Millrose Properties (NYSE:MRP) Hits New 12-Month Low - Here's What Happened

Key Points

• Millrose Properties fell 3.1% to a new 52-week low of $26.28, below its prior close of $27.19, amid trading volume of about 1.67 million shares.
• Despite the decline, analysts maintain a consensus “Buy” rating with a $37.67 target price; Weiss Ratings also upgraded the stock from “hold” to “buy.”
• The company beat quarterly earnings estimates with $0.76 in EPS and raised its quarterly dividend to $0.79, equivalent to a 12.0% annualized yield; two directors also recently purchased shares.

Millrose Properties, Inc. (NYSE:MRP - Get Free Report) reached a new 52-week low during trading on Monday. The company traded as low as $26.28 and last traded at $26.38, with a volume of 1666169 shares. The stock had previously closed at $27.19.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Millrose Properties from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. According to MarketBeat.com, Millrose Properties currently has a consensus rating of "Buy" and a consensus target price of $37.67.

Millrose Properties Stock Down 3.1%

The firm has a market capitalization of $4.06 billion, a PE ratio of 9.18 and a beta of 0.41. The company has a fifty day simple moving average of $29.50 and a two-hundred day simple moving average of $29.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.05 and a current ratio of 0.05.

Millrose Properties (NYSE:MRP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.75 by $0.01. The firm had revenue of $196.85 million for the quarter. Millrose Properties had a return on equity of 8.13% and a net margin of 62.60%.

Millrose Properties Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Monday, October 5th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 12.0%. The ex-dividend date of this dividend is Monday, October 5th. This is a boost from Millrose Properties's previous quarterly dividend of $0.77. Millrose Properties's dividend payout ratio is currently 107.32%.

Insider Activity at Millrose Properties

In related news, Director Matthew B. Gorson purchased 3,000 shares of the business's stock in a transaction dated Monday, August 10th. The shares were acquired at an average cost of $28.80 per share, for a total transaction of $86,400.00. Following the acquisition, the director owned 38,750 shares of the company's stock, valued at $1,116,000. The trade was a 8.39% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carlos A. Migoya purchased 1,000 shares of Millrose Properties stock in a transaction dated Friday, August 7th. The stock was bought at an average cost of $29.18 per share, with a total value of $29,180.00. Following the completion of the transaction, the director owned 30,075 shares in the company, valued at approximately $877,588.50. This represents a 3.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.23% of the company's stock.

Institutional Investors Weigh In On Millrose Properties

A number of institutional investors have recently added to or reduced their stakes in the stock. HB Wealth Management LLC raised its position in shares of Millrose Properties by 3.9% in the 1st quarter. HB Wealth Management LLC now owns 10,834 shares of the company's stock valued at $303,000 after purchasing an additional 403 shares during the last quarter. Unison Advisors LLC grew its position in Millrose Properties by 2.3% during the 1st quarter. Unison Advisors LLC now owns 22,123 shares of the company's stock worth $619,000 after purchasing an additional 503 shares during the last quarter. Allworth Financial LP increased its stake in Millrose Properties by 11.6% during the 2nd quarter. Allworth Financial LP now owns 5,249 shares of the company's stock valued at $158,000 after purchasing an additional 545 shares in the last quarter. Cetera Investment Advisers increased its stake in Millrose Properties by 6.2% during the 1st quarter. Cetera Investment Advisers now owns 9,929 shares of the company's stock valued at $278,000 after purchasing an additional 579 shares in the last quarter. Finally, Clear Harbor Asset Management LLC raised its holdings in shares of Millrose Properties by 7.6% in the fourth quarter. Clear Harbor Asset Management LLC now owns 9,186 shares of the company's stock worth $274,000 after buying an additional 649 shares during the last quarter.

Millrose Properties Company Profile

Millrose Properties, Inc NYSE: MRP is a real estate company focused on providing land-banking solutions to residential homebuilders. The company acquires and develops residential land and finished lots, which it then makes available to homebuilders through long-term arrangements. This model is designed to help builders secure future community sites while reducing the amount of capital tied up in land acquisition and development.

Millrose primarily targets residential growth markets, including communities in the U.S.

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