Millrose Properties (NYSE:MRP) Hits New 12-Month High - Still a Buy?

Millrose Properties, Inc. (NYSE:MRP - Get Free Report)'s share price reached a new 52-week high on Wednesday . The stock 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.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. The Goldman Sachs Group lifted their target price on shares of Millrose Properties from $28.00 to $31.50 and gave the company a "buy" rating in a report on Thursday, May 15th. Citigroup assumed coverage on shares of Millrose Properties in a report on Monday, April 14th. They issued a "buy" rating and a $30.00 target price for the company.

Millrose Properties Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.07 and a current ratio of 0.07. The business's fifty day moving average is $27.82.

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 business had revenue of $82.70 million during the quarter.

Millrose Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Thursday, July 3rd will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 9.24%.

Insiders Place Their Bets

In other Millrose Properties news, Director Matthew B. Gorson acquired 7,500 shares of the stock in a transaction dated Monday, May 19th. The stock was acquired at an average cost of $28.24 per share, with a total value of $211,800.00. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Adil Pasha acquired 2,500 shares of the stock in a transaction dated Wednesday, May 21st. The shares were acquired at an average cost of $28.34 per share, with a total value of $70,850.00. Following the completion of the transaction, the chief technology officer owned 2,500 shares in the company, valued at approximately $70,850. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 18,750 shares of company stock worth $530,800 over the last 90 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MRP. MassMutual Private Wealth & Trust FSB boosted its position in shares of Millrose Properties by 144.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 973 shares of the company's stock valued at $28,000 after purchasing an additional 575 shares during the period. CENTRAL TRUST Co acquired a new stake in shares of Millrose Properties in the 1st quarter valued at about $27,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Millrose Properties in the 1st quarter valued at about $27,000. Summit Securities Group LLC acquired a new stake in shares of Millrose Properties in the 1st quarter valued at about $28,000. Finally, William B. Walkup & Associates Inc. acquired a new stake in shares of Millrose Properties in the 1st quarter valued at about $29,000.

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.