Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) to Issue Quarterly Dividend of $0.71

Gaming and Leisure Properties, Inc. (NASDAQ:GLPIGet Rating) declared a quarterly dividend on Wednesday, November 23rd, Zacks reports. Stockholders of record on Friday, December 9th will be paid a dividend of 0.705 per share by the real estate investment trust on Friday, December 23rd. This represents a $2.82 annualized dividend and a dividend yield of 5.51%. The ex-dividend date is Thursday, December 8th.

Gaming and Leisure Properties has increased its dividend by an average of 4.1% annually over the last three years and has raised its dividend every year for the last 2 years. Gaming and Leisure Properties has a payout ratio of 105.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 $2.82 annual dividend with an expected future payout ratio of 77.3%.

Gaming and Leisure Properties Trading Up 0.1 %

Gaming and Leisure Properties stock traded up $0.04 during midday trading on Thursday, reaching $51.20. The stock had a trading volume of 628,981 shares, compared to its average volume of 1,499,031. The stock has a market capitalization of $13.08 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 10.40 and a beta of 1.02. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.60 and a current ratio of 0.60. The stock’s 50-day simple moving average is $47.92 and its 200 day simple moving average is $48.04. Gaming and Leisure Properties has a twelve month low of $41.81 and a twelve month high of $52.87.

Institutional Investors Weigh In On Gaming and Leisure Properties

A number of institutional investors have recently made changes to their positions in GLPI. Wellington Management Group LLP raised its position in Gaming and Leisure Properties by 13.6% in the first quarter. Wellington Management Group LLP now owns 10,515,906 shares of the real estate investment trust’s stock valued at $493,511,000 after purchasing an additional 1,255,222 shares during the period. Vanguard Group Inc. raised its holdings in shares of Gaming and Leisure Properties by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 34,218,955 shares of the real estate investment trust’s stock valued at $1,605,894,000 after buying an additional 1,199,697 shares during the period. State Street Corp lifted its stake in Gaming and Leisure Properties by 13.3% during the 3rd quarter. State Street Corp now owns 8,601,835 shares of the real estate investment trust’s stock worth $380,545,000 after acquiring an additional 1,007,504 shares in the last quarter. Invesco Ltd. grew its position in Gaming and Leisure Properties by 25.9% in the 1st quarter. Invesco Ltd. now owns 3,253,440 shares of the real estate investment trust’s stock valued at $152,684,000 after acquiring an additional 668,393 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Gaming and Leisure Properties by 404.2% in the 1st quarter. Federated Hermes Inc. now owns 664,955 shares of the real estate investment trust’s stock valued at $31,206,000 after acquiring an additional 533,083 shares in the last quarter. 88.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GLPI. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Gaming and Leisure Properties from $57.00 to $62.00 in a report on Monday, August 1st. Royal Bank of Canada began coverage on Gaming and Leisure Properties in a research note on Monday, September 19th. They set an “outperform” rating and a $54.00 price target on the stock. StockNews.com downgraded shares of Gaming and Leisure Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, November 8th. Raymond James dropped their price target on shares of Gaming and Leisure Properties from $56.00 to $53.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, October 4th. Finally, JMP Securities started coverage on shares of Gaming and Leisure Properties in a research note on Friday, September 23rd. They set an “outperform” rating and a $53.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.80.

Gaming and Leisure Properties Company Profile

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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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