MGM Growth Properties LLC (MGP) Given “Buy” Rating at UBS AG
UBS AG reaffirmed their buy rating on shares of MGM Growth Properties LLC (NYSE:MGP) in a research report sent to investors on Wednesday. UBS AG currently has a $33.00 target price on the financial services provider’s stock, up from their previous target price of $30.00.
Several other equities research analysts also recently weighed in on MGP. Zacks Investment Research downgraded MGM Growth Properties from a buy rating to a hold rating in a report on Thursday, June 29th. ValuEngine upgraded MGM Growth Properties from a hold rating to a buy rating in a report on Monday, June 26th. Ladenburg Thalmann Financial Services initiated coverage on MGM Growth Properties in a report on Friday, June 2nd. They set a buy rating and a $32.00 price objective on the stock. Finally, Deutsche Bank AG raised their price objective on MGM Growth Properties from $28.00 to $30.00 and gave the stock a hold rating in a report on Wednesday, August 9th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $31.50.
Shares of MGM Growth Properties (NYSE:MGP) traded up 0.6782% during mid-day trading on Wednesday, reaching $31.1901. 3,477,041 shares of the company were exchanged. MGM Growth Properties has a 12 month low of $23.63 and a 12 month high of $31.70. The company’s 50 day moving average price is $30.00 and its 200 day moving average price is $28.25. The firm has a market capitalization of $1.80 billion, a PE ratio of 39.9873 and a beta of -1.31.
MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing the Zacks’ 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 business had revenue of $184.45 million during the quarter, compared to the consensus estimate of $184.43 million. During the same quarter in the prior year, the business posted $0.32 earnings per share. MGM Growth Properties’s quarterly revenue was up 66.3% compared to the same quarter last year. Equities analysts anticipate that MGM Growth Properties will post $0.81 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Chiron Investment Management LLC bought a new stake in MGM Growth Properties during the 2nd quarter valued at $11,994,000. M&R Capital Management Inc. boosted its position in MGM Growth Properties by 8.5% during the 2nd quarter. M&R Capital Management Inc. now owns 8,675 shares of the financial services provider’s stock valued at $258,000 after acquiring an additional 680 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in MGM Growth Properties during the 2nd quarter valued at $677,000. State Street Corp boosted its position in MGM Growth Properties by 7.3% during the 2nd quarter. State Street Corp now owns 66,740 shares of the financial services provider’s stock valued at $1,949,000 after acquiring an additional 4,522 shares in the last quarter. Finally, Peapack Gladstone Financial Corp boosted its position in MGM Growth Properties by 19.6% during the 2nd quarter. Peapack Gladstone Financial Corp now owns 28,011 shares of the financial services provider’s stock valued at $818,000 after acquiring an additional 4,590 shares in 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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