MGM Growth Properties LLC’s Lock-Up Period Set To End Tomorrow (NYSE:MGP)
MGM Growth Properties’ (NYSE:MGP) lock-up period will end on Monday, October 17th. MGM Growth Properties had issued 50,000,000 shares in its IPO on April 20th. The total size of the offering was $1,050,000,000 based on an initial share price of $21.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the end of the lock-up period.
MGP has been the subject of a number of research analyst reports. Zacks Investment Research downgraded MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. Citigroup Inc. upped their price objective on MGM Growth Properties from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Deutsche Bank AG restated a “buy” rating on shares of MGM Growth Properties in a report on Monday, June 27th. Bank of America Corp. restated a “buy” rating and set a $29.00 price objective on shares of MGM Growth Properties in a report on Friday, August 5th. Finally, Morgan Stanley downgraded MGM Growth Properties from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective for the company. in a report on Wednesday, June 22nd. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. MGM Growth Properties presently has an average rating of “Buy” and an average target price of $26.50.
Shares of MGM Growth Properties (NYSE:MGP) opened at 25.16 on Friday. The firm’s market capitalization is $1.45 billion. The company has a 50-day moving average price of $25.49 and a 200 day moving average price of $25.05. MGM Growth Properties has a one year low of $21.00 and a one year high of $27.89.
MGM Growth Properties (NYSE:MGP) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by $0.35. The company had revenue of $101.25 million for the quarter, compared to analysts’ expectations of $110.24 million. Analysts expect that MGM Growth Properties will post $1.29 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a $0.387 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 6.15%. The ex-dividend date of this dividend was Wednesday, September 28th.
A number of institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC purchased a new position in MGM Growth Properties during the second quarter worth approximately $104,000. KBC Group NV purchased a new position in MGM Growth Properties during the second quarter worth approximately $152,000. Veritable L.P. purchased a new position in MGM Growth Properties during the second quarter worth approximately $204,000. BB&T Securities LLC purchased a new position in MGM Growth Properties during the second quarter worth approximately $205,000. Finally, Standard Life Investments LTD bought a new stake in shares of MGM Growth Properties during the second quarter worth about $283,000. 97.13% of the stock is owned by hedge funds and other institutional investors.
About MGM Growth Properties
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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