Zacks Investment Research upgraded shares of MGM Growth Properties LLC (NYSE:MGP) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $34.00 target price on the financial services provider’s stock.

According to Zacks, “MGM Growth Properties LLC is a real estate investment trust. The company is engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts which include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGM Growth Properties LLC is based in Las Vegas, Nevada. “

Several other research analysts have also issued reports on MGP. Ladenburg Thalmann Financial Services initiated coverage on shares of MGM Growth Properties in a research report on Friday, June 2nd. They issued a buy rating and a $32.00 target price for the company. ValuEngine lowered shares of MGM Growth Properties from a buy rating to a hold rating in a research report on Tuesday, June 20th. Deutsche Bank AG upped their price target on shares of MGM Growth Properties from $28.00 to $30.00 and gave the company a hold rating in a research report on Wednesday, August 9th. Finally, Barclays PLC restated a buy rating and set a $33.00 price target on shares of MGM Growth Properties in a research report on Friday, August 11th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. MGM Growth Properties presently has an average rating of Buy and a consensus price target of $30.67.

Shares of MGM Growth Properties (MGP) opened at 30.17 on Tuesday. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 38.68 and a beta of -1.36. MGM Growth Properties has a 12-month low of $23.63 and a 12-month high of $31.05. The firm has a 50-day moving average price of $29.59 and a 200-day moving average price of $27.97.

MGM Growth Properties (NYSE:MGP) last announced its earnings results on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the 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 company had revenue of $184.45 million during the quarter, compared to analysts’ expectations of $184.43 million. During the same quarter last year, the firm posted $0.32 earnings per share. The firm’s revenue was up 66.3% on a year-over-year basis. Equities research analysts anticipate that MGM Growth Properties will post $0.81 EPS for the current year.

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A number of hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP acquired a new stake in MGM Growth Properties during the first quarter valued at about $207,000. Peapack Gladstone Financial Corp raised its stake in MGM Growth Properties by 19.7% in the first quarter. Peapack Gladstone Financial Corp now owns 23,421 shares of the financial services provider’s stock valued at $634,000 after buying an additional 3,850 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management acquired a new stake in MGM Growth Properties during the first quarter valued at about $219,000. Sei Investments Co. raised its stake in MGM Growth Properties by 143.2% in the first quarter. Sei Investments Co. now owns 86,667 shares of the financial services provider’s stock valued at $2,344,000 after buying an additional 51,024 shares during the last quarter. Finally, Cambiar Investors LLC raised its stake in MGM Growth Properties by 1.1% in the first quarter. Cambiar Investors LLC now owns 132,564 shares of the financial services provider’s stock valued at $3,586,000 after buying an additional 1,506 shares during the last quarter.

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.

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