BBVA USA Bancshares Inc. lessened its position in MGM Growth Properties LLC (NYSE:MGP) by 1.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 39,538 shares of the financial services provider’s stock after selling 759 shares during the period. BBVA USA Bancshares Inc.’s holdings in MGM Growth Properties were worth $1,076,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Signaturefd LLC acquired a new position in shares of MGM Growth Properties in the first quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. increased its position in MGM Growth Properties by 100.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,422 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 711 shares during the last quarter. Whittier Trust Co. acquired a new position in MGM Growth Properties during the first quarter worth approximately $35,000. Harwood Advisory Group LLC acquired a new position in MGM Growth Properties during the first quarter worth approximately $58,000. Finally, Webster Bank N. A. acquired a new position in MGM Growth Properties during the second quarter worth approximately $89,000. 95.23% of the stock is owned by institutional investors and hedge funds.
MGP has been the subject of several research reports. Robert W. Baird upgraded shares of MGM Growth Properties from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $30.00 to $32.00 in a research note on Tuesday, May 19th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $30.00 price objective on shares of MGM Growth Properties in a research note on Monday, March 30th. Wolfe Research initiated coverage on shares of MGM Growth Properties in a research note on Wednesday, June 24th. They set an “outperform” rating and a $36.00 price objective for the company. SunTrust Banks decreased their price objective on shares of MGM Growth Properties from $37.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Finally, Zacks Investment Research downgraded shares of MGM Growth Properties from a “strong-buy” rating to a “sell” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and fifteen have issued a buy rating to the stock. MGM Growth Properties currently has an average rating of “Buy” and a consensus price target of $32.09.
In related news, Director Michael Rietbrock sold 17,745 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $23.23, for a total value of $412,216.35. Following the sale, the director now directly owns 7,000 shares of the company’s stock, valued at $162,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Murren sold 36,519 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $24.90, for a total transaction of $909,323.10. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
Shares of MGP stock opened at $27.36 on Thursday. The company has a market capitalization of $3.53 billion, a PE ratio of 11.59, a price-to-earnings-growth ratio of 3.70 and a beta of 0.73. The firm has a fifty day simple moving average of $27.68 and a 200-day simple moving average of $27.17. The company has a current ratio of 14.49, a quick ratio of 14.49 and a debt-to-equity ratio of 0.78. MGM Growth Properties LLC has a twelve month low of $11.43 and a twelve month high of $34.37.
MGM Growth Properties (NYSE:MGP) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.66). The company had revenue of $209.60 million during the quarter, compared to analyst estimates of $222.65 million. MGM Growth Properties had a net margin of 2.32% and a return on equity of 0.33%. The company’s revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 earnings per share. Equities research analysts predict that MGM Growth Properties LLC will post 2.39 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.4875 dividend. The ex-dividend date was Monday, June 29th. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.48. This represents a $1.95 annualized dividend and a yield of 7.13%. MGM Growth Properties’s dividend payout ratio is currently 83.69%.
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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