Credit Suisse AG cut its stake in MGM Growth Properties LLC (NYSE:MGP) by 23.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 383,452 shares of the financial services provider’s stock after selling 116,332 shares during the period. Credit Suisse AG owned approximately 0.67% of MGM Growth Properties worth $10,372,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MGP. Brookfield Asset Management Inc. raised its position in MGM Growth Properties by 20.7% in the fourth quarter. Brookfield Asset Management Inc. now owns 3,235,681 shares of the financial services provider’s stock worth $81,895,000 after buying an additional 555,890 shares in the last quarter. American Century Companies Inc. raised its position in MGM Growth Properties by 18.6% in the first quarter. American Century Companies Inc. now owns 3,319,942 shares of the financial services provider’s stock worth $89,804,000 after buying an additional 519,494 shares in the last quarter. Victory Capital Management Inc. raised its position in MGM Growth Properties by 146.9% in the first quarter. Victory Capital Management Inc. now owns 793,840 shares of the financial services provider’s stock worth $21,473,000 after buying an additional 472,340 shares in the last quarter. Henderson Group PLC bought a new position in MGM Growth Properties during the first quarter worth $10,408,000. Finally, Citadel Advisors LLC raised its position in MGM Growth Properties by 2,352.7% in the first quarter. Citadel Advisors LLC now owns 239,454 shares of the financial services provider’s stock worth $6,477,000 after buying an additional 229,691 shares in the last quarter. Institutional investors and hedge funds own 96.72% of the company’s stock.

Shares of MGM Growth Properties LLC (MGP) traded down 0.50% during mid-day trading on Tuesday, reaching $29.76. The company had a trading volume of 677,074 shares. MGM Growth Properties LLC has a one year low of $23.63 and a one year high of $30.03. The company has a 50 day moving average price of $29.11 and a 200 day moving average price of $27.45. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 41.28 and a beta of -1.36.

MGM Growth Properties (NYSE:MGP) last released its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. The business had revenue of $184.45 million for the quarter, compared to analysts’ expectations of $184.43 million. MGM Growth Properties had a return on equity of 2.67% and a net margin of 22.29%. The firm’s quarterly revenue was up 66.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.32 EPS. On average, analysts anticipate that MGM Growth Properties LLC will post $0.87 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were given a $0.395 dividend. The ex-dividend date was Wednesday, June 28th. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.39. This represents a $1.58 annualized dividend and a yield of 5.31%. MGM Growth Properties’s dividend payout ratio is 143.64%.

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MGP has been the topic of a number of recent research reports. Zacks Investment Research upgraded MGM Growth Properties from a “sell” rating to a “hold” rating in a report on Tuesday, April 18th. Deutsche Bank AG restated a “hold” rating and issued a $28.00 target price (up previously from $27.00) on shares of MGM Growth Properties in a report on Friday, April 28th. Ladenburg Thalmann Financial Services initiated coverage on MGM Growth Properties in a report on Friday, June 2nd. They issued a “buy” rating and a $32.00 target price on the stock. Finally, ValuEngine lowered MGM Growth Properties from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $29.33.

In other MGM Growth Properties news, Director Robert W. Smith acquired 2,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were acquired at an average cost of $27.87 per share, with a total value of $55,740.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at approximately $55,740. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.60% of the company’s stock.

MGM Growth Properties Company Profile

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.

Institutional Ownership by Quarter for MGM Growth Properties (NYSE:MGP)

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