Gaming and Leisure Properties (NASDAQ:GLPI) Releases Quarterly Earnings Results, Misses Expectations By $0.25 EPS

Gaming and Leisure Properties (NASDAQ:GLPI) issued its quarterly earnings data on Thursday. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.25), Zacks reports. The company had revenue of $385.34 million for the quarter, compared to analyst estimates of $385.09 million. Gaming and Leisure Properties had a return on equity of 17.60% and a net margin of 52.79%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.92 earnings per share. 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 Stock Down 2.1 %

NASDAQ:GLPI traded down $1.07 during mid-day trading on Friday, hitting $49.77. The company had a trading volume of 1,539,581 shares, compared to its average volume of 1,308,685. Gaming and Leisure Properties has a 1 year low of $41.80 and a 1 year high of $52.60. The business has a fifty day simple moving average of $51.08 and a 200-day simple moving average of $47.42. The company has a current ratio of 5.91, a quick ratio of 5.91 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $13.51 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 5.34 and a beta of 0.99.

Gaming and Leisure Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.76 per share. The ex-dividend date was Friday, September 13th. This represents a $3.04 dividend on an annualized basis and a yield of 6.11%. Gaming and Leisure Properties’s dividend payout ratio (DPR) is 112.18%.

Wall Street Analyst Weigh In

GLPI has been the subject of a number of recent research reports. Wells Fargo & Company reiterated an “equal weight” rating and set a $52.00 price objective (up previously from $51.00) on shares of Gaming and Leisure Properties in a research report on Tuesday, October 1st. Royal Bank of Canada upped their price objective on shares of Gaming and Leisure Properties from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. UBS Group lifted their target price on shares of Gaming and Leisure Properties from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Scotiabank increased their price target on Gaming and Leisure Properties from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Gaming and Leisure Properties from $47.00 to $48.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.18.

Insider Activity

In other Gaming and Leisure Properties news, CFO Desiree A. Burke sold 12,973 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $52.02, for a total value of $674,855.46. Following the completion of the transaction, the chief financial officer now owns 108,073 shares in the company, valued at $5,621,957.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Gaming and Leisure Properties news, CFO Desiree A. Burke sold 12,973 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $52.02, for a total value of $674,855.46. Following the transaction, the chief financial officer now owns 108,073 shares in the company, valued at $5,621,957.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director E Scott Urdang sold 5,605 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $48.89, for a total value of $274,028.45. Following the sale, the director now owns 156,685 shares of the company’s stock, valued at $7,660,329.65. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,478 shares of company stock worth $2,495,429. 4.40% of the stock is currently owned by corporate insiders.

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.