Millrose Properties (NYSE:MRP) Hits New 1-Year High - Here's Why

Millrose Properties, Inc. (NYSE:MRP - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $29.50 and last traded at $29.50, with a volume of 277 shares changing hands. The stock had previously closed at $28.43.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MRP shares. The Goldman Sachs Group boosted their target price 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 started 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 for the company.

Millrose Properties Stock Performance

The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.06. The company's 50 day moving average is $26.89.

Millrose Properties (NYSE:MRP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.39 EPS for the quarter. The company had revenue of $82.70 million for the quarter.

Millrose Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Thursday, July 3rd will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 9.76%.

Insider Activity

In other news, CTO Adil Pasha bought 2,500 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was purchased at an average price of $28.34 per share, for a total transaction of $70,850.00. Following the transaction, the chief technology officer now owns 2,500 shares in the company, valued at approximately $70,850. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew B. Gorson purchased 7,500 shares of the business's stock in a transaction dated Monday, May 19th. The shares were acquired at an average cost of $28.24 per share, for a total transaction of $211,800.00. Following the acquisition, the director now owns 15,660 shares of the company's stock, valued at approximately $442,238.40. The trade was a 91.91% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 18,750 shares of company stock valued at $530,800.

Institutional Trading of Millrose Properties

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