Synovus Financial Corp Invests $309,000 in MGM Resorts International (NYSE:MGM)

Synovus Financial Corp bought a new stake in shares of MGM Resorts International (NYSE:MGM) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,911 shares of the company’s stock, valued at approximately $309,000.

Several other institutional investors have also added to or reduced their stakes in MGM. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International in the 2nd quarter worth $28,000. MidAtlantic Capital Management Inc. bought a new position in shares of MGM Resorts International in the third quarter worth about $28,000. Eastern Bank purchased a new position in shares of MGM Resorts International during the 3rd quarter valued at about $35,000. UMB Bank n.a. grew its stake in shares of MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after acquiring an additional 237 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in MGM Resorts International in the 3rd quarter worth approximately $44,000. 68.11% of the stock is currently owned by institutional investors.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the transaction, the director now owns 5,687,478 shares in the company, valued at $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.13% of the stock is currently owned by insiders.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $33.80 on Thursday. The company’s 50-day moving average price is $38.16 and its 200-day moving average price is $39.31. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The company has a market cap of $10.06 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 3.16 and a beta of 2.20. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.64 earnings per share. On average, equities research analysts forecast that MGM Resorts International will post 2.48 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MGM shares. Truist Financial dropped their price target on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Barclays cut their price target on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft lowered their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. UBS Group raised MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Finally, Mizuho dropped their price target on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.54.

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.