NewEdge Wealth LLC Lowers Position in Gaming and Leisure Properties, Inc. (NASDAQ:GLPI)

NewEdge Wealth LLC reduced its position in shares of Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) by 7.1% in the 4th quarter, HoldingsChannel reports. The firm owned 12,809 shares of the real estate investment trust’s stock after selling 980 shares during the period. NewEdge Wealth LLC’s holdings in Gaming and Leisure Properties were worth $632,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. increased its position in Gaming and Leisure Properties by 3.0% during the 3rd quarter. Raleigh Capital Management Inc. now owns 6,872 shares of the real estate investment trust’s stock worth $313,000 after purchasing an additional 203 shares during the period. Arete Wealth Advisors LLC boosted its stake in shares of Gaming and Leisure Properties by 6.9% in the third quarter. Arete Wealth Advisors LLC now owns 4,602 shares of the real estate investment trust’s stock valued at $210,000 after buying an additional 299 shares in the last quarter. First Republic Investment Management Inc. grew its holdings in Gaming and Leisure Properties by 1.8% during the first quarter. First Republic Investment Management Inc. now owns 18,616 shares of the real estate investment trust’s stock worth $874,000 after acquiring an additional 334 shares during the period. Atlas Capital Advisors LLC raised its position in Gaming and Leisure Properties by 203.0% in the first quarter. Atlas Capital Advisors LLC now owns 512 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 343 shares in the last quarter. Finally, Captrust Financial Advisors raised its position in Gaming and Leisure Properties by 4.8% in the second quarter. Captrust Financial Advisors now owns 7,634 shares of the real estate investment trust’s stock worth $370,000 after acquiring an additional 348 shares in the last quarter. Institutional investors and hedge funds own 91.14% of the company’s stock.

Insider Transactions at Gaming and Leisure Properties

In other Gaming and Leisure Properties news, Director E Scott Urdang purchased 2,500 shares of the stock in a transaction on Friday, March 1st. The stock was bought at an average price of $45.00 per share, for a total transaction of $112,500.00. Following the acquisition, the director now directly owns 156,685 shares of the company’s stock, valued at $7,050,825. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. StockNews.com upgraded shares of Gaming and Leisure Properties from a “hold” rating to a “buy” rating in a research report on Thursday, February 29th. Morgan Stanley lowered their target price on shares of Gaming and Leisure Properties from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday, March 21st. JMP Securities reiterated a “market outperform” rating and set a $53.00 price target on shares of Gaming and Leisure Properties in a research report on Monday, March 4th. Royal Bank of Canada lowered their price target on Gaming and Leisure Properties from $50.00 to $49.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Finally, Mizuho reduced their price objective on Gaming and Leisure Properties from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, March 7th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.09.

Gaming and Leisure Properties Stock Performance

Shares of GLPI opened at $42.10 on Wednesday. Gaming and Leisure Properties, Inc. has a 1 year low of $41.94 and a 1 year high of $52.45. The company’s 50 day simple moving average is $45.21 and its 200 day simple moving average is $46.02. The company has a market capitalization of $11.43 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 5.37 and a beta of 0.94. The company has a debt-to-equity ratio of 1.48, a quick ratio of 7.41 and a current ratio of 7.41.

Gaming and Leisure Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.76 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Gaming and Leisure Properties’s previous quarterly dividend of $0.73. This represents a $3.04 annualized dividend and a yield of 7.22%. Gaming and Leisure Properties’s payout ratio is 109.75%.

Gaming and Leisure Properties Company Profile

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.