MGM Growth Properties (NYSE:MGP) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of MGM Growth Properties (NYSE:MGP) from a buy rating to a hold rating in a research report sent to investors on Friday morning, Zacks.com reports.

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. “

MGP has been the subject of a number of other reports. Macquarie assumed coverage on MGM Growth Properties in a research note on Thursday, October 24th. They issued an outperform rating and a $35.00 price target for the company. Scotiabank assumed coverage on MGM Growth Properties in a research note on Monday, July 29th. They issued an outperform rating for the company. Deutsche Bank reaffirmed a hold rating and issued a $32.00 price target on shares of MGM Growth Properties in a research note on Wednesday. ValuEngine cut MGM Growth Properties from a hold rating to a sell rating in a research note on Saturday, October 5th. Finally, TheStreet raised MGM Growth Properties from a c- rating to a b- rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. MGM Growth Properties presently has an average rating of Buy and an average target price of $34.80.

MGM Growth Properties stock traded up $0.02 during trading hours on Friday, reaching $31.40. 1,904,939 shares of the company’s stock traded hands, compared to its average volume of 784,740. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.62 and a current ratio of 0.62. MGM Growth Properties has a fifty-two week low of $25.50 and a fifty-two week high of $33.30. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 4.03 and a beta of 0.48. The firm’s 50 day moving average is $30.68 and its 200-day moving average is $30.72.

MGM Growth Properties (NYSE:MGP) last released its earnings results on Tuesday, November 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.35). The business had revenue of $226.01 million for the quarter, compared to analyst estimates of $227.29 million. MGM Growth Properties had a net margin of 8.24% and a return on equity of 1.31%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.49 earnings per share. Analysts predict that MGM Growth Properties will post 2.26 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 5.99%. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, September 27th. MGM Growth Properties’s dividend payout ratio is presently 84.30%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. River & Mercantile Asset Management LLP bought a new stake in MGM Growth Properties during the 2nd quarter worth approximately $31,000. Duncker Streett & Co. Inc. bought a new stake in MGM Growth Properties during the 2nd quarter worth approximately $37,000. Aperio Group LLC bought a new stake in MGM Growth Properties during the 2nd quarter worth approximately $89,000. Redhawk Wealth Advisors Inc. bought a new stake in MGM Growth Properties during the 2nd quarter worth approximately $90,000. Finally, Tower Research Capital LLC TRC bought a new stake in MGM Growth Properties during the 2nd quarter worth approximately $125,000. 97.36% of the stock is owned by institutional investors and hedge funds.

MGM Growth Properties Company Profile

MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts 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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