MGM Growth Properties LLC (NYSE:MGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage presently has a $34.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 8.90% from the company’s current price.

According to Zacks, “MGM Growth Properties LLC is a real estate investment trust. The company is engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts which include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGM Growth Properties LLC is based in Las Vegas, Nevada. “

Several other equities analysts have also commented on MGP. UBS AG restated a “buy” rating and set a $33.00 price target (up previously from $30.00) on shares of MGM Growth Properties in a research report on Wednesday. Barclays PLC restated a “buy” rating and set a $33.00 price target on shares of MGM Growth Properties in a research report on Friday, August 11th. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of MGM Growth Properties in a research report on Thursday, August 10th. Deutsche Bank AG upped their price target on shares of MGM Growth Properties from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 9th. Finally, ValuEngine lowered shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $31.86.

Shares of MGM Growth Properties (NYSE MGP) traded up 0.42% during midday trading on Thursday, hitting $31.22. The company had a trading volume of 4,270,479 shares. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of 40.03 and a beta of -1.31. The stock’s 50-day moving average price is $30.13 and its 200-day moving average price is $28.29. MGM Growth Properties has a one year low of $23.63 and a one year high of $31.69.

MGM Growth Properties (NYSE:MGP) last released its quarterly earnings results on Tuesday, August 8th. The financial services provider reported $0.18 EPS for the quarter, missing the consensus estimate of $0.50 by $0.32. The firm had revenue of $184.45 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.32 EPS. Analysts predict that MGM Growth Properties will post $0.80 EPS for the current year.

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A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors grew its position in MGM Growth Properties by 5.6% in the 2nd quarter. Capital Research Global Investors now owns 5,318,749 shares of the financial services provider’s stock valued at $155,254,000 after buying an additional 282,500 shares in the last quarter. Vanguard Group Inc. grew its position in MGM Growth Properties by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 4,548,696 shares of the financial services provider’s stock valued at $123,042,000 after buying an additional 88,687 shares in the last quarter. Janus Henderson Group PLC grew its position in MGM Growth Properties by 973.9% in the 2nd quarter. Janus Henderson Group PLC now owns 4,133,371 shares of the financial services provider’s stock valued at $120,650,000 after buying an additional 3,748,466 shares in the last quarter. American Century Companies Inc. grew its position in MGM Growth Properties by 16.3% in the 2nd quarter. American Century Companies Inc. now owns 3,862,500 shares of the financial services provider’s stock valued at $112,746,000 after buying an additional 542,558 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in MGM Growth Properties by 1,350.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,209,769 shares of the financial services provider’s stock valued at $64,503,000 after buying an additional 2,057,390 shares in the last quarter.

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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Analyst Recommendations for MGM Growth Properties (NYSE:MGP)

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