Callodine Capital Management LP Raises Stock Position in Millrose Properties, Inc. $MRP

Key Points

• Callodine Capital Management increased its Millrose Properties stake by 110.8% in Q1, ending with 762,392 shares valued at about $21.35 million and making MRP its 23rd-largest holding.
• Millrose Properties drew additional institutional interest from firms including Goldman Sachs, Royal Bank of Canada, and Baird Financial Group, while analyst sentiment remains Buy with a consensus price target of $37.67.
• The company recently posted earnings below expectations but increased its quarterly dividend to $0.77 per share, implying a 10.8% annualized yield.

Callodine Capital Management LP boosted its stake in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) by 110.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 762,392 shares of the company's stock after acquiring an additional 400,745 shares during the period. Millrose Properties comprises about 1.5% of Callodine Capital Management LP's holdings, making the stock its 23rd biggest holding. Callodine Capital Management LP owned 0.49% of Millrose Properties worth $21,347,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

MRP has been the subject of several research reports. Wall Street Zen lowered Millrose Properties from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings downgraded Millrose Properties from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Millrose Properties currently has a consensus rating of "Buy" and an average price target of $37.67.

Millrose Properties Trading Up 1.0%

Shares of MRP opened at $28.55 on Friday. Millrose Properties, Inc. has a 52-week low of $26.30 and a 52-week high of $36.00. The stock has a market cap of $4.40 billion, a PE ratio of 10.23 and a beta of 0.34. The firm's fifty day moving average is $28.62 and its two-hundred day moving average is $29.41. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.41.

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

Millrose Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 10.8%. The ex-dividend date was Monday, July 6th. This is a positive change from Millrose Properties's previous quarterly dividend of $0.76. Millrose Properties's payout ratio is currently 110.39%.

Insider Buying and Selling

In related news, insider Darren Richman bought 195,000 shares of the stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $27.31 per share, for a total transaction 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew B. Gorson purchased 4,500 shares of the company's stock in a transaction dated Monday, May 18th. The stock was bought at an average price of $26.96 per share, with a total value of $121,320.00. Following the completion of the transaction, the director directly owned 35,750 shares of the company's stock, valued at approximately $963,820. This represents a 14.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 240,532 shares of company stock worth $6,567,048 over the last three months. Corporate 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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