Millrose Properties (NYSE:MRP) Posts Quarterly Earnings Results

Key Points

• Millrose Properties reported quarterly earnings of $0.68 per share along with revenue of $149 million.
• The company declared a quarterly dividend of $0.69 per share, yielding 9.2%, indicating strong shareholder returns.
• Wall Street analysts are optimistic, with Goldman Sachs raising the price target to $31.50 and Citigroup giving a "buy" rating.

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

Millrose Properties Stock Performance

NYSE MRP traded down $0.05 on Friday, hitting $29.94. 957,525 shares of the stock were exchanged, compared to its average volume of 1,038,959. The company has a current ratio of 0.06, a quick ratio of 0.07 and a debt-to-equity ratio of 0.17. The business has a fifty day simple moving average of $28.87. Millrose Properties has a 52 week low of $19.00 and a 52 week high of $31.56.

Millrose Properties Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MRP. The Goldman Sachs Group boosted 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. Citigroup began 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 on the stock.

Insiders Place Their Bets

In related news, Director Patrick J. Bartels, Jr. acquired 8,750 shares of the firm's stock in a transaction on Monday, May 19th. The shares were purchased at an average cost of $28.36 per share, for a total transaction of $248,150.00. Following the completion of the acquisition, the director directly owned 14,410 shares in the company, valued at approximately $408,667.60. This trade represents a 154.59% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Matthew B. Gorson acquired 7,500 shares of the firm's stock in a transaction on Monday, May 19th. The stock was bought at an average price of $28.24 per share, for a total transaction of $211,800.00. Following the completion of the acquisition, the director owned 15,660 shares of the company's stock, valued at approximately $442,238.40. The trade was a 91.91% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 18,750 shares of company stock valued at $530,800.

Hedge Funds Weigh In On Millrose Properties

Institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC acquired a new position in shares of Millrose Properties in the first quarter valued at $39,000. Advisors Asset Management Inc. acquired a new position in shares of Millrose Properties in the first quarter valued at $45,000. United Services Automobile Association acquired a new position in shares of Millrose Properties in the first quarter valued at $214,000. Empowered Funds LLC acquired a new position in shares of Millrose Properties in the first quarter valued at $220,000. Finally, Baird Financial Group Inc. acquired a new position in shares of Millrose Properties in the first quarter valued at $224,000.

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.

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