American Century Companies Inc. Acquires New Stake in 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 Form 13F filing with the SEC. The firm bought 2,383,980 shares of the company’s stock, valued at approximately $63,605,000. American Century Companies Inc. owned 4.15% of MGM Growth Properties as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of MGP. Tower Research Capital LLC TRC bought a new position in MGM Growth Properties during the second quarter valued at about $104,000. KBC Group NV acquired a new position in shares of MGM Growth Properties during the second quarter worth $152,000. Veritable L.P. acquired a new position in shares of MGM Growth Properties during the second quarter worth $204,000. BB&T Securities LLC acquired a new position in shares of MGM Growth Properties during the second quarter worth $205,000. Finally, Standard Life Investments LTD acquired a new position in shares of MGM Growth Properties during the second quarter worth $283,000. 96.64% of the stock is currently owned by institutional investors.
MGM Growth Properties LLC (NYSE:MGP) traded down 0.29% during mid-day trading on Friday, hitting $24.38. 1,525,684 shares of the company were exchanged. The company’s 50-day moving average is $25.48 and its 200 day moving average is $25.22. The company’s market capitalization is $1.40 billion. MGM Growth Properties LLC has a 12-month low of $21.00 and a 12-month high of $27.89.
MGM Growth Properties (NYSE:MGP) last announced its quarterly earnings data on Monday, November 7th. The company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The company had revenue of $172.50 million for the quarter, compared to the consensus estimate of $170.14 million. Analysts expect that MGM Growth Properties LLC will post $1.27 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were issued a $0.387 dividend. This represents a $1.55 dividend on an annualized basis and a dividend yield of 6.35%. The ex-dividend date of this dividend was Wednesday, September 28th.
Several brokerages have recently commented on MGP. Zacks Investment Research raised MGM Growth Properties from a “sell” rating to a “hold” rating in a research report on Wednesday. Barclays PLC set a $30.00 price objective on shares of MGM Growth Properties and gave the company a “buy” rating in a research note on Wednesday. Bank of America Corp. reaffirmed a “buy” rating and set a $29.00 price objective on shares of MGM Growth Properties in a report on Friday, August 5th. Finally, 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 research report on Friday, August 5th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. MGM Growth Properties has a consensus rating of “Buy” and an average target price of $26.89.
MGM Growth Properties Company Profile
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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