Norges Bank Takes Position in Millrose Properties, Inc. $MRP

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Millrose Properties, buying 3.41 million shares worth about $101.8 million, or roughly 2.05% of the company.
• Several other large investors also boosted holdings, including Vanguard, Blue Whale Capital, Wellington Management, and Millennium Management, signaling continued institutional interest in MRP.
• Millrose Properties reported Q1 earnings of $0.74 per share, missing estimates, but it also raised its quarterly dividend to $0.76 per share for a 10.5% yield; analysts currently have a consensus Buy rating with a $37.67 target price.

Norges Bank bought a new stake in Millrose Properties, Inc. (NYSE:MRP - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 3,408,096 shares of the company's stock, valued at approximately $101,800,000. Norges Bank owned approximately 2.05% of Millrose Properties as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of MRP. 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 valued at $630,769,000 after purchasing an additional 2,960,066 shares in the last quarter. Blue Whale Capital LLP raised its stake in shares of Millrose Properties by 89.1% in the 3rd quarter. Blue Whale Capital LLP now owns 2,267,144 shares of the company's stock valued at $76,199,000 after purchasing an additional 1,068,075 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Millrose Properties by 44.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,939,771 shares of the company's stock valued at $98,806,000 after purchasing an additional 908,189 shares in the last quarter. Millennium Management LLC raised its stake in shares of Millrose Properties by 125.0% in the 3rd quarter. Millennium Management LLC now owns 1,614,377 shares of the company's stock valued at $54,259,000 after purchasing an additional 896,938 shares in the last quarter. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Millrose Properties in the 1st quarter valued at about $18,093,000.

Insider Activity

In other Millrose Properties news, Director Matthew B. Gorson acquired 4,500 shares of the company's stock in a transaction that occurred on 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 completion of the purchase, the director directly owned 35,750 shares in the company, valued at $963,820. The trade was a 14.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Darren Richman acquired 40,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $27.31 per share, for a total transaction of $1,092,400.00. Following the purchase, the insider owned 84,000 shares of the company's stock, valued at $2,294,040. This trade represents a 90.91% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have purchased 240,532 shares of company stock worth $6,567,048. 0.23% of the stock is owned by company insiders.

Millrose Properties Price Performance

MRP opened at $28.93 on Friday. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 10.37 and a beta of 0.40. Millrose Properties, Inc. has a fifty-two week low of $26.30 and a fifty-two week high of $36.00. The company's 50-day moving average price is $28.69 and its 200 day moving average price is $29.77. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.41.

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

Millrose Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Friday, April 3rd were paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 10.5%. This is a positive change from Millrose Properties's previous quarterly dividend of $0.75. The ex-dividend date was Thursday, April 2nd. Millrose Properties's dividend payout ratio (DPR) is currently 108.96%.

Analysts Set New Price Targets

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.