HGI Capital Management LLC Sells 22,607 Shares of MGM Growth Properties LLC (MGP)
HGI Capital Management LLC decreased its position in MGM Growth Properties LLC (NYSE:MGP) by 13.4% during the second quarter, Holdings Channel reports. The institutional investor owned 145,954 shares of the financial services provider’s stock after selling 22,607 shares during the period. MGM Growth Properties makes up about 5.2% of HGI Capital Management LLC’s holdings, making the stock its 6th largest position. HGI Capital Management LLC’s holdings in MGM Growth Properties were worth $4,260,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp acquired a new stake in MGM Growth Properties during the first quarter valued at $139,000. Quantbot Technologies LP acquired a new stake in MGM Growth Properties during the first quarter valued at $207,000. Bray Capital Advisors acquired a new stake in MGM Growth Properties during the second quarter valued at $213,000. Gerber Kawasaki Wealth & Investment Management acquired a new stake in MGM Growth Properties during the first quarter valued at $219,000. Finally, SG Americas Securities LLC acquired a new stake in MGM Growth Properties during the first quarter valued at $248,000. 96.72% of the stock is owned by institutional investors and hedge funds.
Shares of MGM Growth Properties LLC (MGP) opened at 29.85 on Thursday. MGM Growth Properties LLC has a 1-year low of $23.63 and a 1-year high of $30.03. The stock has a market cap of $1.72 billion, a PE ratio of 41.40 and a beta of -1.36. The company’s 50-day moving average price is $29.17 and its 200 day moving average price is $27.57.
MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by $0.32. MGM Growth Properties had a net margin of 6.21% and a return on equity of 0.81%. The business had revenue of $184.45 million for the quarter, compared to analyst estimates of $184.43 million. During the same quarter last year, the business earned $0.32 EPS. MGM Growth Properties’s revenue for the quarter was up 66.3% compared to the same quarter last year. Equities analysts forecast that MGM Growth Properties LLC will post $0.84 EPS for the current fiscal year.
The firm 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 of this dividend 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 equities research analysts recently weighed in on MGP shares. Zacks Investment Research upgraded MGM Growth Properties from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Wednesday, May 3rd. Deutsche Bank AG restated a “hold” rating and set a $28.00 target price (up previously from $27.00) on shares of MGM Growth Properties in a research note on Friday, April 28th. ValuEngine cut MGM Growth Properties from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. Finally, Ladenburg Thalmann Financial Services started coverage on MGM Growth Properties in a research note on Friday, June 2nd. They set a “buy” rating and a $32.00 target price for the company. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $29.67.
In other MGM Growth Properties news, Director Robert W. Smith acquired 2,000 shares of the stock in a transaction on Tuesday, May 30th. The stock was 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is owned by company insiders.
MGM Growth Properties Company Profile
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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