Alliancebernstein L.P. Decreases Stake in MGM Growth Properties LLC (NYSE:MGP)

Alliancebernstein L.P. decreased its stake in MGM Growth Properties LLC (NYSE:MGP) by 98.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,380 shares of the financial services provider’s stock after selling 1,087,907 shares during the period. Alliancebernstein L.P.’s holdings in MGM Growth Properties were worth $551,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Quantbot Technologies LP acquired a new position in shares of MGM Growth Properties during the first quarter valued at $207,000. Gerber Kawasaki Wealth & Investment Management acquired a new position in shares of MGM Growth Properties during the first quarter valued at $219,000. SG Americas Securities LLC acquired a new position in shares of MGM Growth Properties during the first quarter valued at $248,000. KBC Group NV boosted its position in shares of MGM Growth Properties by 122.7% in the first quarter. KBC Group NV now owns 12,695 shares of the financial services provider’s stock valued at $343,000 after buying an additional 6,995 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in MGM Growth Properties by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 21,020 shares of the financial services provider’s stock valued at $569,000 after buying an additional 69 shares in the last quarter. 97.58% of the stock is owned by institutional investors.

MGM Growth Properties LLC (NYSE:MGP) opened at 30.17 on Friday. MGM Growth Properties LLC has a 52-week low of $23.63 and a 52-week high of $31.05. The firm’s 50-day moving average is $29.36 and its 200-day moving average is $27.80. The company has a market capitalization of $1.74 billion, a PE ratio of 38.68 and a beta of -1.36.

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. The business had revenue of $184.45 million during the quarter, compared to the consensus estimate of $184.43 million. MGM Growth Properties had a net margin of 6.21% and a return on equity of 0.81%. The firm’s revenue for the quarter was up 66.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 EPS. On average, equities research analysts forecast that MGM Growth Properties LLC will post $0.82 EPS for the current year.

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Several equities analysts recently weighed in on MGP shares. Deutsche Bank AG reissued a “hold” rating and issued a $28.00 target price (up from $27.00) on shares of MGM Growth Properties in a research note on Friday, April 28th. Zacks Investment Research cut shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. ValuEngine raised shares of MGM Growth Properties from a “hold” rating to a “buy” rating in a research note on Monday, June 26th. Ladenburg Thalmann Financial Services started coverage on shares of MGM Growth Properties in a research note on Friday, June 2nd. They issued a “buy” rating and a $32.00 target price for the company. Finally, Barclays PLC reissued a “buy” rating and issued a $33.00 target price on shares of MGM Growth Properties in a research note on Friday, August 11th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $30.50.

In other MGM Growth Properties news, Director Robert W. Smith acquired 2,000 shares of MGM Growth Properties stock in a transaction on Tuesday, May 30th. The stock was purchased at an average price of $27.87 per share, for a total transaction of $55,740.00. Following the purchase, the director now directly owns 2,000 shares of the company’s stock, valued at $55,740. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.60% of the stock is owned by corporate insiders.

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.

Institutional Ownership by Quarter for MGM Growth Properties (NYSE:MGP)

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