Gaming and Leisure Properties, Inc. (NASDAQ:GLPI - Get Rating) declared a quarterly dividend on Wednesday, November 23rd, Zacks reports. Investors 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 dividend on an annualized basis and a yield of 5.51%. The ex-dividend date of this dividend is Thursday, December 8th.
Gaming and Leisure Properties has raised its dividend payment 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 dividend payout ratio of 105.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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 Stock Performance
Shares of GLPI stock traded up $0.04 during midday trading on Thursday, hitting $51.20. The company had a trading volume of 628,981 shares, compared to its average volume of 1,499,031. The company's 50 day simple moving average is $47.92 and its 200 day simple moving average is $48.04. The stock has a market cap of $13.08 billion, a price-to-earnings ratio of 20.98, a PEG ratio of 10.40 and a beta of 1.02. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.60 and a quick ratio of 0.60. Gaming and Leisure Properties has a 52-week low of $41.81 and a 52-week high of $52.87.
Wall Street Analysts Forecast Growth
GLPI has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Gaming and Leisure Properties from $57.00 to $62.00 in a research note on Monday, August 1st. Citigroup upped their price objective on shares of Gaming and Leisure Properties to $59.00 in a research note on Monday, August 22nd. 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 for the company. JMP Securities assumed coverage on shares of Gaming and Leisure Properties in a research report on Friday, September 23rd. They issued an "outperform" rating and a $53.00 price objective for the company. Finally, Raymond James decreased their price target on Gaming and Leisure Properties from $56.00 to $53.00 and set a "strong-buy" rating for the company in a report on Tuesday, October 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Gaming and Leisure Properties has a consensus rating of "Moderate Buy" and a consensus target price of $54.80.
Institutional Investors Weigh In On Gaming and Leisure Properties
Several institutional investors have recently added to or reduced their stakes in the business. Zions Bancorporation N.A. purchased a new position in Gaming and Leisure Properties during the first quarter valued at approximately $43,000. Covestor Ltd boosted its stake in Gaming and Leisure Properties by 306.5% during the first quarter. Covestor Ltd now owns 3,569 shares of the real estate investment trust's stock valued at $167,000 after buying an additional 2,691 shares during the period. Verition Fund Management LLC bought a new position in Gaming and Leisure Properties in the 2nd quarter worth about $216,000. MetLife Investment Management LLC purchased a new stake in shares of Gaming and Leisure Properties in the 1st quarter valued at about $219,000. Finally, Geneos Wealth Management Inc. boosted its position in shares of Gaming and Leisure Properties by 12.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,950 shares of the real estate investment trust's stock valued at $232,000 after acquiring an additional 550 shares during the last quarter. 88.45% of the stock is owned by hedge funds and other institutional investors.
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.
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