PNC Financial Services Group Inc. Invests $536,000 in Millrose Properties, Inc. (NYSE:MRP)

Key Points

• PNC Financial Services Group Inc. has acquired a new stake in Millrose Properties, purchasing 20,216 shares valued at approximately $536,000.
• Millrose Properties declared a quarterly dividend of $0.69 per share, translating to an annualized dividend of $2.76 and a yield of 8.5%.
• Recent insider buying activity includes transactions from Directors Patrick J. Bartels, Jr. and Matthew B. Gorson, who significantly increased their ownership stakes in Millrose Properties.

PNC Financial Services Group Inc. purchased a new stake in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 20,216 shares of the company's stock, valued at approximately $536,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Greenhaven Associates Inc. purchased a new position in Millrose Properties in the 1st quarter worth about $209,111,000. Principal Financial Group Inc. bought a new stake in shares of Millrose Properties in the first quarter worth approximately $47,574,000. Bank of New York Mellon Corp purchased a new position in shares of Millrose Properties during the first quarter valued at approximately $16,753,000. Pacific Heights Asset Management LLC bought a new position in Millrose Properties during the first quarter valued at approximately $8,748,000. Finally, Rhumbline Advisers bought a new position in Millrose Properties during the first quarter valued at approximately $7,441,000.

Millrose Properties Price Performance

MRP stock opened at $32.43 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.06 and a current ratio of 0.06. The firm has a 50-day moving average price of $29.44. Millrose Properties, Inc. has a fifty-two week low of $19.00 and a fifty-two week high of $32.60.

Millrose Properties (NYSE:MRP - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.68 EPS for the quarter. The business had revenue of $149.00 million for the quarter.

Millrose Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Thursday, July 3rd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 8.5%.

Insiders Place Their Bets

In related news, Director Patrick J. Bartels, Jr. bought 8,750 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were bought at an average cost of $28.36 per share, with a total value of $248,150.00. Following the acquisition, the director owned 14,410 shares in the company, valued at $408,667.60. This trade represents a 154.59% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew B. Gorson bought 7,500 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were bought at an average price of $28.24 per share, for a total transaction of $211,800.00. Following the completion of the transaction, the director directly owned 15,660 shares of the company's stock, valued at $442,238.40. This represents a 91.91% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 18,750 shares of company stock worth $530,800.

Analyst Ratings Changes

Separately, The Goldman Sachs Group boosted their target price on shares of Millrose Properties from $28.00 to $31.50 and gave the company a "buy" rating in a research note on Thursday, May 15th.

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.

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