MGM Growth Properties LLC (NYSE:MGP) announced a quarterly dividend on Wednesday, September 16th, Wall Street Journal reports. Stockholders of record on Wednesday, September 30th will be paid a dividend of 0.4875 per share by the financial services provider on Thursday, October 15th. This represents a $1.95 dividend on an annualized basis and a dividend yield of 6.61%. The ex-dividend date of this dividend is Tuesday, September 29th.
MGM Growth Properties has increased its dividend by 80.4% over the last three years and has raised its dividend annually for the last 3 consecutive years.
Shares of MGM Growth Properties stock traded up $0.18 on Wednesday, hitting $29.51. The stock had a trading volume of 1,461,163 shares, compared to its average volume of 1,720,015. The stock has a 50 day moving average of $28.27 and a 200 day moving average of $26.00. The firm has a market capitalization of $3.88 billion, a P/E ratio of 76.10, a PEG ratio of 4.29 and a beta of 0.69. MGM Growth Properties has a twelve month low of $11.43 and a twelve month high of $34.37. The company has a debt-to-equity ratio of 0.70, a quick ratio of 8.04 and a current ratio of 8.04.
MGP has been the topic of several analyst reports. Citigroup boosted their price objective on shares of MGM Growth Properties from $26.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Wolfe Research began coverage on MGM Growth Properties in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $36.00 price target on the stock. Nomura raised their price objective on MGM Growth Properties from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Bank of America raised MGM Growth Properties from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $26.00 to $29.00 in a research note on Thursday, May 21st. Finally, Morgan Stanley upped their target price on MGM Growth Properties from $27.00 to $29.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $31.97.
About MGM Growth Properties
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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