MGM Growth Properties (MGP) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of MGM Growth Properties (NYSE:MGP) from a hold rating to a buy rating in a research note released on Tuesday morning. They currently have $31.00 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. “

A number of other analysts have also issued reports on the stock. Credit Suisse Group initiated coverage on shares of MGM Growth Properties in a research note on Tuesday, August 14th. They issued a neutral rating and a $31.00 price target for the company. Nomura initiated coverage on shares of MGM Growth Properties in a research note on Wednesday, September 26th. They issued a buy rating and a $37.00 price target for the company. Citigroup upgraded shares of MGM Growth Properties from a neutral rating to a buy rating in a research note on Wednesday, August 8th. Morgan Stanley lifted their price objective on shares of MGM Growth Properties from $29.00 to $32.00 and gave the stock a hold rating in a report on Tuesday, July 24th. Finally, SunTrust Banks reaffirmed a hold rating on shares of MGM Growth Properties in a report on Tuesday, October 2nd. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $32.50.

Shares of NYSE:MGP opened at $28.28 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 8.43 and a quick ratio of 8.43. The firm has a market capitalization of $1.99 billion, a P/E ratio of 13.41, a P/E/G ratio of 1.29 and a beta of -0.42. MGM Growth Properties has a 12-month low of $25.31 and a 12-month high of $31.61.

MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings results on Tuesday, August 7th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.33). The company had revenue of $220.40 million during the quarter, compared to the consensus estimate of $218.17 million. MGM Growth Properties had a return on equity of 0.81% and a net margin of 5.85%. The firm’s quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 EPS. Equities research analysts predict that MGM Growth Properties will post 2.15 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were issued a $0.438 dividend. This represents a $1.75 dividend on an annualized basis and a yield of 6.20%. The ex-dividend date was Thursday, September 27th. This is an increase from MGM Growth Properties’s previous quarterly dividend of $0.43. MGM Growth Properties’s payout ratio is currently 87.06%.

Several institutional investors and hedge funds have recently made changes to their positions in MGP. SG Americas Securities LLC acquired a new position in shares of MGM Growth Properties during the second quarter valued at $153,000. BNP Paribas Arbitrage SA boosted its holdings in shares of MGM Growth Properties by 581.4% during the first quarter. BNP Paribas Arbitrage SA now owns 6,180 shares of the financial services provider’s stock valued at $164,000 after acquiring an additional 5,273 shares during the period. Paloma Partners Management Co acquired a new position in shares of MGM Growth Properties during the second quarter valued at $204,000. Xact Kapitalforvaltning AB boosted its holdings in shares of MGM Growth Properties by 29.6% during the first quarter. Xact Kapitalforvaltning AB now owns 9,195 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 2,100 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of MGM Growth Properties during the first quarter valued at $251,000.

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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