MGM Growth Properties LLC’s (MGP) Lock-Up Period To End on October 17th
MGM Growth Properties’ (NYSE:MGP) lock-up period will expire on Monday, October 17th. MGM Growth Properties had issued 50,000,000 shares in its public offering on April 20th. The total size of the offering was $1,050,000,000 based on an initial share price of $21.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the expiration of the lock-up period.
Several analysts have recently weighed in on MGP shares. Zacks Investment Research downgraded shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. Citigroup Inc. lifted their target price on shares of MGM Growth Properties from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, August 5th. Deutsche Bank AG reissued a “buy” rating on shares of MGM Growth Properties in a report on Monday, June 27th. Bank of America Corp. reissued a “buy” rating and set a $29.00 price objective on shares of MGM Growth Properties in a report on Friday, August 5th. Finally, Morgan Stanley downgraded shares of MGM Growth Properties from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective on the stock. in a report on Wednesday, June 22nd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. MGM Growth Properties presently has an average rating of “Buy” and a consensus price target of $26.50.
MGM Growth Properties (NYSE:MGP) opened at 24.53 on Wednesday. The firm’s market cap is $1.41 billion. MGM Growth Properties has a 12 month low of $21.00 and a 12 month high of $27.89. The firm’s 50-day moving average is $25.54 and its 200-day moving average is $25.04.
MGM Growth Properties (NYSE:MGP) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.35. The company had revenue of $101.25 million for the quarter, compared to analyst estimates of $110.24 million. Equities analysts expect that MGM Growth Properties will post $1.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.387 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.55 dividend on an annualized basis and a dividend yield of 6.31%.
Hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. purchased a new stake in MGM Growth Properties during the second quarter worth $63,605,000. CIBC Asset Management Inc purchased a new stake in MGM Growth Properties during the second quarter worth $2,049,000. Fidelity National Financial Inc. purchased a new stake in MGM Growth Properties during the second quarter worth $13,340,000. UBS Asset Management Americas Inc. purchased a new stake in MGM Growth Properties during the second quarter worth $3,907,000. Finally, First Trust Advisors LP purchased a new stake in MGM Growth Properties during the second quarter worth $6,992,000. 97.13% of the stock is currently owned by institutional investors and hedge funds.
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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