Allianz Asset Management GmbH Purchases New Position in Millrose Properties, Inc. (NYSE:MRP)

Key Points

• Allianz Asset Management GmbH acquired 38,392 shares of Millrose Properties, Inc. valued at approximately $1,018,000 in Q1, indicating growing institutional interest in the company.
• Goldman Sachs raised its price target for Millrose Properties from $28.00 to $31.50 and maintained a "buy" rating, while Citigroup also initiated coverage with a $30.00 price target.
• Millrose Properties recently declared a quarterly dividend of $0.69, translating to an annualized yield of 9.2%, appealing to income-focused investors.

Allianz Asset Management GmbH bought a new position in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 38,392 shares of the company's stock, valued at approximately $1,018,000.

Several other large investors have also recently added to or reduced their stakes in MRP. CENTRAL TRUST Co purchased a new position in Millrose Properties in the 1st quarter worth approximately $27,000. Allworth Financial LP acquired a new position in shares of Millrose Properties in the 1st quarter worth approximately $33,000. Golden State Wealth Management LLC bought a new stake in shares of Millrose Properties in the 1st quarter worth approximately $37,000. Penserra Capital Management LLC bought a new stake in shares of Millrose Properties in the 1st quarter worth approximately $62,000. Finally, Generali Investments CEE investicni spolecnost a.s. bought a new stake in shares of Millrose Properties in the 1st quarter worth approximately $66,000.

Insider Buying and Selling at Millrose Properties

In other news, CTO Adil Pasha bought 2,500 shares of the stock in a transaction on Wednesday, May 21st. The shares were purchased at an average price of $28.34 per share, for a total transaction of $70,850.00. Following the completion of the purchase, the chief technology officer directly owned 2,500 shares of the company's stock, valued at $70,850. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew B. Gorson purchased 7,500 shares of Millrose Properties stock in a transaction on Monday, May 19th. The stock was bought at an average cost of $28.24 per share, with a total value of $211,800.00. Following the transaction, the director directly owned 15,660 shares of the company's stock, valued at approximately $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. Insiders have bought 18,750 shares of company stock worth $530,800 over the last 90 days.

Millrose Properties Stock Performance

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

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

Millrose Properties Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MRP. Citigroup began coverage on Millrose Properties in a research note on Monday, April 14th. They issued a "buy" rating and a $30.00 price objective on the stock. The Goldman Sachs Group lifted their target price on Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a report on Thursday, May 15th.

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.