Essex Financial Services Inc. Acquires New Stake in Millrose Properties, Inc. $MRP

Essex Financial Services Inc. bought a new position in Millrose Properties, Inc. (NYSE:MRP) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 18,590 shares of the company’s stock, valued at approximately $625,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Salomon & Ludwin LLC bought a new position in shares of Millrose Properties in the third quarter worth approximately $29,000. Smartleaf Asset Management LLC grew its stake in Millrose Properties by 55.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 997 shares of the company’s stock worth $34,000 after buying an additional 357 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Millrose Properties by 95.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,123 shares of the company’s stock worth $38,000 after buying an additional 547 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Millrose Properties during the 1st quarter valued at $39,000. Finally, Advisors Asset Management Inc. bought a new stake in shares of Millrose Properties during the 1st quarter worth $45,000.

Millrose Properties Stock Down 1.2%

Shares of NYSE:MRP opened at $31.01 on Friday. The stock has a market capitalization of $5.15 billion and a P/E ratio of 18.24. The stock’s 50-day moving average price is $30.43 and its 200-day moving average price is $31.81. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.34. Millrose Properties, Inc. has a 12-month low of $21.02 and a 12-month high of $36.00.

Millrose Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Monday, January 5th were paid a $0.75 dividend. This is an increase from Millrose Properties’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Monday, January 5th. This represents a $3.00 dividend on an annualized basis and a yield of 9.7%. Millrose Properties’s payout ratio is presently 176.47%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MRP shares. Citigroup increased their target price on Millrose Properties from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. BTIG Research assumed coverage on Millrose Properties in a report on Monday, December 1st. They set a “buy” rating and a $35.00 price objective on the stock. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Millrose Properties in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Millrose Properties presently has an average rating of “Buy” and an average price target of $36.13.

Millrose Properties Profile

Millrose Properties Corp is a publicly traded real estate investment trust that focuses on the acquisition, ownership and development of industrial and logistics properties. The company seeks to capitalize on the growing demand for modern warehouse facilities driven by e-commerce, freight distribution and last-mile delivery requirements. Millrose structures its investments to generate stable, long-term rental income through diversified lease agreements with industrial and logistics operators.

The firm’s core activities include sourcing strategically located industrial assets, overseeing property management operations and executing targeted development or renovation projects.