MGM Growth Properties (NYSE:MGP) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

MGM Growth Properties (NYSE:MGP – Get Rating) issued its quarterly earnings data on Thursday. The financial services provider reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.09, MarketWatch Earnings reports. The company had revenue of $201.90 million during the quarter, compared to analyst estimates of $201.52 million. MGM Growth Properties had a return on equity of 3.97% and a net margin of 26.28%. MGM Growth Properties’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share.

NYSE MGP traded down $0.22 during trading hours on Friday, hitting $40.88. 11,653 shares of the company were exchanged, compared to its average volume of 1,052,367. The stock has a 50-day moving average price of $38.21 and a 200 day moving average price of $38.58. The company has a quick ratio of 7.28, a current ratio of 7.28 and a debt-to-equity ratio of 0.79. MGM Growth Properties has a 52 week low of $33.43 and a 52 week high of $43.19. The stock has a market cap of $6.41 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 2.44 and a beta of 0.89.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Thursday, March 31st were paid a dividend of $0.53 per share. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 5.19%. The ex-dividend date was Wednesday, March 30th. MGM Growth Properties’s payout ratio is presently 154.75%.

In other MGM Growth Properties news, CFO Andy H. Chien sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 9th. The stock was sold at an average price of $37.54, for a total transaction of $300,320.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.41% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cetera Investment Advisers purchased a new stake in shares of MGM Growth Properties in the fourth quarter valued at approximately $213,000. MML Investors Services LLC boosted its holdings in shares of MGM Growth Properties by 10.0% in the fourth quarter. MML Investors Services LLC now owns 5,775 shares of the financial services provider’s stock valued at $236,000 after purchasing an additional 527 shares during the period. Synovus Financial Corp boosted its holdings in shares of MGM Growth Properties by 9.2% in the fourth quarter. Synovus Financial Corp now owns 8,025 shares of the financial services provider’s stock valued at $330,000 after purchasing an additional 676 shares during the period. Toroso Investments LLC lifted its holdings in MGM Growth Properties by 56.2% during the fourth quarter. Toroso Investments LLC now owns 9,418 shares of the financial services provider’s stock worth $385,000 after buying an additional 3,387 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new stake in MGM Growth Properties during the fourth quarter worth $496,000. Hedge funds and other institutional investors own 89.36% of the company’s stock.

MGP has been the topic of several analyst reports. StockNews.com initiated coverage on MGM Growth Properties in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research upgraded MGM Growth Properties from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $41.63.

About MGM Growth Properties (Get Rating)

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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