Allianz Asset Management GmbH Buys New Stake 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 purchased 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 Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 38,392 shares of the company's stock, valued at approximately $1,018,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Greenhaven Associates Inc. purchased a new position in Millrose Properties in the first quarter valued at about $209,111,000. GAMMA Investing LLC purchased a new position in Millrose Properties in the first quarter valued at about $1,784,000. Asset Management Advisors LLC purchased a new position in Millrose Properties in the first quarter valued at about $721,000. Rhumbline Advisers purchased a new position in Millrose Properties in the first quarter valued at about $7,441,000. Finally, Merit Financial Group LLC purchased a new position in Millrose Properties in the first quarter valued at about $552,000.

Millrose Properties Trading Down 0.2%

NYSE MRP traded down $0.05 on Friday, hitting $29.94. 957,525 shares of the stock traded hands, compared to its average volume of 1,038,959. The company has a 50-day moving average price of $28.87. Millrose Properties, Inc. has a twelve month low of $19.00 and a twelve month high of $31.56. The company has a quick ratio of 0.07, a current ratio of 0.06 and a debt-to-equity ratio of 0.17.

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

Millrose Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Thursday, July 3rd were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 9.2%.

Wall Street Analyst Weigh In

MRP has been the subject of a number of analyst reports. Citigroup assumed coverage on Millrose Properties in a report on Monday, April 14th. They issued a "buy" rating and a $30.00 price target for the company. The Goldman Sachs Group upped their price objective on Millrose Properties from $28.00 to $31.50 and gave the company a "buy" rating in a research note on Thursday, May 15th.

Insider Transactions at Millrose Properties

In related news, Director Patrick J. Bartels, Jr. purchased 8,750 shares of the company's stock in a transaction dated Monday, May 19th. The shares were acquired at an average cost of $28.36 per share, for a total transaction of $248,150.00. Following the transaction, the director owned 14,410 shares of the company's stock, valued at $408,667.60. This trade represents a 154.59% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew B. Gorson purchased 7,500 shares of the company's stock in a transaction dated Monday, May 19th. The shares were 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 approximately $442,238.40. This trade represents a 91.91% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 18,750 shares of company stock worth $530,800.

Millrose Properties Profile

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.