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

Key Points

• Millrose Properties (NYSE:MRP) achieved a new 52-week high of $32.12 during mid-day trading, last trading at $31.96 with a volume of 120,848 shares.
• Goldman Sachs upgraded Millrose Properties' stock from a price target of $28.00 to $31.50 and assigned a "buy" rating.
• The company recently declared a quarterly dividend of $0.69 per share, resulting in an annualized dividend of $2.76, which translates to an 8.6% yield.

Shares of Millrose Properties, Inc. (NYSE:MRP - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $32.12 and last traded at $31.96, with a volume of 120848 shares. The stock had previously closed at $31.76.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group lifted their price objective on Millrose Properties from $28.00 to $31.50 and gave the stock a "buy" rating in a report on Thursday, May 15th.

Millrose Properties Stock Up 1.5%

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 stock has a 50 day moving average of $29.35.

Millrose Properties (NYSE:MRP - Get Free Report) last released its earnings results 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Thursday, July 3rd were paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 8.6%.

Insiders Place Their Bets

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

Institutional Trading of Millrose Properties

Institutional investors have recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB increased its holdings in Millrose Properties by 144.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 973 shares of the company's stock valued at $28,000 after purchasing an additional 575 shares during the last quarter. CENTRAL TRUST Co purchased a new stake in shares of Millrose Properties during the first quarter worth $27,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Millrose Properties during the first quarter worth $27,000. Summit Securities Group LLC purchased a new stake in shares of Millrose Properties during the first quarter worth $28,000. Finally, William B. Walkup & Associates Inc. purchased a new stake in shares of Millrose Properties during the first quarter worth $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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