Gaming and Leisure Properties (NASDAQ:GLPI) Lifted to Buy at Bank of America

Bank of America upgraded shares of Gaming and Leisure Properties (NASDAQ:GLPI) from an underperform rating to a buy rating in a report published on Monday, The Fly reports. They currently have $47.00 price target on the real estate investment trust’s stock.

GLPI has been the topic of a number of other reports. Zacks Investment Research cut Gaming and Leisure Properties from a strong-buy rating to a hold rating in a research report on Saturday, January 4th. ValuEngine cut Gaming and Leisure Properties from a hold rating to a sell rating in a research report on Wednesday, October 2nd. BidaskClub raised Gaming and Leisure Properties from a hold rating to a buy rating in a research report on Wednesday, December 11th. Deutsche Bank reaffirmed a buy rating and issued a $46.00 target price on shares of Gaming and Leisure Properties in a research report on Thursday, November 21st. Finally, Macquarie assumed coverage on Gaming and Leisure Properties in a research report on Thursday, October 24th. They issued an outperform rating and a $44.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $44.38.

Gaming and Leisure Properties stock traded up $0.44 during midday trading on Monday, hitting $43.94. 16,563 shares of the stock were exchanged, compared to its average volume of 897,157. Gaming and Leisure Properties has a 52-week low of $33.38 and a 52-week high of $43.75. The stock has a market capitalization of $9.32 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 1.28 and a beta of 0.51. The business’s 50-day moving average price is $42.47 and its 200-day moving average price is $39.87. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 2.82.

Gaming and Leisure Properties (NASDAQ:GLPI) last released its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.41). The firm had revenue of $287.61 million for the quarter, compared to analysts’ expectations of $288.09 million. Gaming and Leisure Properties had a return on equity of 14.76% and a net margin of 27.62%. The firm’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.76 earnings per share. On average, sell-side analysts predict that Gaming and Leisure Properties will post 3.36 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were given a dividend of $0.70 per share. This is a boost from Gaming and Leisure Properties’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Thursday, December 12th. This represents a $2.80 dividend on an annualized basis and a yield of 6.37%. Gaming and Leisure Properties’s dividend payout ratio (DPR) is presently 88.05%.

In related news, SVP Brandon John Moore sold 5,024 shares of Gaming and Leisure Properties stock in a transaction on Monday, January 6th. The stock was sold at an average price of $43.08, for a total transaction of $216,433.92. Following the completion of the sale, the senior vice president now owns 134,441 shares of the company’s stock, valued at $5,791,718.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Desiree A. Burke sold 35,777 shares of Gaming and Leisure Properties stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $43.09, for a total value of $1,541,630.93. Following the sale, the chief accounting officer now directly owns 139,944 shares of the company’s stock, valued at approximately $6,030,186.96. The disclosure for this sale can be found here. In the last three months, insiders have purchased 10,000 shares of company stock valued at $418,875. Insiders own 6.05% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of GLPI. Wells Fargo & Company MN raised its position in Gaming and Leisure Properties by 5.1% in the 2nd quarter. Wells Fargo & Company MN now owns 198,997 shares of the real estate investment trust’s stock worth $7,758,000 after purchasing an additional 9,708 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Gaming and Leisure Properties by 126.8% in the 2nd quarter. Janus Henderson Group PLC now owns 121,279 shares of the real estate investment trust’s stock valued at $4,727,000 after acquiring an additional 67,801 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in shares of Gaming and Leisure Properties by 13,785.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 5,832 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 5,790 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Gaming and Leisure Properties by 0.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,155,461 shares of the real estate investment trust’s stock worth $45,040,000 after purchasing an additional 8,772 shares during the period. Finally, M&T Bank Corp boosted its position in shares of Gaming and Leisure Properties by 50.9% during the 2nd quarter. M&T Bank Corp now owns 29,623 shares of the real estate investment trust’s stock worth $1,155,000 after acquiring an additional 9,990 shares in the last quarter. Institutional investors own 85.78% of the company’s stock.

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.

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