Zacks Investment Research Upgrades MGM Growth Properties (NYSE:MGP) to Hold

Zacks Investment Research upgraded shares of MGM Growth Properties (NYSE:MGP) from a sell rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

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. “

Other research analysts have also recently issued research reports about the stock. Morgan Stanley upped their price target on shares of from GBX 1,430 ($18.69) to GBX 1,560 ($20.38) and gave the company an equal weight rating in a report on Tuesday, June 11th. TheStreet upgraded shares of Secureworks from a d+ rating to a c- rating in a report on Monday, April 22nd. Deutsche Bank cut shares of Hilton Hotels from a buy rating to a hold rating and set a $92.60 target price for the company. in a report on Wednesday, May 1st. They noted that the move was a valuation call. Credit Suisse Group restated a neutral rating and set a $108.00 target price on shares of Wynn Resorts in a report on Wednesday, March 20th. Finally, JPMorgan Chase & Co. set a €117.00 ($136.05) target price on shares of Siemens and gave the stock a buy rating in a report on Tuesday, April 2nd. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. MGM Growth Properties currently has a consensus rating of Buy and a consensus target price of $33.78.

MGM Growth Properties stock opened at $30.54 on Wednesday. The firm has a market capitalization of $2.76 billion, a PE ratio of 13.70, a PEG ratio of 2.37 and a beta of 0.50. MGM Growth Properties has a twelve month low of $25.50 and a twelve month high of $33.30. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a 50 day moving average of $31.07.

MGM Growth Properties (NYSE:MGP) last released its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.34). The company had revenue of $271.30 million during the quarter, compared to analyst estimates of $283.07 million. MGM Growth Properties had a net margin of 6.73% and a return on equity of 1.16%. The firm’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 EPS. On average, equities research analysts forecast that MGM Growth Properties will post 2.27 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.468 per share. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.87 annualized dividend and a yield of 6.13%. MGM Growth Properties’s dividend payout ratio is presently 83.86%.

In other news, Director Robert W. Smith purchased 2,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was purchased at an average price of $31.14 per share, for a total transaction of $62,280.00. Following the completion of the purchase, the director now directly owns 8,819 shares in the company, valued at approximately $274,623.66. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.49% of the company’s stock.

A number of hedge funds have recently made changes to their positions in MGP. BlackRock Inc. lifted its stake in MGM Growth Properties by 6.5% in the fourth quarter. BlackRock Inc. now owns 339,043 shares of the financial services provider’s stock valued at $8,954,000 after acquiring an additional 20,556 shares during the last quarter. Raymond James & Associates lifted its stake in MGM Growth Properties by 5.7% in the fourth quarter. Raymond James & Associates now owns 28,429 shares of the financial services provider’s stock valued at $751,000 after acquiring an additional 1,533 shares during the last quarter. NumerixS Investment Technologies Inc lifted its stake in MGM Growth Properties by 2,400.0% in the fourth quarter. NumerixS Investment Technologies Inc now owns 5,000 shares of the financial services provider’s stock valued at $134,000 after acquiring an additional 4,800 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in MGM Growth Properties by 41.9% in the fourth quarter. Great West Life Assurance Co. Can now owns 8,541 shares of the financial services provider’s stock valued at $218,000 after acquiring an additional 2,523 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in MGM Growth Properties by 6.4% in 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 acquiring an additional 62,368 shares during the last quarter. Hedge funds and other institutional investors own 99.38% of the company’s stock.

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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Analyst Recommendations for MGM Growth Properties (NYSE:MGP)

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