MGM Growth Properties LLC (NYSE:MGP) has been given a consensus rating of “Buy” by the eight brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $31.83.

MGP has been the subject of a number of recent analyst reports. Bank of America Corporation reaffirmed a “buy” rating and set a $34.00 price target (up previously from $32.00) on shares of MGM Growth Properties in a research report on Friday, September 8th. Zacks Investment Research upgraded MGM Growth Properties from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Thursday, September 7th. UBS AG reissued a “buy” rating and set 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 reissued a “buy” rating on shares of MGM Growth Properties in a research note on Thursday, August 10th. Finally, Barclays PLC reissued a “buy” rating and set a $33.00 target price on shares of MGM Growth Properties in a research note on Friday, August 11th.

Shares of MGM Growth Properties (MGP) traded down 1.13% during mid-day trading on Wednesday, hitting $29.87. 1,463,675 shares of the stock traded hands. MGM Growth Properties has a 52 week low of $23.63 and a 52 week high of $31.83. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 38.29 and a beta of -1.34. The firm’s 50-day moving average is $30.76 and its 200-day moving average is $30.76.

MGM Growth Properties (NYSE:MGP) last posted its earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.32). MGM Growth Properties had a return on equity of 3.25% and a net margin of 23.79%. The business had revenue of $184.45 million during the quarter, compared to the consensus estimate of $184.43 million. During the same period in the previous year, the business earned $0.32 earnings per share. The firm’s revenue for the quarter was up 66.3% compared to the same quarter last year. On average, analysts forecast that MGM Growth Properties will post $0.78 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be given a dividend of $0.395 per share. This represents a $1.58 annualized dividend and a dividend yield of 5.29%. The ex-dividend date of this dividend is Thursday, September 28th. MGM Growth Properties’s dividend payout ratio is currently 205.20%.

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Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC boosted its position in MGM Growth Properties by 973.9% during the 2nd quarter. Janus Henderson Group PLC now owns 4,133,371 shares of the financial services provider’s stock valued at $120,650,000 after acquiring an additional 3,748,466 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of MGM Growth Properties by 1,350.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,209,769 shares of the financial services provider’s stock worth $64,503,000 after acquiring an additional 2,057,390 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of MGM Growth Properties by 778.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 750,219 shares of the financial services provider’s stock worth $21,878,000 after acquiring an additional 664,860 shares during the period. American Century Companies Inc. grew its holdings in shares of MGM Growth Properties by 16.3% during the 2nd quarter. American Century Companies Inc. now owns 3,862,500 shares of the financial services provider’s stock worth $112,746,000 after acquiring an additional 542,558 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of MGM Growth Properties by 1,558.5% in the 2nd quarter. Renaissance Technologies LLC now owns 537,600 shares of the financial services provider’s stock worth $15,693,000 after acquiring an additional 505,185 shares in the last quarter. Institutional investors and hedge funds own 86.74% of the company’s stock.

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.

Analyst Recommendations for MGM Growth Properties (NYSE:MGP)

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