Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) Increases Dividend to $0.71 Per Share

Gaming and Leisure Properties, Inc. (NASDAQ:GLPIGet Rating) declared a quarterly dividend on Tuesday, May 10th, Zacks reports. Stockholders of record on Friday, June 10th will be given a dividend of 0.705 per share by the real estate investment trust on Friday, June 24th. This represents a $2.82 dividend on an annualized basis and a dividend yield of 6.53%. The ex-dividend date is Thursday, June 9th. This is a positive change from Gaming and Leisure Properties’s previous quarterly dividend of $0.69.

Gaming and Leisure Properties has raised its dividend by an average of 4.1% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Gaming and Leisure Properties has a payout ratio of 104.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Gaming and Leisure Properties to earn $3.65 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 75.6%.

Shares of Gaming and Leisure Properties stock traded up $0.65 during trading hours on Wednesday, reaching $43.17. The company had a trading volume of 5,033 shares, compared to its average volume of 1,444,388. Gaming and Leisure Properties has a one year low of $41.81 and a one year high of $51.46. The business has a fifty day simple moving average of $45.56 and a 200 day simple moving average of $45.93. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.65 and a quick ratio of 1.65. The firm has a market cap of $10.69 billion, a PE ratio of 19.33, a price-to-earnings-growth ratio of 3.22 and a beta of 1.03.

Gaming and Leisure Properties (NASDAQ:GLPIGet Rating) last posted its quarterly earnings data on Thursday, April 28th. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.37). The business had revenue of $315.00 million for the quarter, compared to the consensus estimate of $303.98 million. Gaming and Leisure Properties had a net margin of 42.79% and a return on equity of 16.86%. Gaming and Leisure Properties’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 EPS. On average, research analysts forecast that Gaming and Leisure Properties will post 3.53 EPS for the current year.

In other news, EVP Brandon John Moore sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 28th. The stock was sold at an average price of $45.04, for a total value of $225,200.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Barry F. Schwartz purchased 2,500 shares of the company’s stock in a transaction dated Monday, March 14th. The stock was bought at an average cost of $44.77 per share, for a total transaction of $111,925.00. The disclosure for this purchase can be found here. Insiders own 5.53% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. MML Investors Services LLC boosted its stake in Gaming and Leisure Properties by 9.6% during the 4th quarter. MML Investors Services LLC now owns 10,041 shares of the real estate investment trust’s stock valued at $489,000 after purchasing an additional 882 shares during the last quarter. Raleigh Capital Management Inc. bought a new position in shares of Gaming and Leisure Properties during the 4th quarter valued at $86,000. Penserra Capital Management LLC lifted its holdings in shares of Gaming and Leisure Properties by 176.8% during the 4th quarter. Penserra Capital Management LLC now owns 6,115 shares of the real estate investment trust’s stock valued at $297,000 after buying an additional 3,906 shares during the period. LPL Financial LLC lifted its holdings in shares of Gaming and Leisure Properties by 7.9% during the 4th quarter. LPL Financial LLC now owns 56,591 shares of the real estate investment trust’s stock valued at $2,754,000 after buying an additional 4,138 shares during the period. Finally, Metropolitan Life Insurance Co NY lifted its holdings in shares of Gaming and Leisure Properties by 31.1% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 19,433 shares of the real estate investment trust’s stock valued at $946,000 after buying an additional 4,611 shares during the period. 91.36% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently issued reports on GLPI shares. StockNews.com lowered Gaming and Leisure Properties from a “buy” rating to a “hold” rating in a research note on Friday, April 29th. Zacks Investment Research lowered Gaming and Leisure Properties from a “buy” rating to a “hold” rating in a research note on Thursday, May 5th. Berenberg Bank began coverage on Gaming and Leisure Properties in a research note on Thursday, January 20th. They set a “buy” rating and a $54.00 price target for the company. Truist Financial raised Gaming and Leisure Properties from a “hold” rating to a “buy” rating and dropped their price target for the stock from $57.00 to $51.00 in a research note on Thursday, January 13th. Finally, Morgan Stanley dropped their price target on Gaming and Leisure Properties from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, January 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Gaming and Leisure Properties currently has an average rating of “Buy” and a consensus target price of $52.55.

About Gaming and Leisure Properties (Get Rating)

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

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Dividend History for Gaming and Leisure Properties (NASDAQ:GLPI)

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