Gaming And Leisure Properties REIT Hits All-Time High

Gaming and Leisure Properties Inc. GLPI hit a new 52-week high this week and a new all-time high as well. While most real estate investment trusts (REITs) are still struggling as they come off of last year’s lows, it’s unusual and noteworthy to see this one achieve such success for shareholders.

This gaming resort-oriented REIT benefits from increased interest in the casino sector with stocks like Las Vegas Sands Corp. LVS and Wynn Resorts Ltd. WYNN also making new highs recently.

The company owns 59 gaming-related properties in 18 states. Ameristar Blackhawk in Blackhawk, Colorado; Isle of Capri Casino in Bettendorf, Iowa; and Hard Rock Hotel and Casino in Biloxi, Mississippi are among the locations.

Wyomissing, Pennsylvania-based Gaming and Leisure Properties is trading with a price-earnings ratio of 22 and at just over three times its book value. Funds from operations (FFO) over the last 12 months are down by 1.7%, and over the past five years, the FFO growth is 7.8%.

Long-term debt exceeds shareholder equity with a 1.71 ratio. The average daily volume on the Nasdaq Stock Market is 1.33 million shares.

Gaming and Leisure Properties pays a dividend of 5.24%. 

Raymond James analysts on Jan. 9 downgraded the REIT from Strong Buy to Outperform and reduced their price target from $57 to $55. Truist analysts on Jan. 11 upgraded Gaming and Leisure Properties from Hold to Buy with its price target increased from $54 to $60.

The weekly price chart looks like this:

It’s a bullish look now trading above the 50-day moving average (the blue line) and the 200-day moving average (the red line).

Here’s how the monthly price chart looks:

You can see the new all-time high just reached with the price well above a rising 50-month moving average.

Check Out More on Real Estate from Benzinga

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• This Little-Known REIT Is Producing Double-Digit Returns In A Bear Market: How?

Charts courtesy of StockCharts