The Manufacturers Life Insurance Company Makes New $84.77 Million Investment in Millrose Properties, Inc. $MRP

Key Points

• The Manufacturers Life Insurance Company has acquired a new stake in Millrose Properties, Inc., purchasing 3,197,774 shares valued at approximately $84.77 million, which represents 1.93% of the company's total shares.
• Millrose Properties recently declared a quarterly dividend of $0.69, equating to an annualized dividend yield of 7.8%.
• Goldman Sachs raised its price target for Millrose Properties from $28.00 to $31.50, maintaining a "buy" rating as part of a broader positive sentiment, with two analysts rating the stock as a buy.

The Manufacturers Life Insurance Company bought a new position in Millrose Properties, Inc. (NYSE:MRP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 3,197,774 shares of the company's stock, valued at approximately $84,773,000. The Manufacturers Life Insurance Company owned about 1.93% of Millrose Properties as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. purchased a new position in Millrose Properties during the first quarter valued at approximately $488,156,000. Greenhaven Associates Inc. bought a new position in Millrose Properties during the 1st quarter valued at approximately $209,111,000. Wellington Management Group LLP bought a new stake in Millrose Properties during the 1st quarter valued at approximately $75,729,000. Principal Financial Group Inc. bought a new position in shares of Millrose Properties during the first quarter valued at approximately $47,574,000. Finally, Charles Schwab Investment Management Inc. bought a new position in shares of Millrose Properties during the first quarter valued at approximately $44,741,000.

Millrose Properties Stock Down 0.5%

MRP traded down $0.19 on Thursday, hitting $34.36. 548,770 shares of the company's stock traded hands, compared to its average volume of 1,965,530. The firm has a 50 day simple moving average of $31.26. Millrose Properties, Inc. has a one year low of $19.00 and a one year high of $36.00. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.17.

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

Millrose Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Thursday, July 3rd were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 8.0%.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group lifted their price target on shares of Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $30.75.

About Millrose Properties

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.