MGM Growth Properties LLC (MGP) Sets New 1-Year High Following Dividend Announcement

Shares of MGM Growth Properties LLC (NYSE:MGP) reached a new 52-week high on Thursday after the company announced a dividend. The company traded as high as $29.16 and last traded at $29.17, with a volume of 178,230 shares. The stock had previously closed at $28.78.

The newly announced dividend which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be issued a dividend of $0.395 per share. This represents a $1.58 dividend on an annualized basis and a yield of 5.44%. The ex-dividend date of this dividend is Wednesday, June 28th. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.39. MGM Growth Properties’s dividend payout ratio is currently 140.91%.

A number of research analysts recently weighed in on the company. Ladenburg Thalmann Financial Services assumed coverage on MGM Growth Properties in a report on Friday, June 2nd. They set a “buy” rating and a $32.00 price objective on the stock. Zacks Investment Research lowered MGM Growth Properties from a “hold” rating to a “sell” rating in a report on Tuesday, February 21st. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $28.00 price objective (up previously from $27.00) on shares of MGM Growth Properties in a report on Friday, April 28th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $28.50.

The stock has a market cap of $1.68 billion, a P/E ratio of 40.29 and a beta of -1.35. The company has a 50 day moving average price of $28.23 and a 200-day moving average price of $26.43.

MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings results on Thursday, April 27th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by $0.28. MGM Growth Properties had a net margin of 22.29% and a return on equity of 2.67%. The firm had revenue of $183.90 million for the quarter, compared to analyst estimates of $180.80 million. Analysts predict that MGM Growth Properties LLC will post $0.88 EPS for the current year.

In other news, Director Robert W. Smith purchased 2,000 shares of the stock in a transaction dated Tuesday, May 30th. The shares were bought at an average cost of $27.87 per share, for a total transaction of $55,740.00. Following the transaction, the director now owns 2,000 shares in the company, valued at $55,740. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Several institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its position in shares of MGM Growth Properties by 20.4% in the first quarter. Goldman Sachs Group Inc. now owns 80,890 shares of the financial services provider’s stock valued at $2,188,000 after buying an additional 13,727 shares during the period. YG Partners LLC boosted its position in shares of MGM Growth Properties by 23.7% in the first quarter. YG Partners LLC now owns 275,021 shares of the financial services provider’s stock valued at $7,439,000 after buying an additional 52,708 shares during the period. Caxton Associates LP boosted its position in shares of MGM Growth Properties by 9.1% in the first quarter. Caxton Associates LP now owns 600,480 shares of the financial services provider’s stock valued at $16,243,000 after buying an additional 50,000 shares during the period. Tudor Investment Corp ET AL purchased a new position in shares of MGM Growth Properties during the first quarter valued at about $417,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of MGM Growth Properties during the first quarter valued at about $265,000. Institutional investors own 95.45% of the company’s stock.

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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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