Gaming and Leisure Properties (GLPI) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Gaming and Leisure Properties (NASDAQ:GLPI) from a buy rating to a hold rating in a research note released on Thursday.
According to Zacks, “Gaming and Leisure Properties, Inc. is a self-administered, self-managed REIT primarily engaged in the property business, which will consist of owning, acquiring, developing, expanding, managing, and leasing gaming and related facilities. Gaming and Leisure Properties, Inc. is based in United States. “
A number of other equities analysts also recently commented on GLPI. BidaskClub downgraded shares of Gaming and Leisure Properties from a sell rating to a strong sell rating in a research note on Saturday, September 22nd. SunTrust Banks reissued a buy rating and issued a $39.00 price objective on shares of Gaming and Leisure Properties in a research note on Tuesday, October 2nd. Barclays boosted their price objective on shares of Gaming and Leisure Properties from $45.00 to $48.00 and gave the stock an overweight rating in a research note on Monday, November 19th. ValuEngine raised shares of Gaming and Leisure Properties from a sell rating to a hold rating in a research note on Friday, September 28th. Finally, Jefferies Financial Group reduced their price target on Gaming and Leisure Properties from $41.00 to $37.00 and set a hold rating on the stock in a research report on Friday, November 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $39.45.
Gaming and Leisure Properties (NASDAQ:GLPI) last announced its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.26). The firm had revenue of $254.14 million during the quarter, compared to analysts’ expectations of $255.55 million. Gaming and Leisure Properties had a net margin of 38.95% and a return on equity of 16.10%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. Analysts forecast that Gaming and Leisure Properties will post 3.1 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 28th. Investors of record on Friday, December 14th were given a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 7.87%. This is an increase from Gaming and Leisure Properties’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend was Thursday, December 13th. Gaming and Leisure Properties’s dividend payout ratio is presently 86.35%.
In other news, Director David A. Handler bought 11,000 shares of the business’s stock in a transaction that occurred on Friday, November 9th. The shares were purchased at an average cost of $33.50 per share, with a total value of $368,500.00. Following the transaction, the director now directly owns 323,461 shares in the company, valued at $10,835,943.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director E Scott Urdang bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, December 13th. The stock was purchased at an average cost of $34.27 per share, for a total transaction of $171,350.00. Following the completion of the transaction, the director now owns 81,971 shares in the company, valued at $2,809,146.17. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 31,000 shares of company stock worth $1,045,260. 5.88% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Hawaiian Bank purchased a new stake in Gaming and Leisure Properties in the fourth quarter valued at $76,000. Dynamic Technology Lab Private Ltd purchased a new stake in Gaming and Leisure Properties in the third quarter valued at $252,000. Rehmann Capital Advisory Group boosted its holdings in Gaming and Leisure Properties by 3,411.0% in the third quarter. Rehmann Capital Advisory Group now owns 8,918 shares of the real estate investment trust’s stock valued at $253,000 after purchasing an additional 8,664 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Gaming and Leisure Properties in the second quarter valued at $273,000. Finally, Hilltop Holdings Inc. boosted its holdings in Gaming and Leisure Properties by 28.8% in the second quarter. Hilltop Holdings Inc. now owns 8,073 shares of the real estate investment trust’s stock valued at $289,000 after purchasing an additional 1,803 shares during the last quarter. 87.08% of the stock is currently owned by hedge funds and other institutional investors.
About Gaming and Leisure Properties
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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