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

Zacks Investment Research cut shares of MGM Growth Properties (NYSE:MGP) from a hold rating to a sell rating in a report published on Tuesday, 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 equities research analysts also recently issued reports about the stock. Deutsche Bank downgraded shares of Hilton Hotels from a buy rating to a hold rating and set a $92.60 price target for the company. in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Credit Suisse Group restated a neutral rating and set a $108.00 price target on shares of Wynn Resorts in a research note on Wednesday, March 20th. TheStreet upgraded shares of Secureworks from a d+ rating to a c- rating in a research note on Monday, April 22nd. JPMorgan Chase & Co. set a €117.00 ($136.05) target price on shares of Siemens and gave the stock a buy rating in a research note on Tuesday, April 2nd. Finally, Morgan Stanley increased their target price on shares of from GBX 1,430 ($18.69) to GBX 1,560 ($20.38) and gave the stock an equal weight rating in a research note on Tuesday, June 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. MGM Growth Properties has a consensus rating of Hold and an average target price of $34.00.

Shares of MGP stock opened at $30.02 on Tuesday. The business’s 50 day moving average is $30.92. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.96 and a current ratio of 0.96. MGM Growth Properties has a 12-month low of $25.50 and a 12-month high of $33.30. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 13.46, a P/E/G ratio of 2.33 and a beta of 0.50.

MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.24 EPS for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.34). MGM Growth Properties had a return on equity of 1.16% and a net margin of 6.73%. The company had revenue of $271.30 million for the quarter, compared to the consensus estimate of $283.07 million. During the same quarter in the previous year, the company earned $0.49 earnings per share. MGM Growth Properties’s quarterly revenue was up 25.7% compared to the same quarter last year. Equities research analysts anticipate that MGM Growth Properties will post 2.28 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a dividend of $0.468 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $1.87 annualized dividend and a dividend yield of 6.24%. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.47. MGM Growth Properties’s dividend payout ratio (DPR) is 83.86%.

In other MGM Growth Properties news, Director Robert W. Smith bought 2,000 shares of MGM Growth Properties stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average price of $31.14 per share, with a total value of $62,280.00. Following the acquisition, the director now owns 8,819 shares in the company, valued at $274,623.66. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.49% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in MGP. Gilman Hill Asset Management LLC boosted its position in shares of 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 worth $839,000 after purchasing an additional 3,240 shares during the period. Timbercreek Investment Management Inc. lifted its holdings in shares of 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 worth $16,653,000 after buying an additional 47,000 shares in the last quarter. Advisory Services Network LLC lifted its holdings in shares of MGM Growth Properties by 471.9% in the first quarter. Advisory Services Network LLC now owns 1,384 shares of the financial services provider’s stock worth $44,000 after buying an additional 1,142 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in shares of MGM Growth Properties in the first quarter worth $2,168,000. Finally, Marshall Wace LLP purchased a new position in shares of MGM Growth Properties in the first quarter worth $170,000. 99.40% of the stock is currently owned by institutional investors.

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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