Gaming and Leisure Properties (NASDAQ:GLPI) Releases Quarterly Earnings Results

Gaming and Leisure Properties (NASDAQ:GLPI) posted its quarterly earnings data on Thursday. The real estate investment trust reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25), Zacks reports. Gaming and Leisure Properties had a return on equity of 17.60% and a net margin of 52.79%. The company had revenue of $385.34 million for the quarter, compared to analysts’ expectations of $385.09 million. During the same period in the prior year, the company posted $0.92 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. Gaming and Leisure Properties updated its FY24 guidance to $3.74-3.76 EPS and its FY 2024 guidance to 3.740-3.760 EPS.

Gaming and Leisure Properties Stock Performance

Shares of GLPI traded down $1.07 during mid-day trading on Friday, reaching $49.77. 1,539,581 shares of the company’s stock were exchanged, compared to its average volume of 1,308,685. The business’s fifty day simple moving average is $51.08 and its 200-day simple moving average is $47.42. Gaming and Leisure Properties has a 52-week low of $41.80 and a 52-week high of $52.60. The stock has a market capitalization of $13.51 billion, a PE ratio of 18.76, a price-to-earnings-growth ratio of 5.34 and a beta of 0.99. The company has a debt-to-equity ratio of 1.49, a current ratio of 5.91 and a quick ratio of 5.91.

Gaming and Leisure Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 6.11%. The ex-dividend date of this dividend was Friday, September 13th. Gaming and Leisure Properties’s payout ratio is currently 112.18%.

Wall Street Analysts Forecast Growth

GLPI has been the subject of several recent research reports. JMP Securities lifted their price objective on Gaming and Leisure Properties from $53.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, August 12th. Wells Fargo & Company reiterated an “equal weight” rating and set a $52.00 price target (up previously from $51.00) on shares of Gaming and Leisure Properties in a report on Tuesday, October 1st. Raymond James lifted their price objective on shares of Gaming and Leisure Properties from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Royal Bank of Canada boosted their target price on shares of Gaming and Leisure Properties from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Finally, StockNews.com upgraded Gaming and Leisure Properties from a “hold” rating to a “buy” rating in a research note on Friday, July 19th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.18.

Insider Activity at Gaming and Leisure Properties

In other Gaming and Leisure Properties news, Director E Scott Urdang sold 5,605 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $48.89, for a total value of $274,028.45. Following the transaction, the director now directly owns 156,685 shares of the company’s stock, valued at approximately $7,660,329.65. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, COO Brandon John Moore sold 30,900 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $50.05, for a total transaction of $1,546,545.00. Following the transaction, the chief operating officer now directly owns 208,977 shares of the company’s stock, valued at $10,459,298.85. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director E Scott Urdang sold 5,605 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $48.89, for a total transaction of $274,028.45. Following the sale, the director now directly owns 156,685 shares in the company, valued at approximately $7,660,329.65. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,478 shares of company stock worth $2,495,429 in the last 90 days. 4.40% of the stock is owned by insiders.

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.