Tower Bridge Advisors Takes $729,000 Position in Millrose Properties, Inc. (NYSE:MRP)

Key Points

• Tower Bridge Advisors has made a new investment of approximately $729,000 in Millrose Properties, acquiring 27,496 shares of the company.
• Analysts have issued a "buy" rating for Millrose Properties, with Citigroup setting a price target of $30.00 while Goldman Sachs increased its target from $28.00 to $31.50.
• Millrose Properties recently declared a quarterly dividend of $0.69 per share, yielding an annualized rate of 9.01%.

Tower Bridge Advisors acquired a new stake in shares of Millrose Properties, Inc. (NYSE:MRP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 27,496 shares of the company's stock, valued at approximately $729,000.

Other large investors have also recently made changes to their positions in the company. Greenhaven Associates Inc. acquired a new position in Millrose Properties during the first quarter valued at $209,111,000. Principal Financial Group Inc. acquired a new position in shares of Millrose Properties in the first quarter worth about $47,574,000. Bank of New York Mellon Corp acquired a new position in shares of Millrose Properties in the first quarter worth about $16,753,000. Pacific Heights Asset Management LLC acquired a new position in shares of Millrose Properties in the first quarter worth about $8,748,000. Finally, Rhumbline Advisers acquired a new position in shares of Millrose Properties in the first quarter worth about $7,441,000.

Insider Buying and Selling

In other Millrose Properties news, Director Patrick J. Bartels, Jr. acquired 8,750 shares of the company's stock in a transaction that occurred on Monday, May 19th. The stock was bought at an average price of $28.36 per share, with a total value of $248,150.00. Following the purchase, the director owned 14,410 shares in the company, valued at approximately $408,667.60. The trade was a 154.59% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew B. Gorson acquired 7,500 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were acquired at an average cost of $28.24 per share, with a total value of $211,800.00. Following the purchase, the director owned 15,660 shares in the company, valued at $442,238.40. This represents a 91.91% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 18,750 shares of company stock worth $530,800 in the last 90 days.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MRP shares. Citigroup started coverage on shares of Millrose Properties in a research report on Monday, April 14th. They issued a "buy" rating and a $30.00 price objective for the company. The Goldman Sachs Group upped their price objective on shares of Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a research report on Thursday, May 15th.

Millrose Properties Stock Down 0.2%

Shares of MRP traded down $0.05 during mid-day trading on Friday, hitting $29.94. 957,525 shares of the company were exchanged, compared to its average volume of 2,129,067. Millrose Properties, Inc. has a 1-year low of $19.00 and a 1-year high of $31.56. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.06. The firm's 50 day simple moving average is $28.83.

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

Millrose Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Thursday, July 3rd were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 9.2%.

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.