49,442 Shares in Millrose Properties, Inc. (NYSE:MRP) Bought by Miller Investment Management LP

Key Points

• Miller Investment Management LP has acquired 49,442 shares of Millrose Properties, Inc., valued at approximately $1.31 million, during the first quarter.
• Millrose Properties recently announced a quarterly dividend of $0.69 per share, representing an annualized yield of 8.95%.
• Insider transactions indicate significant buying activity, with two directors acquiring a combined 18,750 shares valued at over $530,000 in recent trades.

Miller Investment Management LP purchased a new stake in Millrose Properties, Inc. (NYSE:MRP - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund purchased 49,442 shares of the company's stock, valued at approximately $1,311,000.

Other institutional investors have also made changes to their positions in the company. CENTRAL TRUST Co bought a new position in shares of Millrose Properties in the first quarter worth $27,000. Assetmark Inc. bought a new position in shares of Millrose Properties in the first quarter worth $34,000. Allworth Financial LP bought a new position in shares of Millrose Properties in the first quarter worth $33,000. Golden State Wealth Management LLC bought a new position in shares of Millrose Properties in the first quarter worth $37,000. Finally, Advisors Preferred LLC bought a new position in shares of Millrose Properties in the first quarter worth $43,000.

Insider Activity

In other news, Director Matthew B. Gorson acquired 7,500 shares of Millrose Properties stock in a transaction on Monday, May 19th. The stock was bought at an average price of $28.24 per share, for a total transaction of $211,800.00. Following the transaction, the director owned 15,660 shares of the company's stock, valued at $442,238.40. The trade was a 91.91% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Adil Pasha purchased 2,500 shares of the stock in a transaction on Wednesday, May 21st. The stock was bought at an average price of $28.34 per share, for a total transaction of $70,850.00. Following the completion of the transaction, the chief technology officer directly owned 2,500 shares of the company's stock, valued at approximately $70,850. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 18,750 shares of company stock valued at $530,800.

Millrose Properties Stock Performance

MRP stock traded down $0.09 during mid-day trading on Friday, hitting $29.90. The stock had a trading volume of 635,280 shares, compared to its average volume of 2,126,251. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.07 and a quick ratio of 0.07. Millrose Properties, Inc. has a 1-year low of $19.00 and a 1-year high of $31.56. The business's fifty day moving average price is $28.83.

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

Millrose Properties Dividend Announcement

The business also recently disclosed 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%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MRP. The Goldman Sachs Group raised their target price on Millrose Properties from $28.00 to $31.50 and gave the company a "buy" rating in a research note on Thursday, May 15th. Citigroup began coverage on Millrose Properties in a research note on Monday, April 14th. They set a "buy" rating and a $30.00 target price for the company.

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.