MGM Growth Properties LLC (NYSE:MGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

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 research firms also recently commented on MGP. Bank of America Corporation reissued a “buy” rating and issued a $34.00 price objective (up previously from $32.00) on shares of MGM Growth Properties in a report on Friday, September 8th. UBS AG reissued a “buy” rating and issued a $33.00 price objective (up previously from $30.00) on shares of MGM Growth Properties in a report on Wednesday, September 6th. Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of MGM Growth Properties in a report on Thursday, August 10th. Barclays PLC reissued a “buy” rating and issued a $33.00 price objective on shares of MGM Growth Properties in a report on Friday, August 11th. Finally, Deutsche Bank AG increased their price objective on MGM Growth Properties from $28.00 to $30.00 and gave the company a “hold” rating in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. MGM Growth Properties has an average rating of “Buy” and a consensus price target of $31.86.

Shares of MGM Growth Properties (NYSE:MGP) traded up 0.72% during trading on Friday, reaching $30.73. 830,860 shares of the company traded hands. The stock has a market cap of $1.77 billion, a P/E ratio of 39.40 and a beta of -1.31. The stock’s 50 day moving average price is $31.01 and its 200-day moving average price is $28.57. MGM Growth Properties has a 12 month low of $23.63 and a 12 month high of $31.83.

MGM Growth Properties (NYSE:MGP) last released its quarterly earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.32). The firm 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 company’s revenue was up 66.3% compared to the same quarter last year. During the same period last year, the company earned $0.32 EPS. On average, equities research analysts expect that MGM Growth Properties will post $0.78 EPS for the current fiscal year.

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A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Chiron Investment Management LLC bought a new stake in MGM Growth Properties in the 2nd quarter valued at $11,994,000. M&R Capital Management Inc. raised its stake in MGM Growth Properties by 8.5% in 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 acquiring an additional 680 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in MGM Growth Properties in the 2nd quarter valued at $677,000. State Street Corp raised its stake in MGM Growth Properties by 7.3% in the 2nd quarter. State Street Corp now owns 66,740 shares of the financial services provider’s stock valued at $1,949,000 after acquiring an additional 4,522 shares during the period. Finally, Peapack Gladstone Financial Corp raised its stake in MGM Growth Properties by 19.6% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 28,011 shares of the financial services provider’s stock valued at $818,000 after acquiring an additional 4,590 shares during the period.

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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Analyst Recommendations for MGM Growth Properties (NYSE:MGP)

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