MGM Growth Properties LLC (MGP) Issues Earnings Results
MGM Growth Properties LLC (NYSE:MGP) released its quarterly earnings results on Tuesday. The financial services provider reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by $0.32, MarketWatch Earnings reports. MGM Growth Properties had a return on equity of 2.67% and a net margin of 22.29%. The firm had revenue of $184.45 million for the quarter, compared to analyst estimates of $184.43 million. During the same quarter last year, the company earned $0.32 earnings per share. The firm’s revenue for the quarter was up 66.3% on a year-over-year basis.
Shares of MGM Growth Properties (MGP) opened at 29.76 on Wednesday. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 41.28 and a beta of -1.36. The stock’s 50 day moving average price is $29.11 and its 200-day moving average price is $27.45. MGM Growth Properties has a 52-week low of $23.63 and a 52-week high of $30.03.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a dividend of $0.395 per share. The ex-dividend date was Wednesday, June 28th. This represents a $1.58 dividend on an annualized basis and a dividend yield of 5.31%. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.39. MGM Growth Properties’s dividend payout ratio is currently 143.64%.
MGP has been the topic of a number of research reports. Zacks Investment Research upgraded MGM Growth Properties from a “sell” rating to a “hold” rating in a research note on Tuesday, April 18th. ValuEngine upgraded MGM Growth Properties from a “hold” rating to a “buy” rating in a research note on Monday, June 26th. Deutsche Bank AG restated a “hold” rating and set a $28.00 price target (up from $27.00) on shares of MGM Growth Properties in a research note on Friday, April 28th. Finally, Ladenburg Thalmann Financial Services initiated coverage on MGM Growth Properties in a research note on Friday, June 2nd. They set a “buy” rating and a $32.00 price target on the stock. Two research analysts have rated the stock with a hold rating and five 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 $29.33.
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In other news, Director Robert W. Smith acquired 2,000 shares of the business’s stock in a transaction 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 acquisition, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $55,740. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Fifth Third Bancorp purchased a new position in shares of MGM Growth Properties during the first quarter worth approximately $139,000. Quantbot Technologies LP purchased a new position in shares of MGM Growth Properties during the first quarter worth approximately $207,000. BB&T Securities LLC purchased a new position in shares of MGM Growth Properties during the second quarter worth approximately $210,000. Bray Capital Advisors purchased a new position in shares of MGM Growth Properties during the second quarter worth approximately $213,000. Finally, Gerber Kawasaki Wealth & Investment Management purchased a new position in shares of MGM Growth Properties during the first quarter worth approximately $219,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.
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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