Zacks Investment Research lowered shares of MGM Growth Properties LLC (NYSE:MGP) from a buy rating to a hold rating in a report released on Wednesday, October 18th.
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. “
A number of other analysts also recently issued reports on the stock. Bank of America Corporation reaffirmed a buy rating and set a $34.00 price target (up previously from $32.00) on shares of MGM Growth Properties in a report on Friday, September 8th. UBS AG reiterated 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, September 6th. Barclays PLC reiterated a buy rating and issued a $33.00 price objective on shares of MGM Growth Properties in a research note on Friday, August 11th. Ladenburg Thalmann Financial Services reiterated a buy rating on shares of MGM Growth Properties in a research note on Thursday, August 10th. Finally, Deutsche Bank AG increased their price objective on shares of MGM Growth Properties from $28.00 to $30.00 and gave the stock a hold rating in a research note on Wednesday, August 9th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of Buy and an average price target of $31.56.
Shares of MGM Growth Properties (NYSE:MGP) opened at 29.14 on Wednesday. MGM Growth Properties has a 12 month low of $23.63 and a 12 month high of $31.83. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 37.36 and a beta of -1.34. The firm has a 50-day moving average of $30.19 and a 200 day moving average of $29.26.
MGM Growth Properties (NYSE:MGP) last announced its quarterly earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.32). The company had revenue of $184.45 million for the quarter, compared to analysts’ expectations of $184.43 million. MGM Growth Properties had a net margin of 6.21% and a return on equity of 0.81%. The business’s revenue was up 66.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 EPS. On average, analysts expect that MGM Growth Properties will post $0.78 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a dividend of $0.395 per share. This represents a $1.58 dividend on an annualized basis and a yield of 5.42%. The ex-dividend date of this dividend was Thursday, September 28th. MGM Growth Properties’s payout ratio is 205.20%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp bought a new stake in MGM Growth Properties during the 1st quarter worth approximately $139,000. Winslow Evans & Crocker Inc. bought a new stake in MGM Growth Properties during the 3rd quarter worth approximately $177,000. BB&T Securities LLC bought a new stake in MGM Growth Properties during the 2nd quarter worth approximately $210,000. Bray Capital Advisors bought a new stake in MGM Growth Properties during the 2nd quarter worth approximately $213,000. Finally, M&R Capital Management Inc. raised its stake 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 worth $258,000 after acquiring an additional 680 shares during the period. Institutional investors own 86.29% of the company’s stock.
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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