Moore Capital Management LP Sells 987,326 Shares of Millrose Properties, Inc. $MRP

Key Points

• Moore Capital Management cut its stake in Millrose Properties by 78.4%, selling 987,326 shares in Q3 and retaining 271,610 shares worth roughly $9.13 million.
• Millrose raised its quarterly dividend to $0.75 (annualized $3.00), producing about a 10.3% yield but carrying a high payout ratio of 122.95%, which may signal sustainability risk.
• Analysts skew positive—BTIG started coverage with a Buy and $35 target, the consensus rating is "Buy" with an average price target of $36.13, while the stock trades near $29.21 with a P/E of 11.97 and a market cap around $4.85B.

Moore Capital Management LP cut its holdings in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) by 78.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 271,610 shares of the company's stock after selling 987,326 shares during the period. Moore Capital Management LP owned about 0.16% of Millrose Properties worth $9,129,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MRP. Allianz Asset Management GmbH lifted its holdings in shares of Millrose Properties by 1,371.2% during the third quarter. Allianz Asset Management GmbH now owns 438,705 shares of the company's stock worth $14,745,000 after purchasing an additional 408,885 shares during the period. Great Lakes Advisors LLC bought a new stake in shares of Millrose Properties in the third quarter worth $6,029,000. Hodges Capital Management Inc. increased its holdings in Millrose Properties by 180.0% in the third quarter. Hodges Capital Management Inc. now owns 80,722 shares of the company's stock valued at $2,713,000 after purchasing an additional 51,892 shares during the period. First Dallas Securities Inc. increased its holdings in Millrose Properties by 62.0% in the third quarter. First Dallas Securities Inc. now owns 92,299 shares of the company's stock valued at $3,102,000 after purchasing an additional 35,319 shares during the period. Finally, Gabelli Funds LLC raised its position in Millrose Properties by 34.9% during the 3rd quarter. Gabelli Funds LLC now owns 524,366 shares of the company's stock worth $17,624,000 after purchasing an additional 135,523 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have commented on MRP shares. BTIG Research started coverage on Millrose Properties in a report on Monday, December 1st. They set a "buy" rating and a $35.00 target price on the stock. Weiss Ratings reissued a "hold (c+)" rating on shares of Millrose Properties in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $36.13.

Millrose Properties Trading Up 3.2%

NYSE:MRP opened at $29.21 on Tuesday. The firm's fifty day moving average is $30.49 and its 200-day moving average is $31.51. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.35 and a current ratio of 0.35. Millrose Properties, Inc. has a 52 week low of $21.42 and a 52 week high of $36.00. The firm has a market cap of $4.85 billion and a P/E ratio of 11.97.

Millrose Properties (NYSE:MRP - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.74 earnings per share for the quarter, hitting the consensus estimate of $0.74. The company had revenue of $189.50 million during the quarter. Millrose Properties had a net margin of 67.42% and a return on equity of 6.90%.

Millrose Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Monday, January 5th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 10.3%. The ex-dividend date was Monday, January 5th. This is an increase from Millrose Properties's previous quarterly dividend of $0.73. Millrose Properties's dividend payout ratio (DPR) is 122.95%.

Insider Buying and Selling at Millrose Properties

In other Millrose Properties news, Director Matthew B. Gorson acquired 1,000 shares of the company's stock in a transaction dated Thursday, March 5th. The shares were bought at an average cost of $30.66 per share, with a total value of $30,660.00. Following the purchase, the director directly owned 25,611 shares of the company's stock, valued at $785,233.26. This trade represents a 4.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

About Millrose Properties

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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