MGM Growth Properties LLC (MGP) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of MGM Growth Properties LLC (NYSE:MGP) from a hold rating to a buy rating in a research note published on Tuesday. The firm currently has $34.00 price objective on the financial services provider’s stock.

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. “

MGP has been the subject of several other reports. Ladenburg Thalmann Financial Services assumed coverage on shares of MGM Growth Properties in a research report on Friday, June 2nd. They set a buy rating and a $32.00 target price for the company. ValuEngine lowered shares of MGM Growth Properties from a buy rating to a hold rating in a research report on Tuesday, June 20th. Deutsche Bank AG lifted their target price on shares of MGM Growth Properties from $28.00 to $30.00 and gave the company a hold rating in a research report on Wednesday, August 9th. UBS AG reiterated a buy rating and set a $33.00 target price (up from $30.00) on shares of MGM Growth Properties in a research report on Wednesday, September 6th. Finally, Barclays PLC reiterated a buy rating and set a $33.00 target price on shares of MGM Growth Properties in a research report on Friday, August 11th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $31.86.

MGM Growth Properties (NYSE MGP) opened at 30.87 on Tuesday. The company’s 50-day moving average is $30.97 and its 200-day moving average is $30.97. The firm has a market capitalization of $1.78 billion, a PE ratio of 39.58 and a beta of -1.31. MGM Growth Properties has a 52-week low of $23.63 and a 52-week high of $31.83.

MGM Growth Properties (NYSE:MGP) last announced its earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.32). MGM Growth Properties had a net margin of 6.21% and a return on equity of 0.81%. The company had revenue of $184.45 million for the quarter, compared to the consensus estimate of $184.43 million. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The company’s revenue for the quarter was up 66.3% compared to the same quarter last year. Analysts forecast that MGM Growth Properties will post $0.78 EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.395 per share. This represents a $1.58 annualized dividend and a dividend yield of 5.12%. The ex-dividend date of this dividend is Thursday, September 28th. MGM Growth Properties’s dividend payout ratio (DPR) is presently 205.20%.

Several hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its stake in shares of MGM Growth Properties by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 21,020 shares of the financial services provider’s stock worth $569,000 after acquiring an additional 69 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of MGM Growth Properties by 0.4% during the first quarter. Russell Investments Group Ltd. now owns 85,359 shares of the financial services provider’s stock worth $2,308,000 after acquiring an additional 340 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of MGM Growth Properties by 2.6% during the second quarter. Wells Fargo & Company MN now owns 25,389 shares of the financial services provider’s stock worth $741,000 after acquiring an additional 649 shares in the last quarter. M&R Capital Management Inc. raised its stake in shares of MGM Growth Properties by 8.5% during the second quarter. M&R Capital Management Inc. now owns 8,675 shares of the financial services provider’s stock worth $258,000 after acquiring an additional 680 shares in the last quarter. Finally, Chartwell Investment Partners LLC raised its stake in shares of MGM Growth Properties by 0.3% during the second quarter. Chartwell Investment Partners LLC now owns 272,735 shares of the financial services provider’s stock worth $7,961,000 after acquiring an additional 798 shares in the last quarter. 86.74% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for MGM Growth Properties (NYSE:MGP)

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