MGM Growth Properties (MGP) Posts Earnings Results, Misses Estimates By $0.31 EPS

MGM Growth Properties (NYSE:MGP) posted its earnings results on Thursday. The financial services provider reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.31), MarketWatch Earnings reports. The business had revenue of $282.22 million for the quarter, compared to analyst estimates of $273.53 million. MGM Growth Properties had a return on equity of 0.81% and a net margin of 5.85%. The firm’s revenue was up 54.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 earnings per share.

Shares of MGP traded down $0.28 during trading hours on Friday, hitting $27.96. 17,097 shares of the company were exchanged, compared to its average volume of 681,899. The firm has a market cap of $1.97 billion, a P/E ratio of 13.91, a price-to-earnings-growth ratio of 1.28 and a beta of -0.42. MGM Growth Properties has a fifty-two week low of $25.31 and a fifty-two week high of $31.61. The company has a debt-to-equity ratio of 0.66, a quick ratio of 8.43 and a current ratio of 8.43.

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were issued a dividend of $0.438 per share. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.43. This represents a $1.75 annualized dividend and a dividend yield of 6.27%. The ex-dividend date was Thursday, September 27th. MGM Growth Properties’s dividend payout ratio is 87.06%.

A number of research analysts have commented on the company. Bank of America upped their price objective on MGM Growth Properties from $30.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, July 17th. SunTrust Banks reaffirmed 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. Barclays upped their price objective on MGM Growth Properties from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Thursday, July 12th. Finally, Credit Suisse Group assumed 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. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $32.50.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Torray LLC grew its holdings in shares of MGM Growth Properties by 11.2% during the 3rd quarter. Torray LLC now owns 76,445 shares of the financial services provider’s stock worth $2,254,000 after purchasing an additional 7,687 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of MGM Growth Properties by 3.4% during the 3rd quarter. Wells Fargo & Company MN now owns 646,176 shares of the financial services provider’s stock worth $19,055,000 after purchasing an additional 21,222 shares in the last quarter. Synovus Financial Corp grew its holdings in shares of MGM Growth Properties by 857.9% during the 3rd quarter. Synovus Financial Corp now owns 3,391 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 3,037 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of MGM Growth Properties by 1.4% during the 3rd quarter. Victory Capital Management Inc. now owns 258,121 shares of the financial services provider’s stock worth $7,612,000 after purchasing an additional 3,505 shares in the last quarter. Finally, Wedge Capital Management L L P NC grew its holdings in shares of MGM Growth Properties by 0.8% during the 3rd quarter. Wedge Capital Management L L P NC now owns 2,349,028 shares of the financial services provider’s stock worth $69,273,000 after purchasing an additional 18,648 shares in the last quarter.

About MGM Growth Properties

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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Earnings History for MGM Growth Properties (NYSE:MGP)

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