Maryland State Retirement & Pension System Takes $1.11 Million Position in Millrose Properties, Inc. (NYSE:MRP)

Key Points

• The Maryland State Retirement & Pension System acquired 41,745 shares of Millrose Properties, Inc., valued at approximately $1,107,000, during the first quarter.
• Millrose Properties recently declared a quarterly dividend of $0.69 per share, resulting in an annualized dividend yield of 8.8%.
• Goldman Sachs raised its price target for Millrose Properties from $28.00 to $31.50 and rated the stock as a "buy."

Maryland State Retirement & Pension System bought a new position in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 41,745 shares of the company's stock, valued at approximately $1,107,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. purchased a new position in shares of Millrose Properties during the 1st quarter worth approximately $488,156,000. Greenhaven Associates Inc. purchased a new position in shares of Millrose Properties during the 1st quarter worth approximately $209,111,000. Principal Financial Group Inc. purchased a new position in shares of Millrose Properties during the 1st quarter worth approximately $47,574,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Millrose Properties during the 1st quarter worth approximately $44,741,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Millrose Properties during the 1st quarter worth approximately $16,753,000.

Analyst Upgrades and Downgrades

MRP has been the topic of several recent research reports. Citigroup initiated coverage on Millrose Properties in a research note on Monday, April 14th. They issued a "buy" rating and a $30.00 price target on the stock. The Goldman Sachs Group upped their price target on Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a research note on Thursday, May 15th.

Insider Activity at Millrose Properties

In other Millrose Properties news, Director Patrick J. Bartels, Jr. acquired 8,750 shares of the 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 transaction, the director owned 14,410 shares of the company's stock, valued at $408,667.60. The trade was a 154.59% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew B. Gorson acquired 7,500 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 15,660 shares in the company, valued at $442,238.40. This represents a 91.91% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 18,750 shares of company stock valued at $530,800.

Millrose Properties Stock Performance

Shares of Millrose Properties stock traded up $0.55 during midday trading on Tuesday, hitting $31.71. The company had a trading volume of 1,157,051 shares, compared to its average volume of 958,991. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.17. The firm has a 50 day moving average price of $29.35. Millrose Properties, Inc. has a 52-week low of $19.00 and a 52-week high of $31.79.

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

Millrose Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Thursday, July 3rd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 8.7%.

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.