Bank of America Corp DE Decreases Stock Holdings in Millrose Properties, Inc. $MRP

Key Points

• Bank of America reduced its Millrose Properties stake by 23.6% in the first quarter, selling 171,984 shares and retaining 555,978 shares valued at approximately $15.6 million.
• Millrose reported quarterly earnings of $0.76 per share, slightly exceeding estimates, on revenue of $196.85 million. Analysts maintain an average “Buy” rating with a $37.67 price target.
• The company increased its quarterly dividend to $0.77, implying a 10.1% annualized yield, while two directors also purchased shares in August.

Bank of America Corp DE lessened its stake in Millrose Properties, Inc. (NYSE:MRP - Free Report) by 23.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 555,978 shares of the company's stock after selling 171,984 shares during the quarter. Bank of America Corp DE owned about 0.36% of Millrose Properties worth $15,567,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MRP. Vanguard Group Inc. grew its position in Millrose Properties by 16.3% in the fourth quarter. Vanguard Group Inc. now owns 21,117,152 shares of the company's stock worth $630,769,000 after acquiring an additional 2,960,066 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Millrose Properties by 7.7% in the 4th quarter. Principal Financial Group Inc. now owns 1,928,856 shares of the company's stock valued at $57,615,000 after purchasing an additional 138,227 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Millrose Properties during the 4th quarter worth $2,514,000. Legal & General Group Plc grew its holdings in shares of Millrose Properties by 12.3% during the 4th quarter. Legal & General Group Plc now owns 354,088 shares of the company's stock worth $10,577,000 after purchasing an additional 38,769 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in shares of Millrose Properties by 34.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 726,605 shares of the company's stock worth $21,703,000 after purchasing an additional 187,243 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have commented on MRP. Weiss Ratings raised shares of Millrose Properties from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, August 5th. Wall Street Zen cut shares of Millrose Properties from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $37.67.

Millrose Properties Stock Up 0.2%

Shares of MRP opened at $30.59 on Friday. The company's 50-day simple moving average is $29.09 and its 200-day simple moving average is $29.29. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.05 and a current ratio of 0.05. Millrose Properties, Inc. has a 1 year low of $26.30 and a 1 year high of $36.00. The stock has a market capitalization of $4.72 billion, a PE ratio of 10.66 and a beta of 0.39.

Millrose Properties (NYSE:MRP - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.01. Millrose Properties had a net margin of 62.60% and a return on equity of 8.13%. The firm had revenue of $196.85 million for the quarter.

Millrose Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 10.1%. This is a positive change from Millrose Properties's previous quarterly dividend of $0.76. The ex-dividend date was Monday, July 6th. Millrose Properties's payout ratio is presently 107.32%.

Insiders Place Their Bets

In related news, Director Matthew B. Gorson acquired 3,000 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $28.80 per share, for a total transaction of $86,400.00. Following the purchase, the director owned 38,750 shares of the company's stock, valued at $1,116,000. This represents a 8.39% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carlos A. Migoya bought 1,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were purchased at an average price of $29.18 per share, for a total transaction of $29,180.00. Following the completion of the purchase, the director directly owned 30,075 shares of the company's stock, valued at approximately $877,588.50. This trade represents a 3.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.23% of the stock is currently owned by corporate insiders.

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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