American Century Companies Inc. Buys Shares of 2,383,980 MGM Growth Properties LLC (MGP)
American Century Companies Inc. bought a new position in MGM Growth Properties LLC (NYSE:MGP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,383,980 shares of the company’s stock, valued at approximately $63,605,000. American Century Companies Inc. owned about 4.15% of MGM Growth Properties as of its most recent filing with the SEC.
Separately, Bank of Montreal Can acquired a new position in shares of MGM Growth Properties during the second quarter worth about $10,725,000. Institutional investors own 97.13% of the company’s stock.
MGM Growth Properties LLC (NYSE:MGP) traded down 1.65% during trading on Tuesday, reaching $25.63. 382,198 shares of the company were exchanged. The firm’s 50 day moving average is $25.73 and its 200 day moving average is $25.06. MGM Growth Properties LLC has a 52-week low of $21.00 and a 52-week high of $27.89. The stock’s market capitalization is $1.47 billion.
MGM Growth Properties (NYSE:MGP) last announced its earnings results on Thursday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.35. The business earned $101.25 million during the quarter, compared to the consensus estimate of $110.24 million. Analysts expect that MGM Growth Properties LLC will post $1.29 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.387 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date is Wednesday, September 28th.
A number of brokerages have recently issued reports on MGP. Zacks Investment Research upgraded shares of MGM Growth Properties from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Tuesday, July 19th. Morgan Stanley lowered shares of MGM Growth Properties from an “overweight” rating to an “equal weight” rating and set a $25.00 target price on the stock. in a research report on Wednesday, June 22nd. Bank of America Corp. restated a “buy” rating and set a $29.00 target price on shares of MGM Growth Properties in a research report on Friday, August 5th. Deutsche Bank AG restated a “buy” rating on shares of MGM Growth Properties in a research report on Monday, June 27th. Finally, Citigroup Inc. raised their target price on shares of MGM Growth Properties from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, August 5th. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. MGM Growth Properties presently has a consensus rating of “Buy” and a consensus price target of $26.50.
About MGM Growth Properties
MGM Growth Properties LLC is a real estate investment trust. The Company is a subsidiary of MGM Resorts International, a holding company, which through its subsidiaries, owns and operates casino resorts. The Company is engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings.
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