Millrose Properties (NYSE:MRP) Hits New 12-Month High - Should You Buy?

Millrose Properties, Inc. (NYSE:MRP - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $29.37 and last traded at $29.06, with a volume of 1982931 shares changing hands. The stock had previously closed at $27.51.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MRP. Citigroup began coverage on shares of Millrose Properties in a research note 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 company a "buy" rating in a research note on Thursday, May 15th.

Millrose Properties Stock Up 1.8%

The company's 50 day simple moving average is $27.74. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.06.

Millrose Properties (NYSE:MRP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported $0.39 EPS for the quarter. The firm had revenue of $82.70 million for the quarter.

Millrose Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Thursday, July 3rd will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 9.36%.

Insider Activity at Millrose Properties

In other news, Director Matthew B. Gorson purchased 7,500 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was bought at an average cost of $28.24 per share, for a total transaction of $211,800.00. Following the acquisition, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Adil Pasha purchased 2,500 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were purchased at an average price of $28.34 per share, with a total value of $70,850.00. Following the completion of the acquisition, the chief technology officer directly owned 2,500 shares in the company, valued at $70,850. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 18,750 shares of company stock worth $530,800 in the last three months.

Institutional Investors Weigh In On Millrose Properties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. bought a new position in Millrose Properties in the 1st quarter worth $488,156,000. Brave Warrior Advisors LLC bought a new position in Millrose Properties in the 1st quarter worth $210,988,000. Greenhaven Associates Inc. bought a new position in Millrose Properties in the 1st quarter worth $209,111,000. The Manufacturers Life Insurance Company bought a new position in Millrose Properties in the 1st quarter worth $84,773,000. Finally, Wellington Management Group LLP bought a new position in Millrose Properties in the 1st quarter worth $75,729,000.

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.