MGM Growth Properties LLC (MGP) Stock Rating Reaffirmed by Bank of America Corporation
MGM Growth Properties LLC (NYSE:MGP)‘s stock had its “buy” rating reiterated by analysts at Bank of America Corporation in a report released on Friday. They presently have a $34.00 price target on the financial services provider’s stock, up from their prior price target of $32.00. Bank of America Corporation’s price target suggests a potential upside of 8.90% from the stock’s previous close.
Several other research firms also recently issued reports on MGP. Zacks Investment Research raised MGM Growth Properties from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Thursday. UBS AG reaffirmed a “buy” rating and issued a $33.00 price objective (up previously from $30.00) on shares of MGM Growth Properties in a research note on Wednesday. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of MGM Growth Properties in a research note on Thursday, August 10th. Barclays PLC reaffirmed a “buy” rating and issued a $33.00 price objective on shares of MGM Growth Properties in a research note on Friday, August 11th. Finally, Deutsche Bank AG upped their price objective on MGM Growth Properties from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, August 9th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. MGM Growth Properties presently has a consensus rating of “Buy” and a consensus price target of $32.71.
MGM Growth Properties (NYSE:MGP) opened at 31.22 on Friday. The company’s 50 day moving average is $30.13 and its 200 day moving average is $28.29. MGM Growth Properties has a 12-month low of $23.63 and a 12-month high of $31.69. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 40.03 and a beta of -1.31.
MGM Growth Properties (NYSE:MGP) last issued its earnings results on Tuesday, August 8th. The financial services provider reported $0.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by $0.32. The business had revenue of $184.45 million for the quarter, compared to analyst estimates of $184.43 million. MGM Growth Properties had a return on equity of 0.81% and a net margin of 6.21%. The firm’s revenue was up 66.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 EPS. On average, equities analysts anticipate that MGM Growth Properties will post $0.80 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp acquired a new position in shares of MGM Growth Properties in the first quarter valued at approximately $139,000. BB&T Securities LLC acquired a new stake in MGM Growth Properties during the 2nd quarter valued at approximately $210,000. Bray Capital Advisors acquired a new stake in MGM Growth Properties during the 2nd quarter valued at approximately $213,000. Quantbot Technologies LP acquired a new stake in MGM Growth Properties during the 1st quarter valued at approximately $207,000. Finally, M&R Capital Management Inc. increased its position in MGM Growth Properties by 8.5% during the 2nd quarter. M&R Capital Management Inc. now owns 8,675 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 680 shares during the period.
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.
Receive News & Ratings for MGM Growth Properties LLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Growth Properties LLC and related companies with MarketBeat.com's FREE daily email newsletter.