MGM Growth Properties raises quarterly dividend 2.4%

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MGM Growth Properties raised dividend, to an implied yield of 5.7%

MGM Growth Properties LLC said Friday it raised its quarterly dividend by 2.4%, to 43 cents a share from 42 cents a share. The real estate investment trust said the new dividend will be payable July 16 to shareholders of record on June 29. Based on Thursday’s stock closing price of $30.40, the new annual dividend rate implies a dividend yield of 5.66%, compared with the yield on the SPDR Real Estate Select Sector ETF of 3.35% and the implied yield on the S&P 500 of 1.90%, according to FactSet. MGM’s stock, which was still inactive in premarket trade, has climbed 14% over the past three months, while the REIT ETF has tacked on 0.8% and the S&P 500 has gained 1.3%.

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