Wells Fargo & Company Cuts Gaming and Leisure Properties (NASDAQ:GLPI) Price Target to $49.00

Gaming and Leisure Properties (NASDAQ:GLPI) had its target price reduced by Wells Fargo & Company from $51.00 to $49.00 in a report published on Monday morning,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also issued reports on GLPI. Scotiabank dropped their price objective on shares of Gaming and Leisure Properties from $49.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday, May 12th. Wedbush set a $55.00 target price on shares of Gaming and Leisure Properties in a report on Monday, April 28th. Mizuho raised their price target on shares of Gaming and Leisure Properties from $51.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, April 3rd. Royal Bank of Canada reduced their price target on shares of Gaming and Leisure Properties from $56.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Finally, Macquarie reiterated an “outperform” rating and issued a $60.00 price objective on shares of Gaming and Leisure Properties in a report on Friday, April 25th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.50.

Gaming and Leisure Properties Stock Down 0.5%

GLPI stock opened at $46.09 on Monday. Gaming and Leisure Properties has a 12 month low of $42.86 and a 12 month high of $52.60. The company has a current ratio of 11.35, a quick ratio of 11.35 and a debt-to-equity ratio of 1.62. The company has a market cap of $12.67 billion, a price-to-earnings ratio of 16.06, a PEG ratio of 2.01 and a beta of 0.81. The firm has a 50-day moving average of $47.51 and a two-hundred day moving average of $48.64.

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

Gaming and Leisure Properties Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be given a $0.78 dividend. This is an increase from Gaming and Leisure Properties’s previous quarterly dividend of $0.76. This represents a $3.12 annualized dividend and a yield of 6.77%. The ex-dividend date of this dividend is Friday, June 13th. Gaming and Leisure Properties’s payout ratio is currently 111.03%.

Insider Transactions at Gaming and Leisure Properties

In other news, SVP Matthew Demchyk sold 1,903 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $51.99, for a total transaction of $98,936.97. Following the sale, the senior vice president now owns 41,298 shares of the company’s stock, valued at approximately $2,147,083.02. This represents a 4.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director E Scott Urdang sold 5,000 shares of Gaming and Leisure Properties stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $50.89, for a total value of $254,450.00. Following the completion of the transaction, the director now owns 140,953 shares of the company’s stock, valued at approximately $7,173,098.17. This trade represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.26% of the company’s stock.

Institutional Investors Weigh In On Gaming and Leisure Properties

Several large investors have recently bought and sold shares of GLPI. Alpine Bank Wealth Management purchased a new stake in shares of Gaming and Leisure Properties during the first quarter worth approximately $26,000. Private Trust Co. NA acquired a new position in Gaming and Leisure Properties during the 1st quarter worth approximately $28,000. TD Private Client Wealth LLC increased its position in shares of Gaming and Leisure Properties by 64.2% in the 1st quarter. TD Private Client Wealth LLC now owns 545 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 213 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in shares of Gaming and Leisure Properties in the 4th quarter valued at $31,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of Gaming and Leisure Properties in the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 91.14% of the company’s stock.

Gaming and Leisure Properties Company Profile

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.