Peapack Gladstone Financial Corp Sells 448 Shares of MGM Resorts International (NYSE:MGM)

Peapack Gladstone Financial Corp lowered its holdings in MGM Resorts International (NYSE:MGM) by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,776 shares of the company’s stock after selling 448 shares during the period. Peapack Gladstone Financial Corp’s holdings in MGM Resorts International were worth $546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGM. Ballentine Partners LLC grew its holdings in shares of 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 acquiring an additional 333 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its position in 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 valued at $684,000 after purchasing an additional 333 shares during the last quarter. Global Retirement Partners LLC increased its position in shares of MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares during the last quarter. Assetmark Inc. increased its position in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake 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 worth $5,073,000 after purchasing 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 Price Performance

Shares of MGM Resorts International stock opened at $25.73 on Wednesday. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26. The company has a 50-day simple moving average of $33.04 and a two-hundred day simple moving average of $35.45. The stock has a market capitalization 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 (NYSE:MGM) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. Analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Insider Transactions at MGM Resorts International

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

Wall Street Analyst Weigh In

MGM has been the subject of several analyst reports. Jefferies Financial Group decreased their target price on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. Truist Financial decreased their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Wells Fargo & Company boosted their price target on MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, BTIG Research lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.29.

About MGM Resorts International

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.