Millrose Properties, Inc. $MRP Position Reduced by Principal Financial Group Inc.

Key Points

• Principal Financial Group cut its Millrose Properties stake by 45.9% in the first quarter, selling 884,761 shares and leaving it with about 1.04 million shares valued at roughly $29.2 million.
• Millrose Properties reported mixed recent performance: quarterly EPS came in at $0.74, missing estimates by $0.03, while revenue jumped 135.7% year over year to $194.93 million.
• The company raised its quarterly dividend to $0.77 per share, implying an annualized yield of about 10.5%; insider buying was also notable, including a large purchase by Darren Richman.

Principal Financial Group Inc. trimmed its position in Millrose Properties, Inc. (NYSE:MRP - Free Report) by 45.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,044,095 shares of the company's stock after selling 884,761 shares during the period. Principal Financial Group Inc. owned approximately 0.63% of Millrose Properties worth $29,235,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Millrose Properties by 16.3% in the 4th quarter. Vanguard Group Inc. now owns 21,117,152 shares of the company's stock worth $630,769,000 after buying an additional 2,960,066 shares in the last quarter. State Street Corp grew its holdings in Millrose Properties by 23.0% during the fourth quarter. State Street Corp now owns 5,080,719 shares of the company's stock worth $151,761,000 after acquiring an additional 950,421 shares during the period. Permian Investment Partners LP grew its holdings in Millrose Properties by 116.4% during the fourth quarter. Permian Investment Partners LP now owns 3,794,312 shares of the company's stock worth $113,336,000 after acquiring an additional 2,040,900 shares during the period. Norges Bank bought a new stake in Millrose Properties in the fourth quarter worth about $101,800,000. Finally, Wellington Management Group LLP raised its position in Millrose Properties by 44.7% in the third quarter. Wellington Management Group LLP now owns 2,939,771 shares of the company's stock worth $98,806,000 after acquiring an additional 908,189 shares in the last quarter.

Millrose Properties Stock Performance

Shares of NYSE MRP opened at $29.44 on Monday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 10.55 and a beta of 0.34. The stock's fifty day simple moving average is $28.46 and its 200 day simple moving average is $29.45. Millrose Properties, Inc. has a 52-week low of $26.30 and a 52-week high of $36.00.

Millrose Properties (NYSE:MRP - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.74 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.03). Millrose Properties had a net margin of 64.96% and a return on equity of 7.90%. The company had revenue of $194.93 million for the quarter. Millrose Properties's quarterly revenue was up 135.7% compared to the same quarter last year.

Millrose Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were paid a dividend of $0.77 per share. This is a boost from Millrose Properties's previous quarterly dividend of $0.76. This represents a $3.08 dividend on an annualized basis and a yield of 10.5%. The ex-dividend date of this dividend was Monday, July 6th. Millrose Properties's payout ratio is currently 110.39%.

Insider Activity

In other news, insider Darren Richman bought 195,000 shares of the firm's stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $27.31 per share, for a total transaction of $5,325,450.00. Following the completion of the acquisition, the insider directly owned 416,000 shares in the company, valued at $11,360,960. This represents a 88.24% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Matthew B. Gorson purchased 4,500 shares of the business's stock in a transaction dated Monday, May 18th. The shares were purchased at an average price of $26.96 per share, for a total transaction of $121,320.00. Following the acquisition, the director directly owned 35,750 shares of the company's stock, valued at $963,820. This trade represents a 14.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 240,532 shares of company stock valued at $6,567,048. Corporate insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings lowered shares of Millrose Properties from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Wall Street Zen downgraded shares of Millrose Properties from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $37.67.

Millrose Properties Profile

Millrose Properties Corp is a publicly traded real estate investment trust that focuses on the acquisition, ownership and development of industrial and logistics properties. The company seeks to capitalize on the growing demand for modern warehouse facilities driven by e-commerce, freight distribution and last-mile delivery requirements. Millrose structures its investments to generate stable, long-term rental income through diversified lease agreements with industrial and logistics operators.

The firm's core activities include sourcing strategically located industrial assets, overseeing property management operations and executing targeted development or renovation projects.

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