JPMorgan Chase & Co. Upgrades Gaming and Leisure Properties (NASDAQ:GLPI) to Overweight

JPMorgan Chase & Co. upgraded shares of Gaming and Leisure Properties (NASDAQ:GLPI) from a neutral rating to an overweight rating in a report released on Friday, MarketBeat reports. The firm currently has $54.00 price target on the real estate investment trust’s stock, up from their previous price target of $49.00.

Several other research analysts also recently issued reports on the stock. Raymond James raised their price objective on shares of Gaming and Leisure Properties from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 21st. Wells Fargo & Company reissued an “equal weight” rating and set a $52.00 price target (up previously from $51.00) on shares of Gaming and Leisure Properties in a report on Tuesday, October 1st. Wolfe Research upgraded Gaming and Leisure Properties from a “peer perform” rating to an “outperform” rating and set a $57.00 price target on the stock in a research report on Friday, August 23rd. Stifel Nicolaus increased their price objective on Gaming and Leisure Properties from $53.25 to $57.50 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, StockNews.com lowered Gaming and Leisure Properties from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Gaming and Leisure Properties has an average rating of “Moderate Buy” and a consensus price target of $53.96.

Gaming and Leisure Properties Stock Up 1.0 %

Gaming and Leisure Properties stock opened at $50.09 on Friday. The company has a market capitalization of $13.74 billion, a P/E ratio of 17.51, a PEG ratio of 2.10 and a beta of 0.98. The company has a debt-to-equity ratio of 1.62, a quick ratio of 11.35 and a current ratio of 11.35. Gaming and Leisure Properties has a fifty-two week low of $41.80 and a fifty-two week high of $52.60. The stock has a 50-day simple moving average of $50.49 and a 200-day simple moving average of $49.07.

Gaming and Leisure Properties (NASDAQ:GLPI) last issued its quarterly earnings data on Thursday, October 24th. The real estate investment trust reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). The firm had revenue of $385.34 million during the quarter, compared to analysts’ expectations of $385.09 million. Gaming and Leisure Properties had a net margin of 51.93% and a return on equity of 17.31%. Gaming and Leisure Properties’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 EPS. Equities research analysts expect that Gaming and Leisure Properties will post 3.67 earnings per share for the current year.

Gaming and Leisure Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 6.07%. The ex-dividend date is Friday, December 6th. Gaming and Leisure Properties’s dividend payout ratio (DPR) is 106.29%.

Insider Buying and Selling

In other news, Director E Scott Urdang sold 3,000 shares of Gaming and Leisure Properties stock in a transaction on Monday, November 4th. The stock was sold at an average price of $50.39, for a total transaction of $151,170.00. Following the completion of the transaction, the director now owns 146,800 shares of the company’s stock, valued at $7,397,252. The trade was a 2.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 4.37% of the company’s stock.

Hedge Funds Weigh In On Gaming and Leisure Properties

Hedge funds have recently added to or reduced their stakes in the business. Segall Bryant & Hamill LLC acquired a new stake in shares of Gaming and Leisure Properties in the third quarter valued at approximately $693,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Gaming and Leisure Properties by 63.1% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 51,991 shares of the real estate investment trust’s stock valued at $2,351,000 after buying an additional 20,111 shares in the last quarter. Sei Investments Co. lifted its stake in Gaming and Leisure Properties by 11.4% in the 2nd quarter. Sei Investments Co. now owns 539,593 shares of the real estate investment trust’s stock valued at $24,395,000 after buying an additional 55,385 shares in the last quarter. Zacks Investment Management grew its holdings in Gaming and Leisure Properties by 10.9% during the 3rd quarter. Zacks Investment Management now owns 522,197 shares of the real estate investment trust’s stock valued at $26,867,000 after buying an additional 51,398 shares during the last quarter. Finally, Cerity Partners LLC increased its position in Gaming and Leisure Properties by 87.5% during the third quarter. Cerity Partners LLC now owns 14,410 shares of the real estate investment trust’s stock worth $741,000 after buying an additional 6,724 shares in the last quarter. 91.14% of the stock is currently owned by hedge funds and other institutional investors.

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.