JPMorgan Chase & Co. Increases Stake in MGM Growth Properties LLC (MGP)

JPMorgan Chase & Co. grew its position in MGM Growth Properties LLC (NYSE:MGP) by 294.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 452,967 shares of the financial services provider’s stock after purchasing an additional 338,002 shares during the period. JPMorgan Chase & Co. owned approximately 0.64% of MGM Growth Properties worth $13,358,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Usca Ria LLC increased its holdings in shares of MGM Growth Properties by 28.3% in the second quarter. Usca Ria LLC now owns 11,121 shares of the financial services provider’s stock valued at $339,000 after purchasing an additional 2,453 shares during the period. First Republic Investment Management Inc. increased its holdings in shares of MGM Growth Properties by 10.2% in the second quarter. First Republic Investment Management Inc. now owns 29,220 shares of the financial services provider’s stock valued at $890,000 after purchasing an additional 2,707 shares during the period. Synovus Financial Corp increased its holdings in shares of MGM Growth Properties by 857.9% in the third quarter. Synovus Financial Corp now owns 3,391 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 3,037 shares during the period. WINTON GROUP Ltd increased its holdings in shares of MGM Growth Properties by 42.6% in the third quarter. WINTON GROUP Ltd now owns 11,099 shares of the financial services provider’s stock valued at $327,000 after purchasing an additional 3,313 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in shares of MGM Growth Properties by 1.4% in the third quarter. Victory Capital Management Inc. now owns 258,121 shares of the financial services provider’s stock valued at $7,612,000 after purchasing an additional 3,505 shares during the period. 97.14% of the stock is currently owned by institutional investors and hedge funds.

Shares of MGP opened at $28.84 on Friday. MGM Growth Properties LLC has a 52 week low of $25.31 and a 52 week high of $31.61. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $2.06 billion, a PE ratio of 13.35, a P/E/G ratio of 1.27 and a beta of -0.02.

MGM Growth Properties (NYSE:MGP) last issued its earnings results on Thursday, November 1st. The financial services provider reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.31). MGM Growth Properties had a return on equity of 0.95% and a net margin of 6.13%. The company had revenue of $282.22 million during the quarter, compared to analysts’ expectations of $273.53 million. During the same quarter in the previous year, the company earned $0.49 EPS. The firm’s quarterly revenue was up 54.4% compared to the same quarter last year. On average, research analysts predict that MGM Growth Properties LLC will post 2.23 EPS for the current fiscal year.

A number of research analysts have recently weighed in on MGP shares. SunTrust Banks reissued a “hold” rating on shares of MGM Growth Properties in a report on Tuesday, October 2nd. Zacks Investment Research raised MGM Growth Properties from a “sell” rating to a “hold” rating in a report on Wednesday, October 10th. Credit Suisse Group started coverage on MGM Growth Properties in a report on Tuesday, August 14th. They issued a “neutral” rating and a $31.00 price objective on the stock. Bank of America lowered MGM Growth Properties from a “buy” rating to a “neutral” rating in a report on Monday, October 15th. Finally, Nomura started coverage on MGM Growth Properties in a report on Wednesday, September 26th. They issued a “buy” rating and a $37.00 price objective on the stock. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $32.67.

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MGM Growth Properties Company Profile

MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings.

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Institutional Ownership by Quarter for MGM Growth Properties (NYSE:MGP)

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