Gaming and Leisure Properties (NASDAQ:GLPI) Issues Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Gaming and Leisure Properties (NASDAQ:GLPI) released its earnings results on Thursday. The real estate investment trust reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.15), Zacks reports. The firm had revenue of $380.60 million for the quarter, compared to the consensus estimate of $377.95 million. Gaming and Leisure Properties had a return on equity of 16.79% and a net margin of 50.05%. Gaming and Leisure Properties’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS. Gaming and Leisure Properties updated its FY24 guidance to $3.74-$3.76 EPS and its FY 2024 guidance to 3.740-3.760 EPS.

Gaming and Leisure Properties Price Performance

Shares of Gaming and Leisure Properties stock traded up $0.47 during trading hours on Friday, reaching $49.45. The company’s stock had a trading volume of 1,425,795 shares, compared to its average volume of 1,340,047. The company has a debt-to-equity ratio of 1.49, a current ratio of 6.47 and a quick ratio of 6.47. Gaming and Leisure Properties has a one year low of $41.80 and a one year high of $49.99. The firm has a 50 day moving average price of $45.43 and a 200-day moving average price of $45.21. The stock has a market cap of $13.43 billion, a P/E ratio of 18.25, a P/E/G ratio of 5.71 and a beta of 0.98.

Gaming and Leisure Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were paid a $0.76 dividend. The ex-dividend date was Friday, June 7th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 6.15%. Gaming and Leisure Properties’s payout ratio is currently 112.18%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GLPI shares. Mizuho dropped their target price on shares of Gaming and Leisure Properties from $47.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, May 10th. Wells Fargo & Company cut their target price on Gaming and Leisure Properties from $49.00 to $48.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. Stifel Nicolaus boosted their price target on Gaming and Leisure Properties from $52.00 to $52.50 and gave the stock a “buy” rating in a report on Friday. StockNews.com raised shares of Gaming and Leisure Properties from a “hold” rating to a “buy” rating in a report on Friday, July 19th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $53.00 target price on shares of Gaming and Leisure Properties in a report on Friday, June 21st. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Gaming and Leisure Properties presently has an average rating of “Moderate Buy” and a consensus price target of $51.41.

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.