Gaming & Leisure Properties, Inc. (NASDAQ:GLPI) has reported a significant stock transaction by one of its top executives. Brandon John Moore, the company's COO, General Counsel, and Secretary, sold 30,900 shares of common stock at an average price of $50.05 per share, totaling approximately $1,546,545. The transaction was carried out on August 23, 2024, as disclosed in a recent filing.
This sale was executed under a prearranged 10b5-1 trading plan, which allows company insiders to set up a schedule for selling stocks at a time when they are not in possession of nonpublic information. This plan was adopted by Moore on May 24, 2024, indicating that the sale was planned well in advance.
Investors may find the price range of the shares sold particularly interesting. The shares were sold at prices ranging from $49.81 to $50.30, with the reported average price being $50.05. Should any Gaming and Leisure (NASDAQ:GLPI) Properties, Inc. security holders or the staff of the Securities and Exchange Commission request it, Moore has agreed to provide full information regarding the number of shares sold at each price within the specified range.
Following the transaction, Moore still holds a substantial number of shares in the company. The filing indicated that, after the sale, he retains ownership of 208,977 shares of common stock directly. Additionally, an indirect ownership of 1,319 shares is held by Moore's daughter.
Gaming & Leisure Properties, Inc., based in Wyomissing, Pennsylvania, is a real estate investment trust (REIT) specializing in casino properties. The company's stock performance and insider transactions are closely watched by investors, as they can provide insights into the company's financial health and the confidence that executives have in the firm's future prospects.
In other recent news, Gaming and Leisure Properties Inc. has been the subject of several major developments. Wolfe Research has upgraded the company's stock from Peer Perform to Outperform, citing growth prospects and attractive valuation multiples. The firm anticipates that Gaming and Leisure Properties' earnings growth could more than double to between 4% and 5% in 2025 and 2026, driven by long-dated projects.
The company has also announced a substantial public offering of notes valued at $1.2 billion, to be used for various corporate activities including property development and debt repayment. In addition, Gaming and Leisure Properties reported a $24 million year-over-year increase in total income from real estate and detailed a $1.6 billion transaction with Bally's, to be funded through a mix of debt and equity.
RBC Capital Markets revised its price target for Gaming and Leisure Properties, raising it from $52.00 to $53.00, while maintaining an Outperform rating. This adjustment followed the company's recent financial report, which RBC Capital found to align with their projections.
Lastly, the company is actively involved in a project in Chicago and expressed confidence in the profitability and reliability of its tenants and their leases, despite slight declines in rent coverage ratios. These are among the recent developments for Gaming and Leisure Properties.
InvestingPro Insights
Gaming & Leisure Properties, Inc. (NASDAQ:GLPI) has been demonstrating a robust financial performance, as reflected by its recent metrics. The company's market capitalization stands at a solid $14.41 billion, underscoring its substantial presence in the real estate investment trust (REIT) market. With a Price/Earnings (P/E) ratio of 17.66, and a slightly adjusted P/E of 18.01 for the last twelve months as of Q2 2024, investors can gauge the company's earnings relative to its share price, which appears to be within a reasonable range for the sector.
Moreover, the company's revenue growth is notable, with a 7.47% increase over the last twelve months as of Q2 2024, and a quarterly growth rate of 6.74%. This consistent growth trajectory is an encouraging sign for investors looking for stability and progress in their investments. The gross profit margin stands impressively at 96.53%, indicating that Gaming & Leisure Properties has been highly effective in maintaining profitability after accounting for the cost of sales.
One of the InvestingPro Tips highlights that analysts have revised their earnings upwards for the upcoming period, which could be a promising indication of future performance. Additionally, the company's liquid assets exceed its short-term obligations, providing it with a comfortable liquidity cushion. Investors may also take interest in the fact that the company's shares are trading near their 52-week high and that it has seen a strong return over the last three months, with a 15.6% total return in that period.
For those interested in further insights, there are additional InvestingPro Tips available for Gaming & Leisure Properties, Inc. on the InvestingPro platform, including predictions about the company's profitability this year and its performance over the last twelve months. It is worth noting that the company has been profitable during this period, which could be a deciding factor for those considering adding GLPI to their portfolio.
For a deeper analysis and more InvestingPro Tips, visit https://www.investing.com/pro/GLPI to explore a comprehensive range of metrics and expert insights tailored to Gaming & Leisure Properties, Inc.
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