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

Zacks Investment Research cut shares of MGM Growth Properties (NYSE:MGP) from a buy rating to a hold rating in a report published on Saturday morning.

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. “

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Several other brokerages have also recently weighed in on MGP. Deutsche Bank reaffirmed a hold rating and issued a $28.00 target price on shares of MGM Growth Properties in a report on Monday, January 28th. Robert W. Baird started coverage on shares of MGM Growth Properties in a report on Friday, January 4th. They issued an outperform rating and a $33.00 target price on the stock. Finally, SunTrust Banks raised shares of MGM Growth Properties from a hold rating to a buy rating and raised their target price for the company from $30.00 to $32.00 in a report on Wednesday, January 9th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $32.00.

Shares of MGP traded down $0.05 during mid-day trading on Friday, hitting $31.32. 771,793 shares of the company’s stock were exchanged, compared to its average volume of 985,653. The stock has a market capitalization of $2.75 billion, a PE ratio of 15.58, a P/E/G ratio of 2.19 and a beta of 0.55. MGM Growth Properties has a fifty-two week low of $25.50 and a fifty-two week high of $31.61. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.86 and a current ratio of 0.86.

MGM Growth Properties (NYSE:MGP) last issued its quarterly earnings results on Thursday, February 14th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.33). The business had revenue of $284.00 million for the quarter, compared to analyst estimates of $283.16 million. MGM Growth Properties had a return on equity of 0.95% and a net margin of 6.13%. The firm’s revenue for the quarter was up 32.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.52 EPS. On average, sell-side analysts predict that MGM Growth Properties will post 2.24 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in MGP. Essex Investment Management Co. LLC purchased a new position in MGM Growth Properties in the fourth quarter valued at approximately $26,000. Legal & General Group Plc grew its position in shares of MGM Growth Properties by 308.7% during the fourth quarter. Legal & General Group Plc now owns 2,076 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 1,568 shares during the last quarter. Synovus Financial Corp grew its position in shares of MGM Growth Properties by 857.9% during the third quarter. Synovus Financial Corp now owns 3,391 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 3,037 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of MGM Growth Properties during the third quarter worth approximately $115,000. Finally, Quantamental Technologies LLC purchased a new position in shares of MGM Growth Properties during the fourth quarter worth approximately $129,000. Institutional investors own 94.70% of the company’s stock.

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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