MGM Growth Properties (NYSE:MGP) Posts Earnings Results, Misses Estimates By $0.35 EPS

MGM Growth Properties (NYSE:MGP) released its quarterly earnings results on Tuesday. The financial services provider reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.35), Fidelity Earnings reports. MGM Growth Properties had a return on equity of 1.16% and a net margin of 6.73%. The company had revenue of $225.76 million during the quarter, compared to analyst estimates of $233.62 million. During the same period last year, the firm earned $0.55 earnings per share. The business’s revenue was up 2.4% compared to the same quarter last year.

Shares of NYSE:MGP opened at $28.71 on Wednesday. The stock has a market capitalization of $2.67 billion, a P/E ratio of 12.87, a P/E/G ratio of 2.83 and a beta of 0.50. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.96 and a current ratio of 0.96. MGM Growth Properties has a 52 week low of $25.50 and a 52 week high of $33.30. The firm has a fifty day simple moving average of $30.29.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a $0.468 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $1.87 dividend on an annualized basis and a dividend yield of 6.52%. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.47. MGM Growth Properties’s payout ratio is currently 83.86%.

A number of equities research analysts have recently commented on the company. Deutsche Bank reaffirmed a “hold” rating and issued a $32.00 price objective on shares of MGM Growth Properties in a research report on Wednesday, May 1st. Zacks Investment Research raised MGM Growth Properties from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Wednesday, July 31st. Morgan Stanley set a $35.00 price objective on MGM Growth Properties and gave the company a “hold” rating in a research report on Tuesday, June 11th. Scotiabank assumed coverage on MGM Growth Properties in a research report on Monday, July 29th. They issued an “outperform” rating for the company. Finally, TheStreet raised MGM Growth Properties from a “d” rating to a “c” rating in a research report on Monday, April 22nd. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $33.63.

In other MGM Growth Properties news, Director Robert W. Smith acquired 2,000 shares of the stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average price of $31.14 per share, with a total value of $62,280.00. Following the completion of the transaction, the director now directly owns 8,819 shares in the company, valued at $274,623.66. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.49% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the business. Duncker Streett & Co. Inc. purchased a new stake in MGM Growth Properties during the second quarter valued at about $37,000. First Hawaiian Bank purchased a new stake in MGM Growth Properties during the first quarter valued at about $39,000. Advisory Services Network LLC grew its position in MGM Growth Properties by 471.9% during the first quarter. Advisory Services Network LLC now owns 1,384 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 1,142 shares during the period. Cutler Group LP grew its position in MGM Growth Properties by 201.8% during the first quarter. Cutler Group LP now owns 1,509 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,009 shares during the period. Finally, Legal & General Group Plc grew its position in MGM Growth Properties by 308.7% during the fourth quarter. Legal & General Group Plc now owns 2,076 shares of the financial services provider’s stock valued at $55,000 after acquiring an additional 1,568 shares during the period. 99.62% of the stock is owned by hedge funds and other institutional investors.

About MGM Growth Properties

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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Earnings History for MGM Growth Properties (NYSE:MGP)

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