Millrose Properties (NYSE:MRP) Sets New 1-Year High - Should You Buy?

Key Points

• Millrose Properties shares hit a new 52-week high of $34.75, reflecting a strong trading volume of 809,532 shares.
• Goldman Sachs has raised its price target for Millrose Properties from $28.00 to $31.50, and two analysts have given the stock a Buy rating with a consensus target price of $30.75.
• The company announced a quarterly dividend of $0.69, yielding 8.0% on an annualized basis with a total annual payout of $2.76.

Millrose Properties, Inc. (NYSE:MRP - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $34.75 and last traded at $34.71, with a volume of 809532 shares trading hands. The stock had previously closed at $34.30.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group increased 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. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $30.75.

Millrose Properties Stock Down 0.4%

The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.17. The business's fifty day moving average price is $30.87.

Millrose Properties (NYSE:MRP - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.68 earnings per share (EPS) for the quarter. The firm had revenue of $149.00 million during the quarter.

Millrose Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Thursday, July 3rd were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 7.8%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MRP. Vanguard Group Inc. purchased a new position in Millrose Properties in the 1st quarter valued at about $488,156,000. Brave Warrior Advisors LLC purchased a new position in shares of Millrose Properties during the 1st quarter worth about $210,988,000. Greenhaven Associates Inc. purchased a new position in shares of Millrose Properties during the 1st quarter worth about $209,111,000. The Manufacturers Life Insurance Company purchased a new position in shares of Millrose Properties during the 1st quarter worth about $84,773,000. Finally, Wellington Management Group LLP purchased a new position in shares of Millrose Properties during the 1st quarter worth about $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.