Gates Capital Management Inc. Cuts Position in Gaming and Leisure Properties, Inc. (NASDAQ:GLPI)

Gates Capital Management Inc. cut its stake in Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,548,610 shares of the real estate investment trust’s stock after selling 25,000 shares during the quarter. Gaming and Leisure Properties comprises about 3.5% of Gates Capital Management Inc.’s portfolio, making the stock its 12th biggest position. Gates Capital Management Inc. owned approximately 0.97% of Gaming and Leisure Properties worth $132,681,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pitcairn Co. boosted its position in shares of Gaming and Leisure Properties by 2.1% in the 1st quarter. Pitcairn Co. now owns 11,854 shares of the real estate investment trust’s stock worth $617,000 after purchasing an additional 245 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its position in Gaming and Leisure Properties by 0.4% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 74,337 shares of the real estate investment trust’s stock worth $3,870,000 after acquiring an additional 260 shares during the period. PNC Financial Services Group Inc. lifted its position in Gaming and Leisure Properties by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,884 shares of the real estate investment trust’s stock worth $775,000 after acquiring an additional 310 shares during the period. Ranch Capital Advisors Inc. lifted its position in Gaming and Leisure Properties by 2.2% during the 4th quarter. Ranch Capital Advisors Inc. now owns 14,926 shares of the real estate investment trust’s stock worth $778,000 after acquiring an additional 320 shares during the period. Finally, First Republic Investment Management Inc. lifted its position in Gaming and Leisure Properties by 1.8% during the 1st quarter. First Republic Investment Management Inc. now owns 18,616 shares of the real estate investment trust’s stock worth $874,000 after acquiring an additional 334 shares during the period. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. BNP Paribas assumed coverage on Gaming and Leisure Properties in a research report on Wednesday, June 14th. They set an “outperform” rating and a $63.00 price target for the company. StockNews.com assumed coverage on Gaming and Leisure Properties in a report on Thursday, August 17th. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft cut Gaming and Leisure Properties from a “buy” rating to a “hold” rating and decreased their price objective for the company from $60.00 to $52.00 in a report on Wednesday, July 5th. JMP Securities reissued a “market outperform” rating and issued a $57.00 price objective on shares of Gaming and Leisure Properties in a report on Thursday, August 31st. Finally, UBS Group boosted their price objective on Gaming and Leisure Properties from $55.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, August 29th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $55.80.

Insiders Place Their Bets

In related news, Director Barry F. Schwartz acquired 1,500 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were acquired at an average price of $45.83 per share, with a total value of $68,745.00. Following the completion of the transaction, the director now owns 55,323 shares of the company’s stock, valued at $2,535,453.09. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Gaming and Leisure Properties news, Director Barry F. Schwartz bought 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were purchased at an average price of $45.83 per share, with a total value of $68,745.00. Following the completion of the acquisition, the director now directly owns 55,323 shares of the company’s stock, valued at approximately $2,535,453.09. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Barry F. Schwartz bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average cost of $47.74 per share, for a total transaction of $47,740.00. Following the acquisition, the director now directly owns 53,823 shares of the company’s stock, valued at $2,569,510.02. The disclosure for this purchase can be found here. Insiders have bought 3,500 shares of company stock worth $163,835 over the last ninety days. Corporate insiders own 4.40% of the company’s stock.

Gaming and Leisure Properties Trading Down 0.7 %

GLPI traded down $0.36 during trading hours on Monday, reaching $48.68. The company’s stock had a trading volume of 847,404 shares, compared to its average volume of 1,152,784. Gaming and Leisure Properties, Inc. has a fifty-two week low of $43.46 and a fifty-two week high of $55.13. The stock has a market cap of $12.79 billion, a PE ratio of 16.92, a P/E/G ratio of 4.31 and a beta of 0.98. The business’s 50-day moving average is $47.77 and its 200-day moving average is $49.45. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.11 and a quick ratio of 0.11.

Gaming and Leisure Properties Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 6.00%. This is a boost from Gaming and Leisure Properties’s previous quarterly dividend of $0.72. The ex-dividend date is Thursday, September 14th. Gaming and Leisure Properties’s dividend payout ratio is 99.65%.

Gaming and Leisure Properties Company Profile

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.