Lyell Wealth Management LP Invests $1.06 Million in Millrose Properties, Inc. (NYSE:MRP)

Key Points

• Lyell Wealth Management LP acquired a new stake in Millrose Properties, buying 40,059 shares valued at approximately $1,062,000 in the first quarter.
• Wall Street analysts have positive forecasts for Millrose Properties, with Goldman Sachs raising its price target from $28.00 to $31.50 and giving a "buy" rating.
• Millrose Properties recently announced a quarterly dividend of $0.69 per share, resulting in an annualized yield of 9.01%.

Lyell Wealth Management LP bought a new position in Millrose Properties, Inc. (NYSE:MRP - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 40,059 shares of the company's stock, valued at approximately $1,062,000.

Several other hedge funds also recently made changes to their positions in MRP. Greenhaven Associates Inc. purchased a new position in shares of Millrose Properties in the 1st quarter valued at about $209,111,000. Principal Financial Group Inc. purchased a new position in shares of Millrose Properties in the 1st quarter valued at about $47,574,000. Bank of New York Mellon Corp purchased a new position in shares of Millrose Properties in the 1st quarter valued at about $16,753,000. Pacific Heights Asset Management LLC purchased a new position in shares of Millrose Properties in the 1st quarter valued at about $8,748,000. Finally, Rhumbline Advisers purchased a new position in Millrose Properties during the 1st quarter valued at about $7,441,000.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Citigroup assumed coverage on shares of Millrose Properties in a research report on Monday, April 14th. They set a "buy" rating and a $30.00 target price for the company.

Millrose Properties Stock Performance

MRP traded down $0.05 during midday trading on Friday, reaching $29.94. 957,525 shares of the company's stock were exchanged, compared to its average volume of 1,038,959. Millrose Properties, Inc. has a 1-year low of $19.00 and a 1-year high of $31.56. 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 (NYSE:MRP - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.68 EPS for the quarter. The firm had revenue of $149.00 million for the quarter.

Millrose Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Thursday, July 3rd were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 9.2%.

Insider Transactions at Millrose Properties

In related news, Director Patrick J. Bartels, Jr. bought 8,750 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were acquired at an average cost of $28.36 per share, with a total value of $248,150.00. Following the completion of the transaction, the director owned 14,410 shares of the company's stock, valued at approximately $408,667.60. The trade was a 154.59% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Adil Pasha purchased 2,500 shares of Millrose Properties stock in a transaction on Wednesday, May 21st. The shares were acquired at an average cost of $28.34 per share, for a total transaction of $70,850.00. Following the completion of the transaction, the chief technology officer owned 2,500 shares of the company's stock, valued at $70,850. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 18,750 shares of company stock worth $530,800 over the last ninety days.

Millrose Properties 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.