MGM Growth Properties LLC (NYSE:MGP) declared a quarterly dividend on Friday, June 14th, NASDAQ reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.468 per share by the financial services provider on Monday, July 15th. This represents a $1.87 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date of this dividend is Thursday, June 27th. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.47.
MGM Growth Properties has a payout ratio of 87.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect MGM Growth Properties to earn $2.38 per share next year, which means the company should continue to be able to cover its $1.87 annual dividend with an expected future payout ratio of 78.6%.
NYSE:MGP traded down $0.16 during trading hours on Tuesday, reaching $31.01. The company’s stock had a trading volume of 16,526 shares, compared to its average volume of 673,666. The company has a market cap of $2.82 billion, a P/E ratio of 13.92, a price-to-earnings-growth ratio of 2.46 and a beta of 0.55. MGM Growth Properties has a one year low of $25.50 and a one year high of $33.30. The business has a 50-day moving average of $31.38. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.79.
MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.34). The business had revenue of $271.30 million during the quarter, compared to the consensus estimate of $283.07 million. MGM Growth Properties had a return on equity of 1.16% and a net margin of 6.73%. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.49 earnings per share. Sell-side analysts forecast that MGM Growth Properties will post 2.27 EPS for the current fiscal year.
In other news, Director Robert W. Smith purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was bought at an average cost of $31.14 per share, for a total transaction of $62,280.00. Following the completion of the acquisition, the director now directly owns 8,819 shares of the company’s stock, valued at $274,623.66. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.49% of the stock is owned by corporate insiders.
A number of brokerages recently issued reports on MGP. Zacks Investment Research upgraded shares of MGM Growth Properties from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a report on Wednesday, April 24th. TheStreet upgraded shares of MGM Growth Properties from a “d” rating to a “c” rating in a report on Monday, April 22nd. Deutsche Bank reiterated a “hold” rating and issued a $32.00 price objective on shares of MGM Growth Properties in a report on Wednesday, May 1st. JPMorgan Chase & Co. upped their price objective on shares of MGM Growth Properties from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. They noted that the move was a valuation call. Finally, Morgan Stanley set a $35.00 price objective on shares of MGM Growth Properties and gave the stock a “hold” rating in a report on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $33.90.
About MGM Growth Properties
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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