Morgan Stanley lowered its stake in MGM Growth Properties LLC (NYSE:MGP) by 45.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 380,695 shares of the financial services provider’s stock after selling 311,213 shares during the period. Morgan Stanley owned approximately 0.66% of MGM Growth Properties worth $10,298,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of MGP. Brookfield Asset Management Inc. raised its stake in MGM Growth Properties by 20.7% in the fourth quarter. Brookfield Asset Management Inc. now owns 3,235,681 shares of the financial services provider’s stock worth $81,895,000 after buying an additional 555,890 shares in the last quarter. American Century Companies Inc. raised its stake in MGM Growth Properties by 18.6% in the first quarter. American Century Companies Inc. now owns 3,319,942 shares of the financial services provider’s stock worth $89,804,000 after buying an additional 519,494 shares in the last quarter. Victory Capital Management Inc. raised its stake in MGM Growth Properties by 146.9% in the first quarter. Victory Capital Management Inc. now owns 793,840 shares of the financial services provider’s stock worth $21,473,000 after buying an additional 472,340 shares in the last quarter. Henderson Group PLC bought a new stake in MGM Growth Properties during the first quarter worth about $10,408,000. Finally, Teachers Advisors LLC raised its stake in MGM Growth Properties by 14.2% in the first quarter. Teachers Advisors LLC now owns 1,535,861 shares of the financial services provider’s stock worth $41,545,000 after buying an additional 190,462 shares in the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MGM Growth Properties LLC (NYSE MGP) opened at 29.82 on Friday. The stock’s 50 day moving average price is $29.21 and its 200 day moving average price is $27.62. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 38.23 and a beta of -1.36. MGM Growth Properties LLC has a 12 month low of $23.63 and a 12 month high of $30.03.
MGM Growth Properties (NYSE:MGP) last announced its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by $0.32. MGM Growth Properties had a net margin of 6.21% and a return on equity of 0.81%. The firm had revenue of $184.45 million for the quarter, compared to analyst estimates of $184.43 million. During the same quarter in the previous year, the company earned $0.32 EPS. The company’s quarterly revenue was up 66.3% compared to the same quarter last year. Equities research analysts predict that MGM Growth Properties LLC will post $0.83 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a dividend of $0.395 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.58 annualized dividend and a yield of 5.30%. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.39. MGM Growth Properties’s dividend payout ratio is presently 205.20%.
MGP has been the topic of a number of analyst reports. Zacks Investment Research raised MGM Growth Properties from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Wednesday, May 3rd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $28.00 price target (up previously from $27.00) on shares of MGM Growth Properties in a research report on Friday, April 28th. ValuEngine lowered MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. Finally, Ladenburg Thalmann Financial Services assumed coverage on MGM Growth Properties in a research report on Friday, June 2nd. They set a “buy” rating and a $32.00 target price on the stock. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $30.50.
In other news, Director Robert W. Smith acquired 2,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were purchased at an average price of $27.87 per share, for a total transaction of $55,740.00. Following the completion of the purchase, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $55,740. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.60% 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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