Ladenburg Thalmann Financial Services set a $35.00 price target on MGM Growth Properties (NYSE:MGP) in a research report released on Wednesday. The firm currently has a buy rating on the financial services provider’s stock.
A number of other brokerages have also weighed in on MGP. Zacks Investment Research upgraded shares of MGM Growth Properties from a hold rating to a buy rating and set a $34.00 price objective for the company in a report on Tuesday, September 19th. ValuEngine raised shares of MGM Growth Properties from a hold rating to a buy rating in a research report on Thursday, November 9th. SunTrust Banks reaffirmed a buy rating and issued a $31.00 target price on shares of MGM Growth Properties in a research report on Friday, November 10th. Finally, Morgan Stanley lifted their target price on shares of MGM Growth Properties from $30.00 to $31.00 and gave the stock 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’s stock. The stock currently has a consensus rating of Buy and an average price target of $32.38.
Shares of MGM Growth Properties (NYSE MGP) traded down $0.38 during midday trading on Wednesday, reaching $28.25. 865,551 shares of the company were exchanged, compared to its average volume of 545,292. MGM Growth Properties has a 52 week low of $24.87 and a 52 week high of $31.83. The stock has a market cap of $2,029.78, a price-to-earnings ratio of 36.69, a P/E/G ratio of 0.77 and a beta of -1.43. The company has a debt-to-equity ratio of 0.67, a quick ratio of 28.86 and a current ratio of 28.86.
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 5.95%. The ex-dividend date was Thursday, December 28th. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.40. MGM Growth Properties’s payout ratio is 218.18%.
In related news, Director Robert W. Smith bought 1,500 shares of the business’s stock in a transaction on Monday, November 20th. The stock was acquired at an average price of $29.41 per share, with a total value of $44,115.00. Following the transaction, the director now owns 5,319 shares in the company, valued at approximately $156,431.79. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.60% of the company’s stock.
Hedge funds have recently modified their holdings of the company. UBS Asset Management Americas Inc. grew its position in shares of MGM Growth Properties by 68.9% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 20,770 shares of the financial services provider’s stock valued at $606,000 after acquiring an additional 8,470 shares during the period. Janus Henderson Group PLC grew its position in shares of MGM Growth Properties by 973.9% during 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 acquiring an additional 3,748,466 shares during the period. BB&T Securities LLC grew its position in shares of MGM Growth Properties by 343.6% during the 3rd quarter. BB&T Securities LLC now owns 31,942 shares of the financial services provider’s stock valued at $965,000 after acquiring an additional 24,742 shares during the period. Chiron Investment Management LLC bought a new stake in shares of MGM Growth Properties during the 2nd quarter valued at $11,994,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in shares of MGM Growth Properties during the 2nd quarter valued at $677,000.
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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