Wedge Capital Management L L P NC decreased its stake in MGM Growth Properties LLC (NYSE:MGP) by 2.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,612,097 shares of the financial services provider’s stock after selling 41,588 shares during the period. Wedge Capital Management L L P NC’s holdings in MGM Growth Properties were worth $47,057,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in MGP. Fifth Third Bancorp acquired a new position in shares of MGM Growth Properties during the first quarter valued at approximately $139,000. Bray Capital Advisors acquired a new position in shares of MGM Growth Properties during the second quarter valued at approximately $213,000. Quantbot Technologies LP acquired a new position in shares of MGM Growth Properties during the first quarter valued at approximately $207,000. Gerber Kawasaki Wealth & Investment Management acquired a new position in shares of MGM Growth Properties during the first quarter valued at approximately $219,000. Finally, SG Americas Securities LLC acquired a new position in shares of MGM Growth Properties during the first quarter valued at approximately $248,000. Institutional investors own 96.72% of the company’s stock.

Shares of MGM Growth Properties LLC (NYSE:MGP) opened at 29.82 on Friday. The company has a market capitalization of $1.72 billion, a P/E ratio of 41.36 and a beta of -1.36. MGM Growth Properties LLC has a 12-month low of $23.63 and a 12-month high of $30.03. The company’s 50 day moving average is $29.21 and its 200 day moving average is $27.62.

MGM Growth Properties (NYSE:MGP) last issued its earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by $0.32. The firm had revenue of $184.45 million for the quarter, compared to analyst estimates of $184.43 million. MGM Growth Properties had a return on equity of 0.81% and a net margin of 6.21%. MGM Growth Properties’s quarterly revenue was up 66.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 earnings per share. Analysts expect that MGM Growth Properties LLC will post $0.83 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a dividend of $0.395 per share. This represents a $1.58 dividend on an annualized basis and a yield of 5.30%. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.39. The ex-dividend date was Wednesday, June 28th. MGM Growth Properties’s payout ratio is presently 205.20%.

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Several brokerages have recently commented on MGP. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of MGM Growth Properties in a research note on Thursday. Barclays PLC restated a “buy” rating and set a $33.00 price target on shares of MGM Growth Properties in a research note on Friday. Zacks Investment Research upgraded shares of MGM Growth Properties from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Thursday. Deutsche Bank AG increased their price target on shares of MGM Growth Properties from $28.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, ValuEngine lowered shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $30.50.

In other news, Director Robert W. Smith bought 2,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were acquired at an average cost of $27.87 per share, for a total transaction of $55,740.00. Following the completion of the acquisition, the director now owns 2,000 shares in the company, valued at $55,740. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.60% of the stock is currently owned by insiders.

About MGM Growth Properties

MGM Growth Properties LLC is a real estate investment trust engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts, whose amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. Its portfolio consists of approximately 10 destination resorts.

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Institutional Ownership by Quarter for MGM Growth Properties (NYSE:MGP)

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