MGM Growth Properties (NYSE:MGP) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of MGM Growth Properties (NYSE:MGP) from a buy rating to a hold rating in a report released on Friday morning, Zacks.com reports.

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 research analysts have also recently issued research reports about the company. ValuEngine cut MGM Growth Properties from a hold rating to a sell rating in a research report on Saturday, October 5th. Deutsche Bank restated a hold rating and issued a $32.00 price target on shares of MGM Growth Properties in a research report on Wednesday. Nomura restated a buy rating and issued a $39.00 price target on shares of MGM Growth Properties in a research report on Thursday, August 8th. Scotiabank initiated coverage on MGM Growth Properties in a research report on Monday, July 29th. They issued an outperform rating on the stock. Finally, Evercore ISI set a $38.00 price target on MGM Growth Properties and gave the stock a buy rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. MGM Growth Properties has an average rating of Buy and a consensus price target of $34.80.

MGP stock traded up $0.02 during trading hours on Friday, hitting $31.40. 1,904,939 shares of the stock were exchanged, compared to its average volume of 784,740. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $2.93 billion, a P/E ratio of 14.08, a P/E/G ratio of 4.03 and a beta of 0.48. The company has a 50-day simple moving average of $30.68 and a two-hundred day simple moving average of $30.72. MGM Growth Properties has a 12 month low of $25.50 and a 12 month high of $33.30.

MGM Growth Properties (NYSE:MGP) last posted its quarterly earnings data on Tuesday, November 5th. The financial services provider reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.35). The firm had revenue of $226.01 million for the quarter, compared to the consensus estimate of $227.29 million. MGM Growth Properties had a return on equity of 1.31% and a net margin of 8.24%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 EPS. On average, equities research analysts predict that MGM Growth Properties will post 2.26 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.47 dividend. The ex-dividend date was Friday, September 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.99%. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.47. MGM Growth Properties’s dividend payout ratio (DPR) is presently 84.30%.

Several hedge funds and other institutional investors have recently modified their holdings of MGP. Marshall Wace LLP bought a new position in shares of MGM Growth Properties in the first quarter worth $170,000. Timbercreek Investment Management Inc. grew its position in MGM Growth Properties by 9.5% in the second quarter. Timbercreek Investment Management Inc. now owns 541,034 shares of the financial services provider’s stock valued at $16,653,000 after acquiring an additional 47,000 shares during the last quarter. Gilman Hill Asset Management LLC grew its position in MGM Growth Properties by 13.4% in the second quarter. Gilman Hill Asset Management LLC now owns 27,385 shares of the financial services provider’s stock valued at $839,000 after acquiring an additional 3,240 shares during the last quarter. State of New Jersey Common Pension Fund D grew its position in MGM Growth Properties by 4.7% in the second quarter. State of New Jersey Common Pension Fund D now owns 111,000 shares of the financial services provider’s stock valued at $3,402,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. grew its position in MGM Growth Properties by 34.3% in the second quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 470,494 shares of the financial services provider’s stock valued at $14,421,000 after acquiring an additional 120,117 shares during the last quarter. Institutional investors own 97.36% of the company’s stock.

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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