Fifth Third Bancorp Acquires 41,342 Shares of MGM Resorts International $MGM

Fifth Third Bancorp grew its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 338.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,562 shares of the company's stock after purchasing an additional 41,342 shares during the period. Fifth Third Bancorp's holdings in MGM Resorts International were worth $1,982,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in MGM Resorts International by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company's stock valued at $582,000 after acquiring an additional 951 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock worth $115,000 after acquiring an additional 421 shares during the period. Woodline Partners LP boosted its holdings in shares of MGM Resorts International by 39.1% in the first quarter. Woodline Partners LP now owns 18,901 shares of the company's stock worth $560,000 after acquiring an additional 5,312 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of MGM Resorts International by 57.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company's stock valued at $112,000 after purchasing an additional 1,182 shares in the last quarter. Finally, Jump Financial LLC raised its stake in shares of MGM Resorts International by 221.9% during the 2nd quarter. Jump Financial LLC now owns 26,782 shares of the company's stock valued at $921,000 after purchasing an additional 18,463 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.38% of the stock is currently owned by insiders.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $45.47 on Thursday. The stock has a market cap of $11.63 billion, a price-to-earnings ratio of 63.16 and a beta of 1.29. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. The business has a 50-day simple moving average of $45.27 and a 200 day simple moving average of $39.51. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The business had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.37 billion. During the same period in the previous year, the business earned $0.69 EPS. The business's revenue was up 4.2% on a year-over-year basis. On average, research analysts forecast that MGM Resorts International will post 1.97 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MGM. The Goldman Sachs Group reissued a "sell" rating and set a $43.00 price objective on shares of MGM Resorts International in a report on Wednesday, July 15th. Mizuho reduced their target price on MGM Resorts International from $62.00 to $59.00 and set an "outperform" rating for the company in a report on Monday, April 27th. KeyCorp upgraded MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price target on the stock in a research report on Monday, April 27th. Wells Fargo & Company raised shares of MGM Resorts International from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $33.00 to $48.30 in a report on Tuesday, July 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of MGM Resorts International from $48.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $52.31.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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