MGM Growth Properties LLC (NYSE:MGP) announced a quarterly dividend on Friday, June 14th, NASDAQ reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.468 per share by the financial services provider on Monday, July 15th. This represents a $1.87 annualized dividend and a dividend yield of 6.04%. The ex-dividend date is Thursday, June 27th. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.47.
MGM Growth Properties has a payout ratio of 87.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect MGM Growth Properties to earn $2.38 per share next year, which means the company should continue to be able to cover its $1.87 annual dividend with an expected future payout ratio of 78.6%.
Shares of NYSE MGP traded down $0.16 during mid-day trading on Tuesday, hitting $31.01. 16,526 shares of the stock were exchanged, compared to its average volume of 673,666. MGM Growth Properties has a twelve month low of $25.50 and a twelve month high of $33.30. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.96 and a current ratio of 0.96. The firm’s fifty day moving average price is $31.38. The firm has a market cap of $2.82 billion, a P/E ratio of 13.92, a P/E/G ratio of 2.46 and a beta of 0.55.
Several analysts have recently commented on the stock. Morgan Stanley set a $35.00 price target on shares of MGM Growth Properties and gave the company a “hold” rating in a research note on Tuesday, June 11th. Zacks Investment Research cut shares of MGM Growth Properties from a “buy” rating to a “hold” rating in a research note on Friday, May 17th. Deutsche Bank reissued a “hold” rating and set a $32.00 price target on shares of MGM Growth Properties in a research note on Wednesday, May 1st. JPMorgan Chase & Co. raised their price objective on shares of MGM Growth Properties from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. They noted that the move was a valuation call. Finally, Nomura set a $37.00 price objective on shares of MGM Growth Properties and gave the company a “buy” rating in a research note on Friday, March 8th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $33.90.
In other MGM Growth Properties news, Director Robert W. Smith acquired 2,000 shares of MGM Growth Properties stock in a transaction on Wednesday, May 29th. The shares were purchased at an average cost of $31.14 per share, with a total value of $62,280.00. Following the completion of the purchase, the director now owns 8,819 shares in the company, valued at $274,623.66. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.49% of the stock is currently owned by company insiders.
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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