Standard Life Aberdeen plc lifted its holdings in shares of MGM Growth Properties LLC (NYSE:MGP) by 21.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,061,721 shares of the financial services provider’s stock after purchasing an additional 185,831 shares during the period. Standard Life Aberdeen plc’s holdings in MGM Growth Properties were worth $32,876,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. Wealth Alliance purchased a new position in shares of MGM Growth Properties during the 4th quarter worth approximately $38,000. Cutler Group LP raised its stake in shares of MGM Growth Properties by 225.0% during the 4th quarter. Cutler Group LP now owns 1,300 shares of the financial services provider’s stock worth $40,000 after buying an additional 900 shares in the last quarter. Ancora Advisors LLC purchased a new position in shares of MGM Growth Properties during the 4th quarter worth approximately $101,000. Marshall Wace LLP acquired a new stake in shares of MGM Growth Properties in the 1st quarter worth approximately $170,000. Finally, Exane Derivatives grew its holdings in shares of MGM Growth Properties by 26,734.6% in the 4th quarter. Exane Derivatives now owns 6,977 shares of the financial services provider’s stock worth $216,000 after acquiring an additional 6,951 shares during the period. 90.02% of the stock is owned by institutional investors and hedge funds.
Shares of MGM Growth Properties stock traded up $1.08 during trading hours on Thursday, reaching $22.36. 4,484,410 shares of the company’s stock were exchanged, compared to its average volume of 2,225,102. MGM Growth Properties LLC has a 52-week low of $11.43 and a 52-week high of $34.37. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 1.21 and a beta of 0.58. The company has a fifty day moving average of $27.62 and a 200-day moving average of $30.09. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.67.
MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings results on Friday, February 14th. The financial services provider reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.32). MGM Growth Properties had a return on equity of 1.37% and a net margin of 9.51%. The business had revenue of $225.89 million for the quarter, compared to analysts’ expectations of $226.16 million. On average, equities research analysts anticipate that MGM Growth Properties LLC will post 2.46 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 8.50%. The ex-dividend date of this dividend is Monday, March 30th. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.47. MGM Growth Properties’s dividend payout ratio is currently 80.69%.
In other news, Director Michael Rietbrock bought 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average cost of $24.64 per share, with a total value of $49,280.00. Following the transaction, the director now owns 15,288 shares of the company’s stock, valued at approximately $376,696.32. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Andy H. Chien bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was purchased at an average cost of $27.80 per share, for a total transaction of $27,800.00. Following the completion of the transaction, the chief financial officer now directly owns 31,248 shares in the company, valued at approximately $868,694.40. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 5,000 shares of company stock worth $127,635. Corporate insiders own 0.49% of the company’s stock.
A number of research firms recently weighed in on MGP. Citigroup lowered their price target on MGM Growth Properties from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, December 10th. Morgan Stanley started coverage on MGM Growth Properties in a report on Wednesday, January 22nd. They issued a “hold” rating and a $35.00 price target on the stock. Zacks Investment Research upgraded MGM Growth Properties from a “hold” rating to a “strong-buy” rating and set a $18.00 target price on the stock in a report on Wednesday, March 18th. ValuEngine upgraded MGM Growth Properties from a “sell” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, TheStreet cut MGM Growth Properties from a “b” rating to a “c” rating in a report on Thursday, March 5th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $33.22.
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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