Standard Life Investments LTD Invests $283,000 in MGM Growth Properties LLC (MGP)
Standard Life Investments LTD purchased a new position in shares of MGM Growth Properties LLC (NYSE:MGP) during the second quarter, Holdings Channel reports. The fund purchased 10,599 shares of the company’s stock, valued at approximately $283,000.
Other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. acquired a new stake in MGM Growth Properties during the second quarter worth $63,605,000. Fidelity National Financial Inc. acquired a new stake in MGM Growth Properties during the second quarter worth $13,340,000. Bank of Montreal Can acquired a new stake in MGM Growth Properties during the second quarter worth $10,725,000. Finally, Cambiar Investors LLC acquired a new stake in MGM Growth Properties during the second quarter worth $9,348,000. 97.13% of the stock is currently owned by institutional investors.
MGM Growth Properties LLC (NYSE:MGP) traded down 0.89% on Friday, reaching $24.52. 519,930 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $25.66 and its 200 day moving average price is $25.05. The firm’s market capitalization is $1.41 billion. MGM Growth Properties LLC has a 52-week low of $21.00 and a 52-week high of $27.89.
MGM Growth Properties (NYSE:MGP) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.12 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.35. The business had revenue of $101.25 million for the quarter, compared to analysts’ expectations of $110.24 million. On average, analysts predict that MGM Growth Properties LLC will post $1.29 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.387 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.55 dividend on an annualized basis and a yield of 6.31%.
MGP has been the topic of a number of recent analyst reports. Morgan Stanley cut MGM Growth Properties from an “overweight” rating to an “equal weight” rating and set a $25.00 price target on the stock. in a report on Wednesday, June 22nd. Zacks Investment Research upgraded shares of MGM Growth Properties from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a research note on Tuesday, July 19th. Deutsche Bank AG reiterated a “buy” rating on shares of MGM Growth Properties in a research note on Monday, June 27th. Bank of America Corp. reiterated a “buy” rating and set a $29.00 price objective on shares of MGM Growth Properties in a research note on Friday, August 5th. Finally, Citigroup Inc. raised their price objective on shares of MGM Growth Properties from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Friday, August 5th. Four research analysts have rated the stock with a hold rating and four 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 $26.50.
MGM Growth Properties Company Profile
MGM Growth Properties LLC is a real estate investment trust. The Company is a subsidiary of MGM Resorts International, a holding company, which through its subsidiaries, owns and operates casino resorts. The Company is 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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