Geode Capital Management LLC Boosts Stock Position in Millrose Properties, Inc. $MRP

Key Points

• Geode Capital Management increased its Millrose Properties stake by 29.1% in the fourth quarter, buying 655,706 additional shares and bringing its holdings to 2.91 million shares worth about $86.9 million.
• Millrose Properties reported quarterly EPS of $0.74, missing the $0.77 consensus, while revenue climbed 135.7% year over year to $194.93 million.
• The company raised its quarterly dividend to $0.76 per share, implying a 10.5% annualized yield, even as its payout ratio remains elevated at 108.96%.

Geode Capital Management LLC raised its stake in Millrose Properties, Inc. (NYSE:MRP - Free Report) by 29.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,909,575 shares of the company's stock after purchasing an additional 655,706 shares during the period. Geode Capital Management LLC owned 1.75% of Millrose Properties worth $86,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH grew its stake in Millrose Properties by 1,371.2% in the third quarter. Allianz Asset Management GmbH now owns 438,705 shares of the company's stock valued at $14,745,000 after purchasing an additional 408,885 shares during the last quarter. Hodges Capital Management Inc. grew its stake in Millrose Properties by 180.0% in the third quarter. Hodges Capital Management Inc. now owns 80,722 shares of the company's stock valued at $2,713,000 after purchasing an additional 51,892 shares during the last quarter. Vanguard Group Inc. grew its stake in Millrose Properties by 16.3% in the fourth quarter. Vanguard Group Inc. now owns 21,117,152 shares of the company's stock valued at $630,769,000 after purchasing an additional 2,960,066 shares during the last quarter. State of Alaska Department of Revenue grew its stake 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 purchasing an additional 35,304 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake 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 valued at $57,615,000 after purchasing an additional 138,227 shares during the last quarter.

Millrose Properties Price Performance

Shares of NYSE MRP opened at $28.93 on Monday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.34 and a current ratio of 0.34. The company has a market cap of $4.46 billion, a PE ratio of 10.37 and a beta of 0.40. The business has a 50-day simple moving average of $28.69 and a two-hundred day simple moving average of $29.78. Millrose Properties, Inc. has a fifty-two week low of $26.30 and a fifty-two week high of $36.00.

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

Millrose Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Friday, April 3rd were issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 10.5%. This is a positive change from Millrose Properties's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Thursday, April 2nd. Millrose Properties's dividend payout ratio is presently 108.96%.

Insider Transactions at Millrose Properties

In other news, insider Darren Richman bought 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average price of $27.31 per share, with a total value of $1,092,400.00. Following the completion of the acquisition, the insider directly owned 84,000 shares of the company's stock, valued at $2,294,040. This trade represents a 90.91% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 purchased at an average cost of $26.96 per share, with a total value of $121,320.00. Following the acquisition, the director directly owned 35,750 shares of the company's stock, valued at approximately $963,820. This trade represents a 14.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 240,532 shares of company stock valued at $6,567,048 in the last ninety days. Corporate insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on MRP shares. 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 report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $37.67.

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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