Adelante Capital Management LLC Acquires 223,423 Shares of Millrose Properties, Inc. $MRP

Key Points

• Adelante Capital Management more than doubled its Millrose Properties stake, purchasing 223,423 additional shares to reach 443,990 shares valued at approximately $12.4 million. Other major institutions, including Vanguard and State Street, also increased their positions.
• Analysts maintain a generally positive outlook, with Millrose rated an average “Buy” and an average price target of $37.67, despite some recent rating downgrades to “Hold.” The stock recently traded at $28.56, below its one-year high of $36.00.
• Millrose reported strong revenue growth of 135.7% year over year but missed quarterly earnings estimates, posting $0.74 per share versus $0.77 expected. The company raised its quarterly dividend to $0.77 per share, implying a 10.8% annualized yield, while insiders purchased more than 240,000 shares in the past 90 days.

Adelante Capital Management LLC boosted its holdings in Millrose Properties, Inc. (NYSE:MRP - Free Report) by 101.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 443,990 shares of the company's stock after purchasing an additional 223,423 shares during the quarter. Millrose Properties accounts for about 0.8% of Adelante Capital Management LLC's portfolio, making the stock its 29th largest holding. Adelante Capital Management LLC owned approximately 0.29% of Millrose Properties worth $12,431,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Millrose Properties by 16.3% during the 4th quarter. Vanguard Group Inc. now owns 21,117,152 shares of the company's stock worth $630,769,000 after purchasing an additional 2,960,066 shares in the last quarter. State Street Corp lifted its position in Millrose Properties by 23.0% during the fourth quarter. State Street Corp now owns 5,080,719 shares of the company's stock worth $151,761,000 after purchasing an additional 950,421 shares during the period. Permian Investment Partners LP lifted its position in Millrose Properties by 116.4% during the fourth quarter. Permian Investment Partners LP now owns 3,794,312 shares of the company's stock worth $113,336,000 after purchasing an additional 2,040,900 shares during the period. Cannell & Spears LLC grew its stake in Millrose Properties by 1.4% during the first quarter. Cannell & Spears LLC now owns 3,677,754 shares of the company's stock worth $102,723,000 after buying an additional 49,702 shares in the last quarter. Finally, Norges Bank bought a new position in Millrose Properties in the 4th quarter valued at about $101,800,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MRP. Wall Street Zen downgraded shares of Millrose Properties from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings cut shares of Millrose Properties from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Millrose Properties has an average rating of "Buy" and an average target price of $37.67.

Millrose Properties Price Performance

MRP stock opened at $28.56 on Wednesday. The stock has a market cap of $4.40 billion, a price-to-earnings ratio of 10.24 and a beta of 0.34. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.34 and a quick ratio of 0.34. The company has a 50 day simple moving average of $28.69 and a 200 day simple moving average of $29.40. Millrose Properties, Inc. has a 1 year low of $26.30 and a 1 year high of $36.00.

Millrose Properties (NYSE:MRP - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.74 earnings per share for the quarter, missing analysts' consensus estimates of $0.77 by ($0.03). Millrose Properties had a net margin of 64.96% and a return on equity of 7.90%. The company had revenue of $194.93 million during the quarter. The company's revenue for the quarter was up 135.7% on a year-over-year basis.

Millrose Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, July 6th were given a dividend of $0.77 per share. The ex-dividend date was Monday, July 6th. This represents a $3.08 dividend on an annualized basis and a yield of 10.8%. This is an increase from Millrose Properties's previous quarterly dividend of $0.76. Millrose Properties's dividend payout ratio is presently 110.39%.

Insider Transactions at Millrose Properties

In other news, insider Darren Richman bought 195,000 shares of the stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $27.31 per share, with a total value of $5,325,450.00. Following the acquisition, the insider directly owned 416,000 shares in the company, valued at approximately $11,360,960. This trade represents a 88.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew B. Gorson acquired 4,500 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was acquired at an average price of $26.96 per share, with a total value of $121,320.00. Following the acquisition, the director owned 35,750 shares in the company, valued at $963,820. The trade was a 14.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 240,532 shares of company stock valued at $6,567,048. Insiders own 0.23% of the company's stock.

Millrose Properties Profile

Millrose Properties Corp is a publicly traded real estate investment trust that focuses on the acquisition, ownership and development of industrial and logistics properties. The company seeks to capitalize on the growing demand for modern warehouse facilities driven by e-commerce, freight distribution and last-mile delivery requirements. Millrose structures its investments to generate stable, long-term rental income through diversified lease agreements with industrial and logistics operators.

The firm's core activities include sourcing strategically located industrial assets, overseeing property management operations and executing targeted development or renovation projects.

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