MGM Growth Properties LLC (NYSE:MGP) Plans $0.49 Quarterly Dividend

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.

MGM Growth Properties (NYSE:MGP) last posted its earnings results on Tuesday, August 4th. The financial services provider reported $0.30 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.28). MGM Growth Properties had a return on equity of 0.65% and a net margin of 4.64%. The business had revenue of $194.30 million for the quarter, compared to analyst estimates of $198.72 million. During the same quarter in the prior year, the business earned $0.59 earnings per share. The firm’s quarterly revenue was down 14.0% on a year-over-year basis. Equities analysts expect that MGM Growth Properties will post 2.37 earnings per share for the current year.

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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Dividend History for MGM Growth Properties (NYSE:MGP)

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