NewEdge Advisors LLC Increases Stake in Millrose Properties, Inc. $MRP

Key Points

• NewEdge Advisors increased its Millrose Properties stake by 172.1% in the second quarter, owning 79,666 shares valued at approximately $2.4 million. Several other institutional investors also expanded or initiated positions.
• Millrose reported quarterly EPS of $0.76, slightly exceeding the $0.75 consensus estimate, on revenue of $196.85 million. The stock opened at $28.76, below its $37.67 analyst consensus price target.
• The company raised its quarterly dividend to $0.77 per share, or $3.08 annually, implying a 10.7% yield; however, its payout ratio is elevated at 107.32%. Two directors also purchased shares, while analysts maintain a consensus “Buy” rating.

NewEdge Advisors LLC raised its stake in Millrose Properties, Inc. (NYSE:MRP - Free Report) by 172.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 79,666 shares of the company's stock after purchasing an additional 50,393 shares during the quarter. NewEdge Advisors LLC owned 0.05% of Millrose Properties worth $2,394,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in MRP. Cannell & Spears LLC increased its stake in shares of Millrose Properties by 1.4% in the first quarter. Cannell & Spears LLC now owns 3,677,754 shares of the company's stock worth $102,723,000 after buying an additional 49,702 shares during the period. Norges Bank purchased a new stake in Millrose Properties during the 4th quarter valued at $101,800,000. Geode Capital Management LLC grew its holdings in Millrose Properties by 29.1% in the 4th quarter. Geode Capital Management LLC now owns 2,909,575 shares of the company's stock worth $86,928,000 after acquiring an additional 655,706 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Millrose Properties in the 2nd quarter worth $54,348,000. Finally, Moore Capital Management LP increased its position in shares of Millrose Properties by 275.0% in the fourth quarter. Moore Capital Management LP now owns 1,018,533 shares of the company's stock valued at $30,424,000 after acquiring an additional 746,923 shares during the period.

Millrose Properties Price Performance

Shares of NYSE MRP opened at $28.76 on Friday. Millrose Properties, Inc. has a 1 year low of $26.30 and a 1 year high of $35.10. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.05 and a quick ratio of 0.05. The company's 50-day moving average is $29.61 and its 200 day moving average is $29.19. The stock has a market capitalization of $4.44 billion, a P/E ratio of 10.02 and a beta of 0.41.

Millrose Properties (NYSE:MRP - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.75 by $0.01. The business had revenue of $196.85 million during the quarter. Millrose Properties had a net margin of 62.60% and a return on equity of 8.13%.

Millrose Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were given a $0.77 dividend. The ex-dividend date of this dividend was Monday, July 6th. This represents a $3.08 annualized dividend and a dividend yield of 10.7%. This is an increase from Millrose Properties's previous quarterly dividend of $0.76. Millrose Properties's dividend payout ratio is currently 107.32%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Millrose Properties from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, September 2nd. 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. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $37.67.

Insider Buying and Selling

In other news, Director Carlos Migoya bought 1,000 shares of the stock in a transaction dated Friday, August 7th. The stock was bought at an average price of $29.18 per share, for a total transaction of $29,180.00. Following the purchase, the director directly owned 30,075 shares in the company, valued at $877,588.50. This trade represents a 3.44% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Gorson purchased 3,000 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average price of $28.80 per share, for a total transaction of $86,400.00. Following the completion of the transaction, the director directly owned 38,750 shares of the company's stock, valued at $1,116,000. This represents a 8.39% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 0.23% of the company's stock.

Millrose Properties Company Profile

Millrose Properties, Inc NYSE: MRP is a real estate company focused on providing land-banking solutions to residential homebuilders. The company acquires and develops residential land and finished lots, which it then makes available to homebuilders through long-term arrangements. This model is designed to help builders secure future community sites while reducing the amount of capital tied up in land acquisition and development.

Millrose primarily targets residential growth markets, including communities in the U.S.

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