MGM Growth Properties LLC (NYSE:MGP) Announces Quarterly Dividend of $0.47

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.

MGM Growth Properties (NYSE:MGP) last released its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.34). MGM Growth Properties had a net margin of 6.73% and a return on equity of 1.16%. The company had revenue of $271.30 million for the quarter, compared to the consensus estimate of $283.07 million. During the same period last year, the company earned $0.49 earnings per share. MGM Growth Properties’s revenue for the quarter was up 25.7% compared to the same quarter last year. Analysts forecast that MGM Growth Properties will post 2.27 EPS for the current year.

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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Dividend History for MGM Growth Properties (NYSE:MGP)

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