MGM Growth Properties (MGP) PT Set at $35.00 by Ladenburg Thalmann Financial Services
Ladenburg Thalmann Financial Services set a $35.00 target price on MGM Growth Properties (NYSE:MGP) in a research note published on Wednesday morning. The firm currently has a buy rating on the financial services provider’s stock.
Other analysts have also issued research reports about the company. Zacks Investment Research upgraded MGM Growth Properties from a hold rating to a buy rating and set a $34.00 price objective on the stock in a research note on Tuesday, September 19th. SunTrust Banks restated a buy rating and issued a $31.00 price objective on shares of MGM Growth Properties in a research note on Friday, November 10th. ValuEngine upgraded MGM Growth Properties from a hold rating to a buy rating in a research note on Thursday, November 9th. Finally, Morgan Stanley increased their target price on MGM Growth Properties from $30.00 to $31.00 and gave the stock an equal weight rating in a research note on Tuesday, October 24th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. MGM Growth Properties has an average rating of Buy and a consensus price target of $32.38.
MGM Growth Properties (NYSE MGP) traded down $0.38 during trading hours on Wednesday, reaching $28.25. The company’s stock had a trading volume of 865,551 shares, compared to its average volume of 545,292. The company has a quick ratio of 28.86, a current ratio of 28.86 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $2,002.84, a price-to-earnings ratio of 14.34, a price-to-earnings-growth ratio of 0.76 and a beta of -1.43. MGM Growth Properties has a 12-month low of $24.87 and a 12-month high of $31.83.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were paid a dividend of $0.42 per share. The ex-dividend date was Thursday, December 28th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 5.95%. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.40. MGM Growth Properties’s dividend payout ratio (DPR) is 218.18%.
In other news, Director Robert W. Smith bought 1,500 shares of the stock in a transaction dated Monday, November 20th. The shares were bought at an average price of $29.41 per share, for a total transaction of $44,115.00. Following the completion of the purchase, the director now owns 5,319 shares in the company, valued at $156,431.79. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Research Global Investors increased its stake in shares of MGM Growth Properties by 5.6% during the second quarter. Capital Research Global Investors now owns 5,318,749 shares of the financial services provider’s stock worth $155,254,000 after purchasing an additional 282,500 shares during the period. Janus Henderson Group PLC increased its stake in shares of MGM Growth Properties by 973.9% during the second quarter. Janus Henderson Group PLC now owns 4,133,371 shares of the financial services provider’s stock worth $120,650,000 after purchasing an additional 3,748,466 shares during the period. JPMorgan Chase & Co. increased its stake in shares of MGM Growth Properties by 51.0% during the third quarter. JPMorgan Chase & Co. now owns 3,337,717 shares of the financial services provider’s stock worth $100,733,000 after purchasing an additional 1,127,948 shares during the period. Alyeska Investment Group L.P. increased its stake in shares of MGM Growth Properties by 6.8% during the third quarter. Alyeska Investment Group L.P. now owns 2,742,183 shares of the financial services provider’s stock worth $82,841,000 after purchasing an additional 175,228 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of MGM Growth Properties during the third quarter worth approximately $80,532,000.
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MGM Growth Properties Company Profile
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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