Pinnacle Associates Ltd. Has $324,000 Holdings in Gaming and Leisure Properties, Inc. (NASDAQ:GLPI)

Pinnacle Associates Ltd. boosted its stake in Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) by 23.7% in the third quarter, Holdings Channel reports. The firm owned 6,573 shares of the real estate investment trust’s stock after purchasing an additional 1,258 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Gaming and Leisure Properties were worth $324,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ashton Thomas Private Wealth LLC acquired a new position in Gaming and Leisure Properties in the second quarter valued at about $31,000. EverSource Wealth Advisors LLC raised its stake in Gaming and Leisure Properties by 578.4% during the second quarter. EverSource Wealth Advisors LLC now owns 692 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 590 shares in the last quarter. EdgeRock Capital LLC acquired a new position in Gaming and Leisure Properties during the second quarter worth about $33,000. Versant Capital Management Inc raised its stake in Gaming and Leisure Properties by 18,500.0% during the second quarter. Versant Capital Management Inc now owns 744 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 740 shares in the last quarter. Finally, Abich Financial Wealth Management LLC raised its stake in Gaming and Leisure Properties by 3,191.3% during the third quarter. Abich Financial Wealth Management LLC now owns 757 shares of the real estate investment trust’s stock worth $39,000 after acquiring an additional 734 shares in the last quarter. Institutional investors and hedge funds own 91.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. JMP Securities reissued a “market outperform” rating and set a $55.00 target price on shares of Gaming and Leisure Properties in a research note on Tuesday, October 29th. Royal Bank of Canada boosted their target price on Gaming and Leisure Properties from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Scotiabank boosted their target price 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. StockNews.com cut Gaming and Leisure Properties from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Gaming and Leisure Properties from $47.00 to $48.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Gaming and Leisure Properties presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.18.

Insiders Place Their Bets

In other news, Director E Scott Urdang sold 6,885 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $50.16, for a total transaction of $345,351.60. Following the transaction, the director now directly owns 149,800 shares of the company’s stock, valued at $7,513,968. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other 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 transaction of $674,855.46. Following the transaction, the chief financial officer now directly owns 108,073 shares of the company’s stock, valued at $5,621,957.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director E Scott Urdang sold 6,885 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $50.16, for a total value of $345,351.60. Following the completion of the sale, the director now directly owns 149,800 shares of the company’s stock, valued at $7,513,968. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,363 shares of company stock worth $2,840,781. Corporate insiders own 4.37% of the company’s stock.

Gaming and Leisure Properties Stock Performance

Shares of GLPI stock opened at $49.82 on Monday. The business’s 50 day simple moving average is $51.14 and its 200 day simple moving average is $47.73. Gaming and Leisure Properties, Inc. has a one year low of $41.80 and a one year high of $52.60. The stock has a market capitalization of $13.67 billion, a PE ratio of 17.42, a PEG ratio of 2.16 and a beta of 0.99. The company has a debt-to-equity ratio of 1.62, a current ratio of 11.35 and a quick ratio of 11.35.

Gaming and Leisure Properties (NASDAQ:GLPI) last announced its earnings results on Thursday, October 24th. The real estate investment trust reported $0.67 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.25). Gaming and Leisure Properties had a net margin of 51.93% and a return on equity of 17.31%. The company had revenue of $385.34 million during the quarter, compared to the consensus estimate of $385.09 million. During the same quarter in the previous year, the company earned $0.92 earnings per share. The business’s revenue was up 7.2% on a year-over-year basis. As a group, research analysts forecast that Gaming and Leisure Properties, Inc. will post 3.67 earnings per share for the current year.

Gaming and Leisure Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 6.10%. The ex-dividend date was Friday, September 13th. Gaming and Leisure Properties’s payout ratio is 106.29%.

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.