Bank of New York Mellon Corp Invests $54.35 Million in Millrose Properties, Inc. $MRP

Key Points

• Bank of New York Mellon acquired 1.81 million Millrose Properties shares worth approximately $54.35 million, giving it a 1.17% stake. Goldman Sachs also reported an approximately $18.1 million new position.
• Millrose beat quarterly earnings expectations, reporting $0.76 EPS versus the $0.75 consensus estimate on $196.85 million in revenue. The company raised its quarterly dividend to $0.77 per share, equivalent to a 10.0% annualized yield.
• MRP was trading at $30.75, while analysts maintained a consensus “Buy” rating and a $37.67 price target. Two directors also purchased shares in August, signaling insider buying.

Bank of New York Mellon Corp bought a new stake in Millrose Properties, Inc. (NYSE:MRP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,808,592 shares of the company's stock, valued at approximately $54,348,000. Bank of New York Mellon Corp owned about 1.17% of Millrose Properties as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. Baird Financial Group Inc. bought a new position in Millrose Properties during the 1st quarter worth $224,000. Royal Bank of Canada acquired a new position in shares of Millrose Properties during the first quarter worth $1,508,000. Advisors Asset Management Inc. bought a new stake in shares of Millrose Properties in the first quarter worth $45,000. NewEdge Advisors LLC bought a new stake in shares of Millrose Properties in the 1st quarter valued at about $39,000. Finally, Goldman Sachs Group Inc. acquired a new stake in Millrose Properties during the 1st quarter valued at approximately $18,093,000.

Millrose Properties Trading Down 0.7%

MRP opened at $30.75 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.05 and a quick ratio of 0.05. Millrose Properties, Inc. has a fifty-two week low of $26.30 and a fifty-two week high of $36.00. The firm has a market capitalization of $4.74 billion, a PE ratio of 10.71 and a beta of 0.39. The company's 50-day moving average is $29.24 and its 200 day moving average is $29.30.

Millrose Properties (NYSE:MRP - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.01. The business had revenue of $196.85 million during the quarter. Millrose Properties had a return on equity of 8.13% and a net margin of 62.60%.

Millrose Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were paid a dividend of $0.77 per share. This is a boost from Millrose Properties's previous quarterly dividend of $0.76. The ex-dividend date was Monday, July 6th. This represents a $3.08 annualized dividend and a yield of 10.0%. Millrose Properties's dividend payout ratio (DPR) is 107.32%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wall Street Zen cut shares of Millrose Properties from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings raised Millrose Properties from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $37.67.

Insider Buying and Selling at Millrose Properties

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

About Millrose Properties

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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