MGM Growth Properties LLC (NYSE:MGP) Given Average Recommendation of “Buy” by Brokerages
MGM Growth Properties LLC (NYSE:MGP) has been given a consensus recommendation of “Buy” by the seven research firms that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $29.00.
MGP has been the topic of several research reports. Deutsche Bank AG reaffirmed a “hold” rating and set a $28.00 price objective (up previously from $27.00) on shares of MGM Growth Properties in a report on Friday, April 28th. ValuEngine raised MGM Growth Properties from a “hold” rating to a “buy” rating in a report on Monday, June 26th. Zacks Investment Research lowered MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. Finally, Ladenburg Thalmann Financial Services initiated coverage on MGM Growth Properties in a report on Friday, June 2nd. They set a “buy” rating and a $32.00 price objective on the stock.
In related news, Director Robert W. Smith purchased 2,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were purchased 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 directly owns 2,000 shares in the company, valued at approximately $55,740. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in MGP. Russell Investments Group Ltd. raised its position in MGM Growth Properties by 778.9% in the second quarter. Russell Investments Group Ltd. now owns 750,219 shares of the financial services provider’s stock worth $21,878,000 after buying an additional 664,860 shares in the last quarter. American Century Companies Inc. raised its position in MGM Growth Properties by 16.3% in the second quarter. American Century Companies Inc. now owns 3,862,500 shares of the financial services provider’s stock worth $112,746,000 after buying an additional 542,558 shares in the last quarter. Victory Capital Management Inc. raised its position in MGM Growth Properties by 146.9% in the first quarter. Victory Capital Management Inc. now owns 793,840 shares of the financial services provider’s stock worth $21,473,000 after buying an additional 472,340 shares in the last quarter. Henderson Group PLC bought a new position in MGM Growth Properties during the first quarter worth about $10,408,000. Finally, Citadel Advisors LLC raised its position in MGM Growth Properties by 2,352.7% in the first quarter. Citadel Advisors LLC now owns 239,454 shares of the financial services provider’s stock worth $6,477,000 after buying an additional 229,691 shares in the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MGM Growth Properties (NYSE:MGP) opened at 29.91 on Tuesday. The stock has a market cap of $1.72 billion, a P/E ratio of 41.48 and a beta of -1.36. MGM Growth Properties has a 1-year low of $23.63 and a 1-year high of $30.03. The firm’s 50-day moving average price is $29.04 and its 200 day moving average price is $27.40.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued 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 5.28%. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.39. MGM Growth Properties’s dividend payout ratio (DPR) is currently 143.64%.
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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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