MGM Growth Properties Hikes Quarterly Dividend by 1%
This article was originally published on TipRanks.com
Entertainment and leisure resorts focused real estate investment trust MGM Growth Properties LLC (NYSE:MGP) recently announced a quarterly dividend of $0.525 per share, an increase of about 1% from the previous dividend of $0.520.
Following the news, shares of the company gained marginally to close at $37.57 on Wednesday.
The dividend will be paid on January 14, 2022, to shareholders of record as of December 31, 2021.
The company’s annual dividend of $2.1 per share now reflects a dividend yield of 5.6% based on Wednesday’s closing price.
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Recently, Macquarie analyst Jordan Bender downgraded the stock to Hold from Buy with a price target of $43, which implies upside potential of 14.5% from current levels.
Consensus among analysts is a Hold based on 3 unanimous Holds. The average MGM Growth Properties price target of $43 implies upside potential of 14.5% from current levels.
MGM Growth Properties scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 15.4% over the past year.
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