First Trust Advisors LP Sells 112,999 Shares of Millrose Properties, Inc. $MRP

Key Points

• First Trust Advisors reduced its Millrose Properties stake by 66.6%, selling 112,999 shares and retaining 56,785 shares valued at approximately $1.59 million.
• Analysts maintain a generally positive outlook, with Millrose receiving a consensus “Buy” rating and an average price target of $37.67. The company recently beat quarterly EPS estimates, reporting $0.76 versus expectations of $0.75.
• Millrose increased its quarterly dividend to $0.77, equivalent to a $3.08 annualized payout and a 10.6% yield, although its payout ratio is high at 107.32%.

First Trust Advisors LP trimmed its stake in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) by 66.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,785 shares of the company's stock after selling 112,999 shares during the period. First Trust Advisors LP's holdings in Millrose Properties were worth $1,590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MRP. Vanguard Group Inc. increased its position in Millrose Properties by 16.3% during the fourth quarter. Vanguard Group Inc. now owns 21,117,152 shares of the company's stock valued at $630,769,000 after acquiring an additional 2,960,066 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in Millrose Properties by 24.4% in the fourth quarter. State of Alaska Department of Revenue now owns 180,194 shares of the company's stock valued at $5,381,000 after acquiring an additional 35,304 shares during the period. Principal Financial Group Inc. boosted its position in Millrose Properties by 7.7% in the fourth quarter. Principal Financial Group Inc. now owns 1,928,856 shares of the company's stock worth $57,615,000 after purchasing an additional 138,227 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in Millrose Properties in the fourth quarter worth about $2,514,000. Finally, Thrivent Financial for Lutherans boosted its position in Millrose Properties by 34.7% in the fourth 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.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Weiss Ratings raised shares of Millrose Properties from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday. Wall Street Zen downgraded shares of Millrose Properties from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. One 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, Millrose Properties currently has an average rating of "Buy" and a consensus price target of $37.67.

Millrose Properties Trading Up 0.1%

NYSE:MRP opened at $29.00 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.05 and a quick ratio of 0.05. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of 10.11 and a beta of 0.39. Millrose Properties, Inc. has a one year low of $26.30 and a one year high of $36.00. The business has a fifty day moving average price of $28.83 and a 200-day moving average price of $29.30.

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

Millrose Properties Increases Dividend

The business 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 yield of 10.6%. The ex-dividend date was Monday, July 6th. This is an increase from Millrose Properties's previous quarterly dividend of $0.76. Millrose Properties's dividend payout ratio is presently 107.32%.

Insider Activity at Millrose Properties

In other news, Director Matthew B. Gorson bought 4,500 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The shares were bought at an average cost of $26.96 per share, for a total transaction of $121,320.00. Following the completion of the transaction, the director 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source