MGM Growth Properties LLC (NYSE:MGP) declared a quarterly dividend on Friday, September 15th, NASDAQ reports. Stockholders of record on Friday, September 29th will be given a dividend of 0.395 per share by the financial services provider on Friday, October 13th. This represents a $1.58 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date of this dividend is Thursday, September 28th.

MGM Growth Properties has a dividend payout ratio of 81.4% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect MGM Growth Properties to earn $2.07 per share next year, which means the company should continue to be able to cover its $1.58 annual dividend with an expected future payout ratio of 76.3%.

MGM Growth Properties (NYSE:MGP) traded down 0.03% on Friday, hitting $30.77. 379,384 shares of the stock were exchanged. The company has a 50-day moving average price of $30.97 and a 200-day moving average price of $30.97. MGM Growth Properties has a 52-week low of $23.63 and a 52-week high of $31.83. The firm has a market cap of $1.77 billion, a PE ratio of 39.45 and a beta of -1.31.

MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $0.18 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 0.81% and a net margin of 6.21%. The business had revenue of $184.45 million for the quarter, compared to analysts’ expectations of $184.43 million. During the same period in the previous year, the firm posted $0.32 EPS. The firm’s revenue for the quarter was up 66.3% compared to the same quarter last year. On average, equities research analysts anticipate that MGM Growth Properties will post $0.78 EPS for the current fiscal year.

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A hedge fund recently raised its stake in MGM Growth Properties stock. State Street Corp boosted its position in MGM Growth Properties LLC (NYSE:MGP) by 7.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,740 shares of the financial services provider’s stock after buying an additional 4,522 shares during the quarter. State Street Corp owned approximately 0.12% of MGM Growth Properties worth $1,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 86.74% of the stock is currently owned by institutional investors.

Several research analysts have recently commented on MGP shares. Ladenburg Thalmann Financial Services started coverage on MGM Growth Properties in a report on Friday, June 2nd. They set a “buy” rating and a $32.00 price objective for the company. Zacks Investment Research lowered MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Thursday, June 8th. ValuEngine lowered MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Deutsche Bank AG boosted their price objective on MGM Growth Properties from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, August 9th. Finally, Barclays PLC reissued a “buy” rating and set a $33.00 price objective on shares of MGM Growth Properties in a report on Friday, August 11th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $31.86.

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.

Dividend History for MGM Growth Properties (NYSE:MGP)

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