Millrose Properties (NYSE:MRP) Releases 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) issued its quarterly earnings results on Thursday. The company reported $0.68 EPS for the quarter, Zacks reports. The business had revenue of $149.00 million for the quarter.

Millrose Properties Stock Up 1.2%

Shares of Millrose Properties stock traded up $0.39 on Wednesday, hitting $31.65. The stock had a trading volume of 296,685 shares, compared to its average volume of 2,097,876. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.06 and a current ratio of 0.06. Millrose Properties has a one year low of $19.00 and a one year high of $31.76. The firm has a 50-day moving average of $28.98.

Millrose Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Thursday, July 3rd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 8.7%.

Insider Buying and Selling

In other Millrose Properties news, Director Matthew B. Gorson purchased 7,500 shares of the company's stock in a transaction that occurred on Monday, May 19th. The stock was bought at an average price of $28.24 per share, with a total value of $211,800.00. Following the completion of the purchase, the director directly owned 15,660 shares of the company's stock, valued at $442,238.40. The trade was a 91.91% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Adil Pasha purchased 2,500 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was acquired at an average cost of $28.34 per share, with a total value of $70,850.00. Following the purchase, the chief technology officer directly owned 2,500 shares of the company's stock, valued at $70,850. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 18,750 shares of company stock valued at $530,800 over the last quarter.

Institutional Trading of Millrose Properties

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC purchased a new position in Millrose Properties during the first quarter valued at $39,000. Advisors Asset Management Inc. purchased a new position in Millrose Properties during the first quarter valued at $45,000. United Services Automobile Association purchased a new position in Millrose Properties during the first quarter valued at $214,000. Empowered Funds LLC purchased a new position in Millrose Properties during the first quarter valued at $220,000. Finally, Baird Financial Group Inc. purchased a new position in Millrose Properties during the first quarter valued at $224,000.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Citigroup assumed coverage on shares of Millrose Properties in a research report on Monday, April 14th. They set a "buy" rating and a $30.00 price target on the stock. The Goldman Sachs Group raised their target price on shares of Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a report on Thursday, May 15th.

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.