Gaming and Leisure Properties Inc (NASDAQ:GLPI) announced a quarterly dividend on Tuesday, October 16th, Wall Street Journal reports. Investors of record on Friday, December 14th will be paid a dividend of 0.68 per share by the real estate investment trust on Friday, December 28th. This represents a $2.72 dividend on an annualized basis and a yield of 7.83%. The ex-dividend date is Thursday, December 13th. This is a positive change from Gaming and Leisure Properties’s previous quarterly dividend of $0.63.
Gaming and Leisure Properties has increased its dividend by an average of 6.3% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Gaming and Leisure Properties has a dividend payout ratio of 88.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Gaming and Leisure Properties to earn $3.36 per share next year, which means the company should continue to be able to cover its $2.72 annual dividend with an expected future payout ratio of 81.0%.
Shares of NASDAQ GLPI opened at $34.72 on Friday. Gaming and Leisure Properties has a 1 year low of $32.51 and a 1 year high of $37.29. The firm has a market cap of $7.47 billion, a P/E ratio of 11.24, a PEG ratio of 1.29 and a beta of 0.76. The company has a current ratio of 10.00, a quick ratio of 10.00 and a debt-to-equity ratio of 2.31.
In related news, Director E Scott Urdang acquired 14,000 shares of the firm’s stock in a transaction on Monday, November 5th. The shares were acquired at an average cost of $33.72 per share, with a total value of $472,080.00. Following the completion of the acquisition, the director now directly owns 76,971 shares in the company, valued at approximately $2,595,462.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David A. Handler acquired 11,000 shares of the firm’s stock in a transaction on Friday, November 9th. The shares were bought at an average cost of $33.50 per share, for a total transaction of $368,500.00. Following the completion of the acquisition, the director now owns 323,461 shares of the company’s stock, valued at $10,835,943.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 26,000 shares of company stock worth $873,910. Insiders own 5.88% of the company’s stock.
GLPI has been the topic of a number of recent analyst reports. Credit Suisse Group initiated coverage on shares of Gaming and Leisure Properties in a report on Tuesday, August 14th. They set an “outperform” rating and a $41.00 price target on the stock. Oppenheimer assumed coverage on shares of Gaming and Leisure Properties in a report on Tuesday, August 14th. They set an “outperform” rating and a $41.00 price target on the stock. BidaskClub downgraded shares of Gaming and Leisure Properties from a “sell” rating to a “strong sell” rating in a report on Saturday, September 22nd. Deutsche Bank increased their price objective on shares of Gaming and Leisure Properties from $41.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, September 26th. Finally, Nomura assumed coverage on shares of Gaming and Leisure Properties in a report on Wednesday, September 26th. They set a “neutral” rating and a $39.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $39.55.
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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