California Public Employees Retirement System lowered its stake in MGM Growth Properties LLC (NYSE:MGP) by 4.1% during the first quarter, Holdings Channel reports. The fund owned 43,900 shares of the financial services provider’s stock after selling 1,900 shares during the period. California Public Employees Retirement System’s holdings in MGM Growth Properties were worth $1,187,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. American Century Companies Inc. raised its stake in shares of MGM Growth Properties by 18.6% in the first quarter. American Century Companies Inc. now owns 3,319,942 shares of the financial services provider’s stock valued at $89,804,000 after buying an additional 519,494 shares in the last quarter. Teachers Advisors LLC raised its stake in shares of MGM Growth Properties by 14.2% in the first quarter. Teachers Advisors LLC now owns 1,535,861 shares of the financial services provider’s stock valued at $41,545,000 after buying an additional 190,462 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of MGM Growth Properties by 146.9% in the first quarter. Victory Capital Management Inc. now owns 793,840 shares of the financial services provider’s stock valued at $21,473,000 after buying an additional 472,340 shares in the last quarter. Nationwide Fund Advisors raised its stake in shares of MGM Growth Properties by 0.3% in the first quarter. Nationwide Fund Advisors now owns 575,181 shares of the financial services provider’s stock valued at $15,559,000 after buying an additional 1,625 shares in the last quarter. Finally, Macquarie Group Ltd. raised its stake in shares of MGM Growth Properties by 17.1% in the fourth quarter. Macquarie Group Ltd. now owns 470,387 shares of the financial services provider’s stock valued at $11,905,000 after buying an additional 68,633 shares in the last quarter. 96.72% of the stock is currently owned by institutional investors.

MGM Growth Properties LLC (NYSE MGP) opened at 29.65 on Thursday. MGM Growth Properties LLC has a 1-year low of $23.63 and a 1-year high of $30.03. The firm has a 50-day moving average price of $29.17 and a 200-day moving average price of $27.57. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 38.01 and a beta of -1.36.

MGM Growth Properties (NYSE:MGP) last posted its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.50 by $0.32. MGM Growth Properties had a return on equity of 0.81% and a net margin of 6.21%. The company had revenue of $184.45 million for the quarter, compared to the consensus estimate of $184.43 million. During the same quarter last year, the business earned $0.32 EPS. MGM Growth Properties’s revenue was up 66.3% on a year-over-year basis. On average, analysts expect that MGM Growth Properties LLC will post $0.84 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a dividend of $0.395 per share. This represents a $1.58 dividend on an annualized basis and a yield of 5.29%. The ex-dividend date was Wednesday, June 28th. This is a positive change from MGM Growth Properties’s previous quarterly dividend of $0.39. MGM Growth Properties’s dividend payout ratio (DPR) is 205.20%.

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Several analysts recently commented on MGP shares. Deutsche Bank AG reaffirmed a “hold” rating and issued a $28.00 price target (up previously from $27.00) on shares of MGM Growth Properties in a research note on Friday, April 28th. ValuEngine raised MGM Growth Properties from a “hold” rating to a “buy” rating in a research note on Monday, June 26th. Zacks Investment Research lowered MGM Growth Properties from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. Finally, Ladenburg Thalmann Financial Services started coverage on MGM Growth Properties in a research note on Friday, June 2nd. They issued a “buy” rating and a $32.00 price target on the stock. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. MGM Growth Properties has a consensus rating of “Buy” and a consensus target price of $29.67.

In related news, Director Robert W. Smith acquired 2,000 shares of the stock in a transaction on Tuesday, May 30th. The shares were purchased at an average price of $27.87 per share, for a total transaction of $55,740.00. Following the purchase, the director now directly owns 2,000 shares in the company, valued at $55,740. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.60% of the stock is owned by company insiders.

About MGM Growth Properties

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.

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Institutional Ownership by Quarter for MGM Growth Properties (NYSE:MGP)

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