MGM Growth Properties LLC (MGP) Sees Strong Trading Volume
MGM Growth Properties LLC (NYSE:MGP) saw an uptick in trading volume on Wednesday . 563,712 shares were traded during mid-day trading, an increase of 22% from the previous session’s volume of 460,248 shares.The stock last traded at $25.75 and had previously closed at $25.13.
A number of research firms recently weighed in on MGP. Zacks Investment Research upgraded shares of MGM Growth Properties from a “hold” rating to a “strong-buy” rating and set a $30.00 price objective on the stock in a research report on Wednesday, August 10th. Bank of America Corp. restated a “buy” rating and set a $29.00 target price on shares of MGM Growth Properties in a research report on Friday, August 5th. Citigroup Inc. boosted their target price on shares of MGM Growth Properties from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, August 5th. Deutsche Bank AG restated a “buy” rating on shares of MGM Growth Properties in a research report on Monday, June 27th. Finally, Morgan Stanley lowered shares of MGM Growth Properties from an “overweight” rating to an “equal weight” rating and set a $25.00 target price on the stock. in a research report on Wednesday, June 22nd. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. MGM Growth Properties has a consensus rating of “Buy” and a consensus price target of $26.50.
The stock’s market capitalization is $1.50 billion. The stock has a 50-day moving average of $25.76 and a 200-day moving average of $24.96.
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MGM Growth Properties (NYSE:MGP) last posted its earnings results on Thursday, August 4th. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.35. The company earned $101.25 million during the quarter, compared to analyst estimates of $110.24 million. On average, analysts forecast that MGM Growth Properties LLC will post $1.29 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a dividend of $0.387 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.55 annualized dividend and a dividend yield of 5.93%.
Several institutional investors have recently bought and sold shares of MGP. Tower Research Capital LLC TRC acquired a new position in shares of MGM Growth Properties during the second quarter valued at about $104,000. KBC Group NV acquired a new position in shares of MGM Growth Properties during the second quarter valued at about $152,000. Veritable L.P. acquired a new position in shares of MGM Growth Properties during the second quarter valued at about $204,000. BB&T Securities LLC acquired a new position in shares of MGM Growth Properties during the second quarter valued at about $205,000. Finally, Standard Life Investments LTD acquired a new position in shares of MGM Growth Properties during the second quarter valued at about $283,000. Institutional investors and hedge funds own 97.13% of the company’s stock.
About MGM Growth Properties
MGM Growth Properties LLC is a real estate investment trust. The Company is a subsidiary of MGM Resorts International, a holding company, which through its subsidiaries, owns and operates casino resorts. The Company is engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings.
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