Howard Capital Management Inc. Buys New Shares in Millrose Properties, Inc. (NYSE:MRP)

Key Points

• Howard Capital Management Inc. acquired 15,302 shares of Millrose Properties, Inc. in the first quarter, valued at approximately $406,000, amidst increased institutional investment in the company.
• Analysts have raised their price targets for Millrose Properties, with Goldman Sachs increasing its target from $28.00 to $31.50 and Citigroup setting a new target of $30.00.
• Millrose Properties has declared a quarterly dividend of $0.69 per share, reflecting an annualized payout of $2.76 and a dividend yield of 9.2%.

Howard Capital Management Inc. acquired a new stake in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 15,302 shares of the company's stock, valued at approximately $406,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vestcor Inc acquired a new position in Millrose Properties during the first quarter valued at $54,000. Federated Hermes Inc. acquired a new position in Millrose Properties during the first quarter valued at $45,000. Miller Investment Management LP acquired a new position in Millrose Properties during the first quarter valued at $1,311,000. Picton Mahoney Asset Management purchased a new position in Millrose Properties in the first quarter valued at about $699,000. Finally, Mackenzie Financial Corp purchased a new position in Millrose Properties in the first quarter valued at about $1,071,000.

Insider Buying and Selling at Millrose Properties

In related news, CTO Adil Pasha purchased 2,500 shares of Millrose Properties stock in a transaction dated Wednesday, May 21st. The shares were acquired at an average cost of $28.34 per share, for a total transaction of $70,850.00. Following the transaction, the chief technology officer directly owned 2,500 shares of the company's stock, valued at approximately $70,850. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Matthew B. Gorson purchased 7,500 shares of Millrose Properties stock in a transaction dated Monday, May 19th. The stock was bought at an average price of $28.24 per share, for a total transaction of $211,800.00. Following the completion of the transaction, the director directly owned 15,660 shares in the company, valued at $442,238.40. The trade was a 91.91% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 18,750 shares of company stock worth $530,800.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MRP. Citigroup began coverage on Millrose Properties in a research note on Monday, April 14th. They set a "buy" rating and a $30.00 price target for the company. The Goldman Sachs Group upped their price target on Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a research note on Thursday, May 15th.

Millrose Properties Price Performance

NYSE:MRP traded up $0.42 during mid-day trading on Monday, hitting $30.36. 178,676 shares of the company's stock traded hands, compared to its average volume of 2,113,037. The firm's 50 day moving average price is $28.87. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.17. Millrose Properties, Inc. has a 12 month low of $19.00 and a 12 month high of $31.56.

Millrose Properties (NYSE:MRP - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.68 EPS for the quarter. The firm had revenue of $149.00 million during the quarter.

Millrose Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Thursday, July 3rd were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 9.1%.

About Millrose Properties

Millrose Properties, Inc is a real estate investment and management company that focuses on acquiring, developing, and managing high-quality commercial properties. They are headquartered in Purchase, New York.