Cleararc Capital Inc. increased its position in MGM Growth Properties LLC (NYSE:MGP) by 19.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 353,424 shares of the financial services provider’s stock after acquiring an additional 57,971 shares during the period. MGM Growth Properties comprises approximately 1.5% of Cleararc Capital Inc.’s holdings, making the stock its 8th largest position. Cleararc Capital Inc. owned approximately 0.50% of MGM Growth Properties worth $10,765,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position in MGM Growth Properties by 30.0% in the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 23,079 shares of the financial services provider’s stock worth $703,000 after purchasing an additional 5,324 shares during the period. South Street Advisors LLC grew its position in MGM Growth Properties by 27.5% in the 2nd quarter. South Street Advisors LLC now owns 32,900 shares of the financial services provider’s stock worth $1,002,000 after purchasing an additional 7,100 shares during the period. Tower Research Capital LLC TRC grew its position in MGM Growth Properties by 574.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 19,012 shares of the financial services provider’s stock worth $579,000 after purchasing an additional 16,192 shares during the period. New England Asset Management Inc. bought a new stake in MGM Growth Properties in the 2nd quarter worth approximately $481,000. Finally, Paloma Partners Management Co bought a new stake in MGM Growth Properties in the 2nd quarter worth approximately $204,000.

Shares of MGP stock opened at $30.03 on Wednesday. MGM Growth Properties LLC has a 1 year low of $25.31 and a 1 year high of $31.61. The company has a quick ratio of 8.43, a current ratio of 8.43 and a debt-to-equity ratio of 0.66. The firm has a market cap of $2.10 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 1.44 and a beta of -0.46.

MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings data on Tuesday, August 7th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.33). MGM Growth Properties had a net margin of 5.85% and a return on equity of 0.81%. The business had revenue of $220.40 million for the quarter, compared to the consensus estimate of $218.17 million. During the same period in the previous year, the firm earned $0.50 EPS. The company’s revenue was up 19.5% on a year-over-year basis. sell-side analysts forecast that MGM Growth Properties LLC will post 2.13 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be given a dividend of $0.438 per share. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 5.83%. MGM Growth Properties’s payout ratio is presently 85.57%.

A number of research firms have commented on MGP. Bank of America lifted their target price on shares of MGM Growth Properties from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, July 17th. Morgan Stanley lifted their target price on shares of MGM Growth Properties from $29.00 to $32.00 and gave the stock a “hold” rating in a research report on Tuesday, July 24th. Credit Suisse Group began coverage on shares of MGM Growth Properties in a research report on Tuesday, August 14th. They issued a “neutral” rating and a $31.00 target price for the company. Zacks Investment Research downgraded shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Saturday, August 11th. Finally, Citigroup raised shares of MGM Growth Properties from a “neutral” rating to a “buy” rating in a research report on Wednesday, August 8th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. MGM Growth Properties has a consensus rating of “Buy” and a consensus price target of $32.00.

MGM Growth Properties Profile

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.

Further Reading: Investing in Growth Stocks

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

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