Millrose Properties (NYSE:MRP) Sets New 12-Month High - Here's Why

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

Wall Street Analyst Weigh In

Several brokerages recently commented on MRP. Citigroup began coverage on shares of Millrose Properties in a report on Monday, April 14th. They set a "buy" rating and a $30.00 target price for the company. The Goldman Sachs Group increased their price target 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 Price Performance

The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 0.06. The business's 50 day simple moving average is $27.66.

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

Millrose Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Thursday, July 3rd will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 9.31%.

Insider Transactions at Millrose Properties

In related news, Director Patrick J. Bartels, Jr. bought 8,750 shares of the business's stock in a transaction dated Monday, May 19th. The stock was bought at an average price of $28.36 per share, for a total transaction of $248,150.00. Following the purchase, the director owned 14,410 shares in the company, valued at $408,667.60. This represents a 154.59% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew B. Gorson bought 7,500 shares of the business's stock in a transaction dated Monday, May 19th. The shares were bought at an average price 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. The trade was a 91.91% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 18,750 shares of company stock worth $530,800.

Institutional Trading of Millrose Properties

A number of hedge funds have recently modified their holdings of MRP. Yousif Capital Management LLC acquired a new stake in Millrose Properties in the 1st quarter worth about $1,190,000. Bessemer Group Inc. acquired a new stake in Millrose Properties in the 1st quarter worth about $81,000. Pacific Heights Asset Management LLC acquired a new stake in Millrose Properties in the 1st quarter worth about $8,748,000. Golden State Wealth Management LLC acquired a new stake in Millrose Properties in the 1st quarter worth about $37,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Millrose Properties in the 1st quarter worth about $659,000.

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.