Zacks Investment Research upgraded shares of MGM Growth Properties (NYSE:MGP) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. The brokerage currently has $33.00 target price on the financial services provider’s stock.
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 commented on MGP. Deutsche Bank reaffirmed a hold rating and set a $32.00 price target on shares of MGM Growth Properties in a research report on Wednesday, May 1st. TheStreet raised MGM Growth Properties from a d rating to a c rating in a research report on Monday, April 22nd. Scotiabank started coverage on MGM Growth Properties in a research report on Monday, July 29th. They set an outperform rating for the company. JPMorgan Chase & Co. increased their price target on MGM Growth Properties from $32.00 to $36.00 and gave the company an overweight rating in a research report on Tuesday, April 2nd. They noted that the move was a valuation call. Finally, Morgan Stanley set a $35.00 price target on MGM Growth Properties and gave the company a hold rating in a research report on Tuesday, June 11th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. MGM Growth Properties has a consensus rating of Buy and an average price target of $33.63.
Shares of MGM Growth Properties stock opened at $29.45 on Wednesday. The stock has a market capitalization of $2.64 billion, a P/E ratio of 13.21, a PEG ratio of 2.80 and a beta of 0.50. MGM Growth Properties has a 52 week low of $25.50 and a 52 week high of $33.30. The business has a 50 day moving average of $30.51. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.79.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.468 per share. This represents a $1.87 dividend on an annualized basis and a dividend yield of 6.36%. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.47. The ex-dividend date was Thursday, June 27th. MGM Growth Properties’s dividend payout ratio (DPR) is presently 83.86%.
In other MGM Growth Properties news, Director Robert W. Smith purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average cost of $31.14 per share, with a total value of $62,280.00. Following the completion of the transaction, the director now owns 8,819 shares of the company’s stock, valued at approximately $274,623.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.49% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Timbercreek Investment Management Inc. grew its holdings in MGM Growth Properties by 233.7% during the first quarter. Timbercreek Investment Management Inc. now owns 494,034 shares of the financial services provider’s stock valued at $15,933,000 after purchasing an additional 345,988 shares during the period. Raymond James & Associates grew its holdings in MGM Growth Properties by 5.7% during the fourth quarter. Raymond James & Associates now owns 28,429 shares of the financial services provider’s stock valued at $751,000 after purchasing an additional 1,533 shares during the period. IndexIQ Advisors LLC grew its holdings in MGM Growth Properties by 10.7% during the first quarter. IndexIQ Advisors LLC now owns 62,468 shares of the financial services provider’s stock valued at $2,015,000 after purchasing an additional 6,048 shares during the period. Dimensional Fund Advisors LP grew its holdings in MGM Growth Properties by 6.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,032,923 shares of the financial services provider’s stock valued at $27,280,000 after purchasing an additional 62,368 shares during the period. Finally, Exane Derivatives bought a new position in MGM Growth Properties during the first quarter valued at $161,000. 99.55% of the stock is owned by institutional investors and hedge funds.
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.
Recommended Story: Options Trading – Understanding Strike Price
Get a free copy of the Zacks research report on MGM Growth Properties (MGP)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for MGM Growth Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Growth Properties and related companies with MarketBeat.com's FREE daily email newsletter.