Envestnet Asset Management Inc. Purchases Shares of 78,839 Millrose Properties, Inc. (NYSE:MRP)

Key Points

• Envestnet Asset Management Inc. acquired 78,839 shares of Millrose Properties, Inc. (NYSE:MRP) for approximately $2.09 million, reflecting strong interest from institutional investors.
• Research analysts from Goldman Sachs and Citigroup have boosted their price targets for Millrose Properties, indicating a positive outlook with price objectives set at $31.50 and $30.00 respectively.
• Millrose Properties recently announced a quarterly dividend of $0.69 per share, resulting in an annualized yield of 8.98%.

Envestnet Asset Management Inc. acquired a new stake in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 78,839 shares of the company's stock, valued at approximately $2,090,000.

A number of other hedge funds have also made changes to their positions in the stock. CENTRAL TRUST Co purchased a new position in Millrose Properties during the 1st quarter worth approximately $27,000. Golden State Wealth Management LLC purchased a new position in Millrose Properties during the 1st quarter worth approximately $37,000. Penserra Capital Management LLC purchased a new position in Millrose Properties during the 1st quarter worth approximately $62,000. Generali Investments CEE investicni spolecnost a.s. purchased a new position in Millrose Properties during the 1st quarter worth approximately $66,000. Finally, GAMMA Investing LLC purchased a new position in Millrose Properties during the 1st quarter worth approximately $67,000.

Insider Buying and Selling

In other news, Director Matthew B. Gorson bought 7,500 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were purchased at an average price of $28.24 per share, for a total transaction of $211,800.00. Following the acquisition, the director directly owned 15,660 shares of the company's stock, valued at $442,238.40. The trade was a 91.91% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Patrick J. Bartels, Jr. bought 8,750 shares of the company's stock in a transaction that occurred on Monday, May 19th. The stock was purchased at an average price of $28.36 per share, for a total transaction of $248,150.00. Following the acquisition, the director directly owned 14,410 shares in the company, valued at approximately $408,667.60. This trade represents a 154.59% 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 in the last quarter.

Millrose Properties Stock Down 0.2%

Shares of MRP stock traded down $0.05 on Friday, hitting $29.94. The company's stock had a trading volume of 957,525 shares, compared to its average volume of 1,038,959. The company has a current ratio of 0.06, a quick ratio of 0.07 and a debt-to-equity ratio of 0.17. Millrose Properties, Inc. has a fifty-two week low of $19.00 and a fifty-two week high of $31.56. The firm's fifty day moving average price is $28.87.

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

Millrose Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Thursday, July 3rd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 9.2%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Millrose Properties from $28.00 to $31.50 and gave the company a "buy" rating in a research note on Thursday, May 15th. Citigroup assumed coverage on shares of Millrose Properties in a research note on Monday, April 14th. They set a "buy" rating and a $30.00 target price for the company.

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.