MGM Growth Properties’ (NYSE:MGP) lock-up period will end on Monday, October 17th. MGM Growth Properties had issued 50,000,000 shares in its public offering on April 20th. The total size of the offering was $1,050,000,000 based on an initial share price of $21.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the end of the lock-up period.
MGP has been the topic of a number of analyst reports. Zacks Investment Research cut shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. Citigroup Inc. increased their target price on shares of MGM Growth Properties from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. Deutsche Bank AG reiterated a “buy” rating on shares of MGM Growth Properties in a research report on Monday, June 27th. Bank of America Corp. reiterated a “buy” rating and issued a $29.00 target price on shares of MGM Growth Properties in a research report on Friday, August 5th. Finally, Morgan Stanley lowered shares of MGM Growth Properties from an “overweight” rating to an “equal weight” rating and set a $25.00 target price for the company. in a research report on Wednesday, June 22nd. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. MGM Growth Properties presently has an average rating of “Buy” and an average price target of $26.50.
MGM Growth Properties (NYSE:MGP) opened at 24.53 on Wednesday. The company’s market cap is $1.41 billion. The stock’s 50 day moving average is $25.54 and its 200 day moving average is $25.04. MGM Growth Properties has a 52-week low of $21.00 and a 52-week high of $27.89.
MGM Growth Properties (NYSE:MGP) last issued its earnings results on Thursday, August 4th. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.35. The firm had revenue of $101.25 million for the quarter, compared to the consensus estimate of $110.24 million. Equities research analysts forecast that MGM Growth Properties will post $1.29 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.387 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 6.31%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGP. Fidelity National Financial Inc. acquired a new position in MGM Growth Properties during the second quarter worth about $13,340,000. Bank of Montreal Can acquired a new position in MGM Growth Properties during the second quarter worth about $10,725,000. American Century Companies Inc. acquired a new position in MGM Growth Properties during the second quarter worth about $63,605,000. Cambiar Investors LLC acquired a new position in MGM Growth Properties during the second quarter worth about $9,348,000. Finally, Standard Life Investments LTD acquired a new position in MGM Growth Properties during the second quarter worth about $283,000. 97.13% of the stock is owned by institutional investors and hedge funds.
About MGM Growth Properties
MGM Growth Properties LLC is a real estate investment trust. The Company is a subsidiary of MGM Resorts International, a holding company, which through its subsidiaries, owns and operates casino resorts. The Company is 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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