Millrose Properties (NYSE:MRP) Reaches New 52-Week High - Should You Buy?

Key Points

• Millrose Properties reached a new 52-week high of $31.76 and last traded at $31.66, showing strong positive momentum in its stock price.
• Analysts upgraded Millrose Properties, with Goldman Sachs raising the target price to $31.50 and Citigroup initiating coverage with a $30.00 price objective, both rating it as a "buy."
• The company recently paid a quarterly dividend of $0.69, representing an annualized yield of 8.7%, making it an attractive option for dividend-seeking investors.

Shares of Millrose Properties, Inc. (NYSE:MRP - Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $31.76 and last traded at $31.66, with a volume of 286937 shares. The stock had previously closed at $31.26.

Analyst Upgrades and Downgrades

MRP has been the subject of several analyst reports. The Goldman Sachs Group raised their target price on Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Citigroup started coverage on Millrose Properties in a report on Monday, April 14th. They set a "buy" rating and a $30.00 price objective on the stock.

Millrose Properties Price Performance

The company has a 50-day moving average of $28.98. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.06 and a quick ratio of 0.06.

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

Millrose Properties Announces Dividend

The business 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 annualized dividend and a yield of 8.7%.

Insiders Place Their Bets

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

Institutional Trading of Millrose Properties

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

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