Gaming and Leisure Properties (NASDAQ:GLPI) Updates FY24 Earnings Guidance

Gaming and Leisure Properties (NASDAQ:GLPI) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.71-3.74 for the period, compared to the consensus earnings per share estimate of $3.74. Gaming and Leisure Properties also updated its FY 2024 guidance to 3.710-3.740 EPS.

Gaming and Leisure Properties Trading Down 2.2 %

GLPI traded down $0.97 during midday trading on Friday, hitting $42.46. The company’s stock had a trading volume of 1,753,831 shares, compared to its average volume of 1,050,317. The company has a current ratio of 7.41, a quick ratio of 7.41 and a debt-to-equity ratio of 1.48. Gaming and Leisure Properties has a 52-week low of $41.80 and a 52-week high of $52.31. The firm has a market cap of $11.53 billion, a P/E ratio of 15.67, a PEG ratio of 5.43 and a beta of 0.94. The firm has a 50-day moving average price of $44.82 and a two-hundred day moving average price of $45.88.

Gaming and Leisure Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.76 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 7.16%. This is a boost from Gaming and Leisure Properties’s previous quarterly dividend of $0.73. Gaming and Leisure Properties’s payout ratio is presently 112.18%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on GLPI shares. Royal Bank of Canada reduced their price target on Gaming and Leisure Properties from $50.00 to $49.00 and set an outperform rating on the stock in a research report on Thursday, February 29th. JMP Securities reissued a market outperform rating and set a $53.00 price target on shares of Gaming and Leisure Properties in a research report on Monday, March 4th. StockNews.com raised Gaming and Leisure Properties from a hold rating to a buy rating in a research report on Thursday, February 29th. Mizuho reduced their price target on Gaming and Leisure Properties from $50.00 to $47.00 and set a neutral rating on the stock in a research report on Thursday, March 7th. Finally, Morgan Stanley cut their target price on Gaming and Leisure Properties from $55.00 to $53.00 and set an overweight rating on the stock in a research report on Thursday, March 21st. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $52.09.

Insider Activity

In other news, Director E Scott Urdang purchased 2,500 shares of the stock in a transaction dated Friday, March 1st. The stock was acquired at an average cost of $45.00 per share, for a total transaction of $112,500.00. Following the acquisition, the director now owns 156,685 shares of the company’s stock, valued at $7,050,825. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 4.40% of the company’s stock.

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.