Quantitative Systematic Strategies LLC Trims Stake in MGM Growth Properties LLC (NYSE:MGP)

Quantitative Systematic Strategies LLC cut its stake in shares of MGM Growth Properties LLC (NYSE:MGP) by 50.2% in the 2nd quarter, Holdings Channel reports. The fund owned 39,106 shares of the financial services provider’s stock after selling 39,468 shares during the quarter. Quantitative Systematic Strategies LLC’s holdings in MGM Growth Properties were worth $1,432,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of MGP. The PNC Financial Services Group Inc. raised its stake in MGM Growth Properties by 405.9% during the 1st quarter. The PNC Financial Services Group Inc. now owns 855 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 686 shares during the last quarter. Rocky Mountain Advisers LLC purchased a new stake in MGM Growth Properties during the 2nd quarter valued at approximately $33,000. NEXT Financial Group Inc purchased a new stake in MGM Growth Properties during the 2nd quarter valued at approximately $43,000. Rockefeller Capital Management L.P. purchased a new stake in MGM Growth Properties during the 1st quarter valued at approximately $55,000. Finally, PNC Managed Account Solutions Inc. purchased a new stake in MGM Growth Properties during the 2nd quarter valued at approximately $141,000. 92.02% of the stock is owned by hedge funds and other institutional investors.

Several analysts have commented on MGP shares. Wolfe Research started coverage on MGM Growth Properties in a research note on Monday, June 14th. They set a “peer perform” rating and a $43.00 price objective for the company. Truist Securities cut MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Monday, August 9th. Zacks Investment Research cut MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, July 20th. Truist cut MGM Growth Properties from a “buy” rating to a “hold” rating in a research report on Monday, August 9th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $43.00 target price on shares of MGM Growth Properties in a research report on Friday, August 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, MGM Growth Properties has a consensus rating of “Hold” and an average target price of $38.83.

Shares of MGP traded down $0.27 on Monday, reaching $39.75. The stock had a trading volume of 8,714 shares, compared to its average volume of 1,212,254. The firm has a market capitalization of $6.23 billion, a PE ratio of 29.21, a PEG ratio of 2.68 and a beta of 0.80. The company has a quick ratio of 8.05, a current ratio of 8.05 and a debt-to-equity ratio of 0.81. The firm has a 50-day moving average of $39.49 and a 200 day moving average of $36.63. MGM Growth Properties LLC has a twelve month low of $25.83 and a twelve month high of $43.19.

MGM Growth Properties (NYSE:MGP) last released its quarterly earnings results on Friday, August 6th. The financial services provider reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.37). The firm had revenue of $194.30 million during the quarter, compared to analyst estimates of $197.44 million. MGM Growth Properties had a return on equity of 3.65% and a net margin of 24.23%. The business’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.56 EPS. On average, sell-side analysts anticipate that MGM Growth Properties LLC will post 2.54 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date of this dividend is Wednesday, September 29th. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.52. MGM Growth Properties’s dividend payout ratio is 91.15%.

About MGM Growth Properties

MGM Growth Properties LLC operates as real estate investment trust, which engages in the acquisition, ownership, and leasing of destination entertainment and leisure resorts. It diverse amenities include casino gaming, hotel, convention, dining, entertainment, and retail offerings. The company was founded on October 23, 2015 and is headquartered in Las Vegas, NV.

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

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