Mackenzie Financial Corp Makes New Investment in Millrose Properties, Inc. (NYSE:MRP)

Key Points

• Mackenzie Financial Corp made a new investment in Millrose Properties, acquiring 40,442 shares valued at approximately $1.07 million in the first quarter.
• Insiders at Millrose Properties have recently increased their holdings, with Director Patrick J. Bartels, Jr. purchasing 8,750 shares, indicating strong confidence in the company's prospects.
• Millrose Properties announced a quarterly dividend of $0.69 per share, translating to an annual yield of 8.7%, which underscores its financial stability.

Mackenzie Financial Corp bought a new position in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 40,442 shares of the company's stock, valued at approximately $1,071,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. LPL Financial LLC bought a new stake in Millrose Properties during the 1st quarter worth approximately $1,570,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Millrose Properties during the first quarter worth $567,000. TD Asset Management Inc bought a new position in Millrose Properties during the first quarter worth $627,000. Knights of Columbus Asset Advisors LLC acquired a new position in Millrose Properties in the first quarter valued at $363,000. Finally, Assetmark Inc. acquired a new position in Millrose Properties in the first quarter valued at $34,000.

Millrose Properties Price Performance

MRP stock traded up $0.04 during midday trading on Friday, hitting $31.38. The stock had a trading volume of 890,463 shares, compared to its average volume of 983,855. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.17. Millrose Properties, Inc. has a 1-year low of $19.00 and a 1-year high of $31.79. The company's fifty day moving average price is $29.20.

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 company had revenue of $149.00 million for the quarter.

Millrose Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Thursday, July 3rd were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 8.8%.

Insider Activity at Millrose Properties

In related news, Director Patrick J. Bartels, Jr. bought 8,750 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were bought at an average price of $28.36 per share, for a total transaction of $248,150.00. Following the transaction, the director directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew B. Gorson bought 7,500 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were bought at an average price of $28.24 per share, for a total transaction of $211,800.00. Following the transaction, the director directly owned 15,660 shares in the company, valued at $442,238.40. This trade represents a 91.91% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 18,750 shares of company stock worth $530,800 in the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MRP. Citigroup began coverage on shares of Millrose Properties in a report on Monday, April 14th. They issued a "buy" rating and a $30.00 target price on the stock. The Goldman Sachs Group boosted their target price on shares of Millrose Properties from $28.00 to $31.50 and gave the company a "buy" rating in a report on Thursday, May 15th.

About Millrose Properties

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.