Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) Raises Dividend to $0.78 Per Share

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) announced a quarterly dividend on Friday, May 16th, RTT News reports. Stockholders of record on Friday, June 13th will be paid a dividend of 0.78 per share by the real estate investment trust on Friday, June 27th. This represents a $3.12 annualized dividend and a dividend yield of 6.55%. This is a 2.6% increase from Gaming and Leisure Properties’s previous quarterly dividend of $0.76.

Gaming and Leisure Properties has increased its dividend 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 payout ratio of 98.4% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Gaming and Leisure Properties to earn $3.98 per share next year, which means the company should continue to be able to cover its $3.04 annual dividend with an expected future payout ratio of 76.4%.

Gaming and Leisure Properties Stock Performance

Shares of Gaming and Leisure Properties stock opened at $47.61 on Friday. The company has a market cap of $13.08 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 2.01 and a beta of 0.81. Gaming and Leisure Properties has a 52 week low of $42.86 and a 52 week high of $52.60. The business has a 50 day moving average price of $48.55 and a 200-day moving average price of $48.91. The company has a quick ratio of 11.35, a current ratio of 11.35 and a debt-to-equity ratio of 1.62.

Gaming and Leisure Properties (NASDAQ:GLPI) last issued its quarterly earnings data on Thursday, April 24th. The real estate investment trust reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. The firm had revenue of $395.24 million during the quarter, compared to the consensus estimate of $396.27 million. Gaming and Leisure Properties had a return on equity of 17.41% and a net margin of 51.65%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.92 earnings per share. Equities analysts anticipate that Gaming and Leisure Properties will post 3.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Barclays increased their price target on Gaming and Leisure Properties from $53.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 22nd. Wells Fargo & Company increased their price target on Gaming and Leisure Properties from $50.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, March 10th. Royal Bank of Canada decreased their price target on Gaming and Leisure Properties from $56.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Wedbush set a $55.00 price target on Gaming and Leisure Properties in a research report on Monday, April 28th. Finally, Macquarie reaffirmed an “outperform” rating and set a $60.00 price target on shares of Gaming and Leisure Properties in a research report on Friday, April 25th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Gaming and Leisure Properties presently has an average rating of “Moderate Buy” and an average target price of $54.63.

Insiders Place Their Bets

In related news, Director E Scott Urdang sold 5,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $50.89, for a total transaction of $254,450.00. Following the sale, the director now owns 140,953 shares of the company’s stock, valued at approximately $7,173,098.17. This represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Matthew Demchyk sold 1,903 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $51.99, for a total value of $98,936.97. Following the sale, the senior vice president now directly owns 41,298 shares in the company, valued at $2,147,083.02. This trade represents a 4.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,842 shares of company stock valued at $1,153,961 over the last ninety days. 4.26% of the stock is currently owned by insiders.

About Gaming and Leisure Properties

Gaming & Leisure Properties, Inc engages in the provision of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The company was founded on February 13, 2013 and is headquartered in Wyomissing, PA.