Millrose Properties (NYSE:MRP) Sets New 1-Year High - Should You Buy?

Key Points

• Millrose Properties stock reached a new 52-week high of $32.79 during trading, last closing at $32.75 with a trading volume of 41,782 shares.
• Goldman Sachs upgraded their target price for Millrose Properties from $28.00 to $31.50 and maintained a "buy" rating, with the stock currently having a consensus price target of $30.75.
• Millrose Properties announced a quarterly dividend of $0.69 per share, resulting in an annualized dividend yield of 8.5%.

Millrose Properties, Inc. (NYSE:MRP - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $32.79 and last traded at $32.75, with a volume of 41782 shares trading hands. The stock had previously closed at $32.55.

Wall Street Analyst Weigh In

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

Millrose Properties Price Performance

The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.17. The company's 50-day simple moving average is $30.15.

Millrose Properties (NYSE:MRP - Get Free Report) last announced 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 during the quarter.

Millrose Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Thursday, July 3rd were given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 8.0%.

Hedge Funds Weigh In On Millrose Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRP. CENTRAL TRUST Co purchased a new position in Millrose Properties during the first quarter worth about $27,000. Northwestern Mutual Wealth Management Co. purchased a new position in Millrose Properties during the first quarter worth about $27,000. Summit Securities Group LLC purchased a new position in Millrose Properties during the first quarter worth about $28,000. MassMutual Private Wealth & Trust FSB grew its position in Millrose Properties by 144.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 973 shares of the company's stock worth $28,000 after buying an additional 575 shares in the last quarter. Finally, William B. Walkup & Associates Inc. purchased a new position in shares of Millrose Properties in the 1st quarter worth about $29,000.

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.