Zacks: Brokerages Expect MGM Growth Properties LLC (NYSE:MGP) Will Post Earnings of $0.50 Per Share
Wall Street brokerages predict that MGM Growth Properties LLC (NYSE:MGP) will post $0.50 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for MGM Growth Properties’ earnings, with the lowest EPS estimate coming in at $0.49 and the highest estimate coming in at $0.53. MGM Growth Properties reported earnings of $0.32 per share in the same quarter last year, which would indicate a positive year over year growth rate of 56.3%. The company is expected to announce its next earnings results on Thursday, August 3rd.
According to Zacks, analysts expect that MGM Growth Properties will report full year earnings of $2.01 per share for the current financial year, with EPS estimates ranging from $1.97 to $2.08. For the next year, analysts expect that the company will report earnings of $2.07 per share, with EPS estimates ranging from $2.02 to $2.16. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for MGM Growth Properties.
MGM Growth Properties (NYSE:MGP) last announced its earnings results on Thursday, April 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by $0.28. MGM Growth Properties had a net margin of 22.29% and a return on equity of 2.67%. The business had revenue of $183.90 million for the quarter, compared to the consensus estimate of $180.80 million.
A number of research analysts have weighed in on MGP shares. Zacks Investment Research upgraded MGM Growth Properties from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Friday, June 9th. Ladenburg Thalmann Financial Services assumed coverage on MGM Growth Properties in a research note on Friday, June 2nd. They set a “buy” rating and a $32.00 target price for the company. ValuEngine upgraded MGM Growth Properties from a “hold” rating to a “buy” rating in a research note on Monday, June 26th. Finally, Deutsche Bank AG restated a “hold” rating and set a $28.00 target price (up previously from $27.00) on shares of MGM Growth Properties in a research note on Friday, April 28th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. MGM Growth Properties currently has a consensus rating of “Buy” and an average price target of $29.00.
In other news, Director Robert W. Smith bought 2,000 shares of the stock in a transaction on Tuesday, May 30th. The shares were bought at an average price of $27.87 per share, with a total value of $55,740.00. Following the completion of the acquisition, the director now owns 2,000 shares of the company’s stock, valued at $55,740. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.60% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in MGM Growth Properties by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 21,020 shares of the financial services provider’s stock valued at $569,000 after buying an additional 69 shares during the period. Henderson Group PLC bought a new stake in shares of MGM Growth Properties during the first quarter valued at about $10,408,000. American Century Companies Inc. increased its stake in shares of MGM Growth Properties by 18.6% in the first quarter. American Century Companies Inc. now owns 3,319,942 shares of the financial services provider’s stock valued at $89,804,000 after buying an additional 519,494 shares in the last quarter. First Trust Advisors LP increased its stake in shares of MGM Growth Properties by 14.7% in the first quarter. First Trust Advisors LP now owns 146,445 shares of the financial services provider’s stock valued at $3,961,000 after buying an additional 18,752 shares in the last quarter. Finally, IndexIQ Advisors LLC increased its stake in shares of MGM Growth Properties by 12.5% in the first quarter. IndexIQ Advisors LLC now owns 62,394 shares of the financial services provider’s stock valued at $1,688,000 after buying an additional 6,942 shares in the last quarter. 95.45% of the stock is currently owned by institutional investors.
MGM Growth Properties (NYSE MGP) opened at 28.53 on Wednesday. MGM Growth Properties has a one year low of $23.63 and a one year high of $29.71. The stock has a market cap of $1.65 billion, a P/E ratio of 39.57 and a beta of -1.38. The firm’s 50-day moving average is $28.48 and its 200 day moving average is $26.74.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be issued a $0.395 dividend. This is a positive change 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 annualized dividend and a yield of 5.54%. MGM Growth Properties’s dividend payout ratio is 143.64%.
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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