Fintel reports that on December 8, 2023, Goldman Sachs initiated coverage of Gaming and Leisure Properties (NASDAQ:GLPI) with a Neutral recommendation.
Analyst Price Forecast Suggests 17.06% Upside
As of November 27, 2023, the average one-year price target for Gaming and Leisure Properties is 53.94. The forecasts range from a low of 45.45 to a high of $61.95. The average price target represents an increase of 17.06% from its latest reported closing price of 46.08.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Gaming and Leisure Properties is 1,404MM, a decrease of 0.27%. The projected annual non-GAAP EPS is 2.75.
Gaming and Leisure Properties Declares $0.73 Dividend
On November 22, 2023 the company declared a regular quarterly dividend of $0.73 per share ($2.92 annualized). Shareholders of record as of December 8, 2023 will receive the payment on December 22, 2023. Previously, the company paid $0.73 per share.
At the current share price of $46.08 / share, the stock’s dividend yield is 6.34%.
Looking back five years and taking a sample every week, the average dividend yield has been 6.34%, the lowest has been 5.00%, and the highest has been 14.32%. The standard deviation of yields is 1.21 (n=235).
The current dividend yield is 0.01 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is 1.09. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.22%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1023 funds or institutions reporting positions in Gaming and Leisure Properties. This is an increase of 35 owner(s) or 3.54% in the last quarter. Average portfolio weight of all funds dedicated to GLPI is 0.39%, a decrease of 4.91%. Total shares owned by institutions increased in the last three months by 5.92% to 324,583K shares. 
The put/call ratio of GLPI is 0.18, indicating a bullish outlook.
What are Other Shareholders Doing?
VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 11,056K shares representing 4.14% ownership of the company. In it’s prior filing, the firm reported owning 11,317K shares, representing a decrease of 2.36%. The firm decreased its portfolio allocation in GLPI by 12.75% over the last quarter.
AMECX – INCOME FUND OF AMERICA holds 10,794K shares representing 4.04% ownership of the company. No change in the last quarter.
Capital World Investors holds 10,794K shares representing 4.04% ownership of the company. In it’s prior filing, the firm reported owning 11,052K shares, representing a decrease of 2.39%. The firm decreased its portfolio allocation in GLPI by 5.46% over the last quarter.
Capital International Investors holds 9,919K shares representing 3.71% ownership of the company. In it’s prior filing, the firm reported owning 11,680K shares, representing a decrease of 17.76%. The firm decreased its portfolio allocation in GLPI by 16.03% over the last quarter.
Putnam Investments holds 9,229K shares representing 3.46% ownership of the company. In it’s prior filing, the firm reported owning 9,185K shares, representing an increase of 0.48%. The firm decreased its portfolio allocation in GLPI by 21.48% over the last quarter.
Gaming and Leisure Properties Background Information
(This description is provided by the company.)
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. GLPI elected to be taxed as a real estate investment trust for U.S. federal income tax purposes commencing with the 2014 taxable year and was the first gaming-focused REIT in North America.
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