Zacks Investment Research downgraded shares of MGM Growth Properties LLC (NYSE:MGP) from a buy rating to a hold rating in a report released on Wednesday morning.

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 brokerages also recently weighed in on MGP. Bank of America Corporation reaffirmed a buy rating and issued a $34.00 target price (up from $32.00) on shares of MGM Growth Properties in a research note on Friday, September 8th. UBS AG reaffirmed a buy rating and issued a $33.00 target price (up from $30.00) on shares of MGM Growth Properties in a research note on Wednesday, September 6th. Ladenburg Thalmann Financial Services reaffirmed a buy rating on shares of MGM Growth Properties in a research note on Thursday, August 10th. Barclays PLC reissued a buy rating and set a $33.00 price target on shares of MGM Growth Properties in a research note on Friday, August 11th. Finally, Deutsche Bank AG boosted their price target on shares of MGM Growth Properties from $28.00 to $30.00 and gave the stock a hold rating in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $31.86.

MGM Growth Properties (MGP) opened at 29.25 on Wednesday. MGM Growth Properties has a 12-month low of $23.63 and a 12-month high of $31.83. The company has a market capitalization of $1.69 billion, a PE ratio of 37.50 and a beta of -1.34. The stock has a 50 day moving average of $30.31 and a 200 day moving average of $29.22.

MGM Growth Properties (NYSE:MGP) last announced its earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share 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 during the quarter, compared to the consensus estimate of $184.43 million. During the same period in the prior year, the firm posted $0.32 earnings per share. The company’s revenue was up 66.3% on a year-over-year basis. On average, equities research analysts predict that MGM Growth Properties will post $0.78 EPS for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a dividend of $0.395 per share. This represents a $1.58 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date was Thursday, September 28th. MGM Growth Properties’s dividend payout ratio (DPR) is 205.20%.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in shares of MGM Growth Properties by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 21,020 shares of the financial services provider’s stock worth $569,000 after buying an additional 69 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of MGM Growth Properties by 2.6% during the second quarter. Wells Fargo & Company MN now owns 25,389 shares of the financial services provider’s stock worth $741,000 after buying an additional 649 shares during the last quarter. M&R Capital Management Inc. raised its stake in shares of MGM Growth Properties by 8.5% during the second quarter. M&R Capital Management Inc. now owns 8,675 shares of the financial services provider’s stock worth $258,000 after buying an additional 680 shares during the last quarter. Chartwell Investment Partners LLC raised its stake in shares of MGM Growth Properties by 0.3% during the second quarter. Chartwell Investment Partners LLC now owns 272,735 shares of the financial services provider’s stock worth $7,961,000 after buying an additional 798 shares during the last quarter. Finally, Blair William & Co. IL raised its stake in shares of MGM Growth Properties by 6.0% during the second quarter. Blair William & Co. IL now owns 63,408 shares of the financial services provider’s stock worth $1,851,000 after buying an additional 3,608 shares during the last quarter. 86.46% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for MGM Growth Properties (NYSE:MGP)

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