MGM Growth Properties LLC (MGP) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of MGM Growth Properties LLC (NYSE:MGP) from a hold rating to a buy rating in a report published on Thursday morning. Zacks Investment Research currently has $34.00 price target on the financial services provider’s stock.

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. “

A number of other brokerages have also recently issued reports on MGP. UBS AG reiterated a buy rating and set a $33.00 price objective (up previously from $30.00) on shares of MGM Growth Properties in a research note on Wednesday, September 6th. Ladenburg Thalmann Financial Services reiterated a buy rating on shares of MGM Growth Properties in a research note on Thursday, August 10th. Barclays PLC reiterated a buy rating and set a $33.00 price objective on shares of MGM Growth Properties in a research note on Friday, August 11th. Deutsche Bank AG upped their price objective on MGM Growth Properties from $28.00 to $30.00 and gave the stock a hold rating in a research note on Wednesday, August 9th. Finally, ValuEngine upgraded MGM Growth Properties from a hold rating to a buy rating in a research note on Monday, June 26th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $31.86.

MGM Growth Properties (MGP) opened at 31.22 on Thursday. MGM Growth Properties has a one year low of $23.63 and a one year high of $31.69. The firm has a market cap of $1.80 billion, a P/E ratio of 40.03 and a beta of -1.31. The firm’s 50-day moving average price is $30.13 and its 200 day moving average price is $28.29.

MGM Growth Properties (NYSE:MGP) last announced its quarterly earnings data on Tuesday, August 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by $0.32. MGM Growth Properties had a return on equity of 0.81% and a net margin of 6.21%. The company had revenue of $184.45 million for the quarter, compared to the consensus estimate of $184.43 million. During the same quarter in the prior year, the company earned $0.32 EPS. The company’s revenue for the quarter was up 66.3% on a year-over-year basis. On average, equities research analysts forecast that MGM Growth Properties will post $0.80 EPS for the current year.

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A number of institutional investors and hedge funds have recently bought and sold shares of MGP. State of New Jersey Common Pension Fund D raised its stake in MGM Growth Properties by 6.7% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 96,000 shares of the financial services provider’s stock valued at $2,597,000 after acquiring an additional 6,000 shares during the period. Russell Investments Group Ltd. raised its stake in MGM Growth Properties by 0.4% in the 1st quarter. Russell Investments Group Ltd. now owns 85,359 shares of the financial services provider’s stock valued at $2,308,000 after acquiring an additional 340 shares during the period. First Trust Advisors LP raised its stake in MGM Growth Properties by 14.7% in the 1st quarter. First Trust Advisors LP now owns 146,445 shares of the financial services provider’s stock valued at $3,961,000 after acquiring an additional 18,752 shares during the period. Bank of New York Mellon Corp raised its stake in MGM Growth Properties by 0.3% in the 1st quarter. Bank of New York Mellon Corp now owns 21,020 shares of the financial services provider’s stock valued at $569,000 after acquiring an additional 69 shares during the period. Finally, Sei Investments Co. raised its stake in MGM Growth Properties by 143.2% in the 1st quarter. Sei Investments Co. now owns 86,667 shares of the financial services provider’s stock valued at $2,344,000 after acquiring an additional 51,024 shares during the period.

MGM Growth Properties Company Profile

MGM Growth Properties LLC is a real estate investment trust engaged in the acquisition, ownership and leasing of destination entertainment and leisure resorts, whose amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. Its portfolio consists of approximately 10 destination resorts.

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Analyst Recommendations for MGM Growth Properties (NYSE:MGP)

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