Alliancebernstein L.P. Cuts Holdings in MGM Growth Properties LLC (MGP)
Alliancebernstein L.P. lowered its stake in MGM Growth Properties LLC (NYSE:MGP) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 484,671 shares of the financial services provider’s stock after selling 6,281 shares during the quarter. Alliancebernstein L.P.’s holdings in MGM Growth Properties were worth $14,293,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in MGP. Synovus Financial Corp lifted its position in shares of MGM Growth Properties by 857.9% in the third quarter. Synovus Financial Corp now owns 3,391 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 3,037 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of MGM Growth Properties in the second quarter worth $153,000. Paloma Partners Management Co bought a new stake in shares of MGM Growth Properties in the second quarter worth $204,000. Fox Run Management L.L.C. bought a new stake in shares of MGM Growth Properties in the third quarter worth $309,000. Finally, CIBC Asset Management Inc bought a new stake in shares of MGM Growth Properties in the second quarter worth $313,000. 97.14% of the stock is currently owned by hedge funds and other institutional investors.
MGP has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Saturday, August 11th. Credit Suisse Group initiated coverage on shares of MGM Growth Properties in a report on Tuesday, August 14th. They set a “neutral” rating and a $31.00 target price on the stock. Nomura initiated coverage on shares of MGM Growth Properties in a report on Wednesday, September 26th. They set a “buy” rating and a $37.00 target price on the stock. SunTrust Banks restated a “hold” rating on shares of MGM Growth Properties in a report on Tuesday, October 2nd. Finally, Bank of America downgraded shares of MGM Growth Properties from a “buy” rating to a “neutral” rating in a report on Monday, October 15th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $32.67.
MGM Growth Properties (NYSE:MGP) last issued its earnings results on Thursday, November 1st. The financial services provider reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.31). The firm had revenue of $282.22 million for the quarter, compared to analyst estimates of $273.53 million. MGM Growth Properties had a return on equity of 0.95% and a net margin of 6.13%. MGM Growth Properties’s quarterly revenue was up 54.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.49 earnings per share. On average, analysts predict that MGM Growth Properties LLC will post 2.23 earnings per share for the current year.
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MGM Growth Properties Profile
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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