Gabelli Funds LLC Grows Holdings in Millrose Properties, Inc. $MRP

Key Points

• Gabelli Funds LLC increased its stake in Millrose Properties by 34.9% in Q3, buying 135,523 shares to hold 524,366 shares worth about $17.62 million.
• Millrose raised its quarterly dividend to $0.75 (annualized $3.00), implying a 10.1% yield, though the payout ratio is elevated at 122.95%.
• Analysts lean toward a Buy on MRP (one Strong Buy, three Buy, one Hold) with a consensus price target of $36.13.

Gabelli Funds LLC boosted its holdings in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) by 34.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 524,366 shares of the company's stock after purchasing an additional 135,523 shares during the quarter. Gabelli Funds LLC owned about 0.32% of Millrose Properties worth $17,624,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. State Street Corp raised its stake in Millrose Properties by 8.7% during the second quarter. State Street Corp now owns 4,173,660 shares of the company's stock valued at $118,991,000 after purchasing an additional 333,686 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Millrose Properties by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 2,208,793 shares of the company's stock worth $62,983,000 after acquiring an additional 44,506 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Millrose Properties by 0.4% during the third quarter. Principal Financial Group Inc. now owns 1,790,629 shares of the company's stock worth $60,183,000 after purchasing an additional 7,041 shares during the last quarter. Moore Capital Management LP boosted its position in Millrose Properties by 12.3% in the 2nd quarter. Moore Capital Management LP now owns 1,258,936 shares of the company's stock valued at $35,892,000 after buying an additional 137,843 shares during the period. Finally, Blue Whale Capital LLP boosted its holdings in shares of Millrose Properties by 103.2% in the second quarter. Blue Whale Capital LLP now owns 1,199,069 shares of the company's stock valued at $34,185,000 after purchasing an additional 609,083 shares during the period.

Millrose Properties Stock Down 2.8%

Shares of NYSE MRP opened at $29.81 on Friday. Millrose Properties, Inc. has a 12-month low of $21.02 and a 12-month high of $36.00. The company has a current ratio of 0.35, a quick ratio of 0.46 and a debt-to-equity ratio of 0.36. The stock has a market cap of $4.95 billion and a PE ratio of 12.22. The company has a 50-day moving average of $30.57 and a 200 day moving average of $31.75.

Millrose Properties (NYSE:MRP - Get Free Report) last issued its earnings results on Thursday, February 26th. The company reported $0.74 EPS for the quarter, hitting analysts' consensus estimates of $0.74. Millrose Properties had a net margin of 67.42% and a return on equity of 6.90%. The company had revenue of $189.50 million for the quarter.

Millrose Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Monday, January 5th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 10.1%. The ex-dividend date of this dividend was Monday, January 5th. This is an increase from Millrose Properties's previous quarterly dividend of $0.73. Millrose Properties's payout ratio is currently 122.95%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MRP shares. Weiss Ratings restated a "hold (c+)" rating on shares of Millrose Properties in a research note on Thursday, January 22nd. BTIG Research assumed coverage on shares of Millrose Properties in a report on Monday, December 1st. They set a "buy" rating and a $35.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $36.13.

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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