Dallas, Texas 03/07/2014 (FINANCIALSTRENDS) – Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) recently announced the share and cash components of the special dividend on their common stock. The company reported a total of $1.05 billion special dividend, which is approximately $11.84 per share. All the Shareholders in the company’s record as of January 13, 2014 and earlier will be eligible for the dividend.
Gaming and Leisure Properties (NASDAQ:GLPIV) Price Target Lowered by Market Analysts
According to the reports, the company’s Price Target (PT) was lowered by 12.36% from Research analysts at Barclays. The share price was brought down to $40 from $46. Some of the other market analysts too have weighed the company’s shares and announced their respective ratings. JPMorgan Chase & Co lowered the Price Target on GLPIV shares from $47.00 to $37.00. Analysts at ISI Group weighed Gaming and Leisure Properties shares and have tagged it as “Sell”. There has been mixed responses from the analysts, where one has given “Sell”, two have suggested “hold” and four indicate “buy”. Gaming and Leisure Properties has an average rate tag as “hold” with $46.67 as the average target price.
Gaming and Leisure Properties Acquires Casino Queen in East St. Louis
The company announced it has closed the acquisition of the real estate assets associated with the Casino Queen in East St. Louis, Illinois for $140 million. Illinois Gaming Board approved this transaction during the month of January. GLPI provided Casino Queen a five year loan of $43 million as per the agreement between the two companies. GLPI will lease the property back to Casino Queen on a triple net basis for approximately $14 million per year. GPLI is looking forward to acquire more gaming facilities and lease them out. They are also planning to look beyond gaming industry and expand their business.