Allworth Financial LP Reduces Stake in Gaming and Leisure Properties, Inc. (NASDAQ:GLPI)

Allworth Financial LP decreased its holdings in shares of Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) by 3.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,707 shares of the real estate investment trust’s stock after selling 365 shares during the quarter. Allworth Financial LP’s holdings in Gaming and Leisure Properties were worth $528,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. grew its stake in shares of Gaming and Leisure Properties by 107.4% during the fourth quarter. Pacer Advisors Inc. now owns 45,803 shares of the real estate investment trust’s stock valued at $2,260,000 after buying an additional 23,722 shares during the last quarter. Signature Wealth Management Group bought a new position in shares of Gaming and Leisure Properties during the fourth quarter valued at approximately $3,944,000. Securian Asset Management Inc. bought a new position in shares of Gaming and Leisure Properties during the third quarter valued at approximately $1,013,000. Korea Investment CORP grew its stake in shares of Gaming and Leisure Properties by 30.2% during the third quarter. Korea Investment CORP now owns 58,774 shares of the real estate investment trust’s stock valued at $2,677,000 after buying an additional 13,627 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Gaming and Leisure Properties by 3.3% during the third quarter. Ameriprise Financial Inc. now owns 2,513,781 shares of the real estate investment trust’s stock valued at $114,419,000 after buying an additional 79,673 shares during the last quarter. Institutional investors own 91.14% of the company’s stock.

Gaming and Leisure Properties Stock Performance

Shares of GLPI opened at $45.99 on Wednesday. Gaming and Leisure Properties, Inc. has a 12 month low of $43.54 and a 12 month high of $52.45. The stock has a fifty day moving average price of $45.47 and a 200-day moving average price of $46.12. The company has a current ratio of 7.41, a quick ratio of 7.41 and a debt-to-equity ratio of 1.48. The firm has a market cap of $12.49 billion, a PE ratio of 16.60, a P/E/G ratio of 5.64 and a beta of 0.94.

Gaming and Leisure Properties Increases Dividend

The firm also recently disclosed 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. This represents a $3.04 annualized dividend and a dividend yield of 6.61%. The ex-dividend date was Thursday, March 14th. This is a positive change from Gaming and Leisure Properties’s previous quarterly dividend of $0.73. Gaming and Leisure Properties’s dividend payout ratio is currently 109.75%.

Insider Activity

In other news, Director E Scott Urdang bought 2,500 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were purchased at an average cost of $45.00 per share, with a total value of $112,500.00. Following the transaction, the director now directly owns 156,685 shares in the company, valued at $7,050,825. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GLPI. Royal Bank of Canada lowered their price target on Gaming and Leisure Properties from $50.00 to $49.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Mizuho lowered their target price on Gaming and Leisure Properties from $50.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, March 7th. JMP Securities restated a “market outperform” rating and set a $53.00 target price on shares of Gaming and Leisure Properties in a report on Monday, March 4th. StockNews.com upgraded Gaming and Leisure Properties from a “hold” rating to a “buy” rating in a report on Thursday, February 29th. Finally, Morgan Stanley lowered their target price on Gaming and Leisure Properties from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, March 21st. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.09.

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.