California Public Employees Retirement System boosted its stake in shares of MGM Growth Properties LLC (NYSE:MGP) by 32.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 58,193 shares of the financial services provider’s stock after buying an additional 14,293 shares during the period. California Public Employees Retirement System owned 0.08% of MGM Growth Properties worth $1,758,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Winslow Evans & Crocker Inc. purchased a new stake in MGM Growth Properties during the 3rd quarter worth about $177,000. M&R Capital Management Inc. increased its holdings in MGM Growth Properties by 8.5% during the 2nd quarter. M&R Capital Management Inc. now owns 8,675 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 680 shares during the period. Envestnet Asset Management Inc. increased its holdings in MGM Growth Properties by 932.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 9,288 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 8,388 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in shares of MGM Growth Properties in the 3rd quarter valued at about $285,000. Finally, HighTower Advisors LLC purchased a new position in shares of MGM Growth Properties in the 2nd quarter valued at about $354,000.
In related news, Director Robert W. Smith purchased 1,500 shares of the company’s stock in a transaction on Monday, November 20th. The stock was bought at an average price of $29.41 per share, with a total value of $44,115.00. Following the completion of the transaction, the director now owns 5,319 shares of the company’s stock, valued at approximately $156,431.79. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.60% of the company’s stock.
MGM Growth Properties LLC (MGP) traded down $0.09 during midday trading on Monday, reaching $26.24. The company had a trading volume of 867,382 shares, compared to its average volume of 824,311. MGM Growth Properties LLC has a 12-month low of $25.15 and a 12-month high of $31.83. The stock has a market cap of $6,720.00 and a P/E ratio of 33.64. 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 business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were given a dividend of $0.42 per share. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, December 28th. This represents a $1.68 annualized dividend and a yield of 6.40%. MGM Growth Properties’s dividend payout ratio (DPR) is presently 215.38%.
A number of research analysts have recently commented on the company. SunTrust Banks reiterated a “buy” rating and issued a $30.00 price objective on shares of MGM Growth Properties in a report on Tuesday, October 24th. ValuEngine raised MGM Growth Properties from a “hold” rating to a “buy” rating in a research report on Thursday, November 9th. Ladenburg Thalmann Financial Services set a $35.00 target price on MGM Growth Properties and gave the company a “buy” rating in a research report on Wednesday, January 17th. Morgan Stanley increased their price objective on MGM Growth Properties from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 24th. Finally, Zacks Investment Research raised MGM Growth Properties from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research report on Thursday, January 4th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. MGM Growth Properties presently has an average rating of “Buy” and an average target price of $32.38.
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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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