MGM Growth Properties (MGP) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of MGM Growth Properties (NYSE:MGP) from a sell rating to a hold rating in a report published on Wednesday.

According to Zacks, “MGM Growth Properties LLC is a real estate investment trust. The company is engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts which include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGM Growth Properties LLC is based in Las Vegas, Nevada. “

Other equities analysts also recently issued reports about the company. Nomura began coverage on MGM Growth Properties in a report on Wednesday, September 26th. They issued a buy rating and a $37.00 price objective on the stock. Bank of America raised their price objective on MGM Growth Properties from $30.00 to $32.00 and gave the stock a buy rating in a report on Tuesday, July 17th. Citigroup upgraded MGM Growth Properties from a neutral rating to a buy rating in a report on Wednesday, August 8th. Morgan Stanley raised their price objective on MGM Growth Properties from $29.00 to $32.00 and gave the stock a hold rating in a report on Tuesday, July 24th. Finally, SunTrust Banks restated a hold rating on shares of MGM Growth Properties in a report on Tuesday, October 2nd. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. MGM Growth Properties currently has an average rating of Buy and an average price target of $32.50.

Shares of NYSE:MGP opened at $27.77 on Wednesday. The company has a current ratio of 8.43, a quick ratio of 8.43 and a debt-to-equity ratio of 0.66. MGM Growth Properties has a 12-month low of $25.31 and a 12-month high of $31.61. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 1.36 and a beta of -0.41.

MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings results 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 return on equity of 0.81% and a net margin of 5.85%. The business had revenue of $220.40 million during the quarter, compared to analyst estimates of $218.17 million. During the same period in the previous year, the business posted $0.50 earnings per share. The firm’s quarterly revenue was up 19.5% on a year-over-year basis. Sell-side analysts expect that MGM Growth Properties will post 2.15 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be issued a $0.438 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 6.31%. 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. MGM Growth Properties’s dividend payout ratio (DPR) is 87.06%.

Several large investors have recently made changes to their positions in MGP. SG Americas Securities LLC purchased a new stake in shares of MGM Growth Properties during the 2nd quarter valued at about $153,000. BNP Paribas Arbitrage SA raised its holdings in shares of MGM Growth Properties by 581.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,180 shares of the financial services provider’s stock valued at $164,000 after buying an additional 5,273 shares during the period. Paloma Partners Management Co purchased a new stake in shares of MGM Growth Properties during the 2nd quarter valued at about $204,000. Xact Kapitalforvaltning AB raised its holdings in shares of MGM Growth Properties by 29.6% during the 1st quarter. Xact Kapitalforvaltning AB now owns 9,195 shares of the financial services provider’s stock valued at $244,000 after buying an additional 2,100 shares during the period. Finally, Jane Street Group LLC purchased a new stake in shares of MGM Growth Properties during the 1st quarter valued at about $251,000.

MGM Growth Properties Company 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.

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