Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) Announces Quarterly Dividend of $0.76

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) declared a quarterly dividend on Tuesday, November 26th,Wall Street Journal reports. Stockholders of record on Friday, December 6th will be paid a dividend of 0.76 per share by the real estate investment trust on Friday, December 20th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 5.88%. The ex-dividend date is Friday, December 6th.

Gaming and Leisure Properties has raised its dividend by an average of 5.8% per year over the last three years. Gaming and Leisure Properties has a payout ratio of 101.7% indicating that 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 $3.80 per share next year, which means the company should continue to be able to cover its $3.04 annual dividend with an expected future payout ratio of 80.0%.

Gaming and Leisure Properties Stock Up 1.1 %

NASDAQ:GLPI traded up $0.57 during midday trading on Wednesday, reaching $51.74. 29,540 shares of the stock traded hands, compared to its average volume of 1,308,546. The business has a 50-day moving average of $50.56 and a two-hundred day moving average of $48.51. The company has a debt-to-equity ratio of 1.62, a quick ratio of 11.35 and a current ratio of 11.35. Gaming and Leisure Properties has a 12-month low of $41.80 and a 12-month high of $52.60. The stock has a market capitalization of $14.20 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 2.18 and a beta of 0.99.

Gaming and Leisure Properties (NASDAQ:GLPI) last issued its quarterly earnings data on Thursday, October 24th. The real estate investment trust reported $0.67 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.25). Gaming and Leisure Properties had a net margin of 51.93% and a return on equity of 17.31%. The business had revenue of $385.34 million for the quarter, compared to analysts’ expectations of $385.09 million. During the same quarter in the prior year, the company posted $0.92 EPS. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, equities analysts forecast that Gaming and Leisure Properties will post 3.67 earnings per share for the current fiscal year.

Insider Activity

In other Gaming and Leisure Properties news, CFO Desiree A. Burke sold 12,973 shares of Gaming and Leisure Properties stock in a transaction on Friday, August 30th. The shares were sold at an average price of $52.02, for a total transaction of $674,855.46. Following the sale, the chief financial officer now owns 108,073 shares of the company’s stock, valued at $5,621,957.46. The trade was a 10.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director E Scott Urdang sold 6,885 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $50.16, for a total transaction of $345,351.60. Following the completion of the sale, the director now owns 149,800 shares of the company’s stock, valued at $7,513,968. This trade represents a 4.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,858 shares of company stock worth $1,171,377 in the last quarter. Corporate insiders own 4.37% of the company’s stock.

Analysts Set New Price Targets

GLPI has been the subject of several research analyst reports. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $52.00 price objective (up from $51.00) on shares of Gaming and Leisure Properties in a research report on Tuesday, October 1st. Stifel Nicolaus raised their target price on Gaming and Leisure Properties from $53.25 to $57.50 and gave the stock a “buy” rating in a research note on Tuesday. Mizuho dropped their price target on Gaming and Leisure Properties from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Wolfe Research upgraded Gaming and Leisure Properties from a “peer perform” rating to an “outperform” rating and set a $57.00 price objective for the company in a research note on Friday, August 23rd. Finally, Raymond James lifted their price objective on shares of Gaming and Leisure Properties from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.32.

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.