a hold rating to a buy rating in a research report on Thursday, November 9th. Finally, Morgan Stanley lifted their target price on MGM Growth Properties from $30.00 to $31.00 and gave the company an equal weight rating in a research report on Tuesday, October 24th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. MGM Growth Properties currently has a consensus rating of Buy and an average target price of $32.00.
MGM Growth Properties (NYSE:MGP) last released its earnings results on Wednesday, November 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.32). MGM Growth Properties had a net margin of 6.18% and a return on equity of 0.81%. equities analysts forecast that MGM Growth Properties will post 1.97 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.42 per share. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 5.89%. The ex-dividend date of this dividend is Thursday, December 28th. MGM Growth Properties’s payout ratio is currently 218.18%.
In other news, Director Robert W. Smith purchased 1,500 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was acquired at an average cost of $29.41 per share, with a total value of $44,115.00. Following the acquisition, the director now owns 5,319 shares in the company, valued at approximately $156,431.79. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Winslow Evans & Crocker Inc. acquired a new stake in MGM Growth Properties during the 3rd quarter worth approximately $177,000. BB&T Securities LLC acquired a new position in MGM Growth Properties in the 2nd quarter valued at $210,000. M&R Capital Management Inc. raised its holdings in MGM Growth Properties by 8.5% in the 2nd quarter. M&R Capital Management Inc. now owns 8,675 shares of the financial services provider’s stock valued at $258,000 after acquiring an additional 680 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in MGM Growth Properties by 932.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 9,288 shares of the financial services provider’s stock valued at $281,000 after acquiring an additional 8,388 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC acquired a new position in MGM Growth Properties in the 3rd quarter valued at $285,000.
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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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