Gaming and Leisure Properties (NASDAQ:GLPI) Issues Earnings Results

Gaming and Leisure Properties (NASDAQ:GLPI) posted its quarterly earnings results on Thursday. The real estate investment trust reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.25), Zacks reports. Gaming and Leisure Properties had a net margin of 52.79% and a return on equity of 17.60%. The firm had revenue of $385.34 million for the quarter, compared to analysts’ expectations of $385.09 million. During the same quarter in the previous year, the firm posted $0.92 EPS. The firm’s revenue for the quarter 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 Trading Down 2.1 %

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

Gaming and Leisure Properties Dividend Announcement

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

Insider Transactions at Gaming and Leisure Properties

In related news, CFO Desiree A. Burke sold 12,973 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $52.02, for a total value of $674,855.46. Following the completion of the sale, the chief financial officer now owns 108,073 shares of the company’s stock, valued at approximately $5,621,957.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Gaming and Leisure Properties news, Director E Scott Urdang sold 5,605 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $48.89, for a total transaction of $274,028.45. Following the completion of the sale, the director now owns 156,685 shares of the company’s stock, valued at $7,660,329.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Desiree A. Burke sold 12,973 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $52.02, for a total value of $674,855.46. Following the completion of the transaction, the chief financial officer now directly owns 108,073 shares in the company, valued at approximately $5,621,957.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,478 shares of company stock worth $2,495,429 in the last quarter. Company insiders own 4.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on GLPI shares. Wells Fargo & Company reiterated an “equal weight” rating and issued a $52.00 price target (up previously from $51.00) on shares of Gaming and Leisure Properties in a report on Tuesday, October 1st. JMP Securities boosted their target price on shares of 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. Wolfe Research upgraded shares of Gaming and Leisure Properties from a “peer perform” rating to an “outperform” rating and set a $57.00 price target on the stock in a research report on Friday, August 23rd. UBS Group upped their price target on Gaming and Leisure Properties from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Finally, StockNews.com raised Gaming and Leisure Properties from a “hold” rating to a “buy” rating in a report on Friday, July 19th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.18.

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.