Peapack Gladstone Financial Corp Has $546,000 Stake in MGM Resorts International (NYSE:MGM)

Peapack Gladstone Financial Corp lowered its stake in MGM Resorts International (NYSE:MGM) by 2.8% in the fourth quarter, Holdings Channel reports. The fund owned 15,776 shares of the company’s stock after selling 448 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in MGM Resorts International were worth $546,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Ballentine Partners LLC lifted its stake in MGM Resorts International by 5.4% in the 4th quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock valued at $227,000 after purchasing an additional 333 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its stake in shares of MGM Resorts International by 1.7% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company’s stock worth $684,000 after buying an additional 333 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after buying an additional 404 shares in the last quarter. Assetmark Inc. lifted its stake in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after acquiring an additional 411 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of MGM Resorts International by 0.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company’s stock valued at $5,073,000 after acquiring an additional 469 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $25.73 on Wednesday. The firm has a 50 day moving average of $33.04 and a 200-day moving average of $35.45. The company has a market cap of $7.28 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, equities analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Truist Financial lowered their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Morgan Stanley upped their price objective on MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a research note on Monday, February 24th. Stifel Nicolaus lifted their target price on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Macquarie reissued an “outperform” rating and set a $50.00 target price on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Wedbush reaffirmed an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and an average target price of $51.29.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the transaction, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This trade represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.83% of the stock is currently owned by corporate insiders.

MGM Resorts International Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.