KLP Kapitalforvaltning AS Purchases New Shares in Millrose Properties, Inc. (NYSE:MRP)

Key Points

• KLP Kapitalforvaltning AS has acquired a new stake in Millrose Properties, Inc., purchasing 22,600 shares valued at approximately $599,000 in Q1.
• Millrose Properties announced a quarterly dividend of $0.69 per share, resulting in an annual yield of 8.98%.
• Analysts from Goldman Sachs and Citigroup have issued new price targets for Millrose Properties, raising expectations with target prices of $31.50 and $30.00, respectively.

KLP Kapitalforvaltning AS bought a new position in Millrose Properties, Inc. (NYSE:MRP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,600 shares of the company's stock, valued at approximately $599,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Choreo LLC bought a new position in Millrose Properties in the 1st quarter worth about $882,000. Paradigm Asset Management Co. LLC bought a new position in Millrose Properties in the 1st quarter worth about $172,000. Allianz Asset Management GmbH bought a new position in Millrose Properties in the 1st quarter worth about $1,018,000. Carmel Capital Partners LLC purchased a new position in Millrose Properties in the 1st quarter worth about $1,927,000. Finally, Teachers Retirement System of The State of Kentucky purchased a new position in Millrose Properties in the 1st quarter worth about $796,000.

Insiders Place Their Bets

In other Millrose Properties news, Director Matthew B. Gorson purchased 7,500 shares of the company's stock in a transaction on Monday, May 19th. The stock was acquired at an average cost of $28.24 per share, for a total transaction of $211,800.00. Following the purchase, the director directly owned 15,660 shares of the company's stock, valued at $442,238.40. This trade represents a 91.91% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Patrick J. Bartels, Jr. purchased 8,750 shares of the company's stock in a transaction on Monday, May 19th. The stock was acquired at an average price of $28.36 per share, with a total value of $248,150.00. Following the completion of the purchase, the director directly owned 14,410 shares in the company, valued at $408,667.60. This trade represents a 154.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 18,750 shares of company stock worth $530,800 in the last three months.

Millrose Properties Stock Performance

Shares of MRP traded down $0.05 on Friday, reaching $29.94. The company's stock had a trading volume of 957,525 shares, compared to its average volume of 1,038,959. The company has a current ratio of 0.06, a quick ratio of 0.07 and a debt-to-equity ratio of 0.17. The company's 50 day moving average price is $28.87. Millrose Properties, Inc. has a 12-month low of $19.00 and a 12-month high of $31.56.

Millrose Properties (NYSE:MRP - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.68 earnings per share (EPS) for the quarter. The firm had revenue of $149.00 million during the quarter.

Millrose Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Thursday, July 3rd were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 9.2%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MRP. The Goldman Sachs Group boosted their target price on Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Citigroup initiated coverage on shares of Millrose Properties in a research note on Monday, April 14th. They issued a "buy" rating and a $30.00 price objective on the stock.

Millrose Properties Company Profile

Millrose Properties, Inc is a real estate investment and management company that focuses on acquiring, developing, and managing high-quality commercial properties. They are headquartered in Purchase, New York.