Truist Financial Cuts Penn National Gaming (NASDAQ:PENN) Price Target to $60.00

Penn National Gaming (NASDAQ:PENNGet Rating) had its price target decreased by equities research analysts at Truist Financial from $65.00 to $60.00 in a research report issued on Tuesday, The Fly reports. Truist Financial’s price objective points to a potential upside of 62.65% from the stock’s current price.

PENN has been the topic of several other research reports. Wells Fargo & Company cut their price objective on Penn National Gaming from $52.00 to $50.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 13th. StockNews.com began coverage on Penn National Gaming in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Credit Suisse Group cut their target price on Penn National Gaming from $128.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 1st. Jefferies Financial Group cut their target price on Penn National Gaming from $62.00 to $49.00 in a research note on Friday, January 21st. Finally, Susquehanna upgraded Penn National Gaming from a “neutral” rating to a “positive” rating and boosted their target price for the company from $34.00 to $65.00 in a research note on Wednesday, February 9th. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $68.63.

NASDAQ:PENN opened at $36.89 on Tuesday. Penn National Gaming has a fifty-two week low of $35.90 and a fifty-two week high of $99.71. The company has a debt-to-equity ratio of 2.78, a current ratio of 1.96 and a quick ratio of 1.96. The stock has a market capitalization of $6.21 billion, a PE ratio of 14.76 and a beta of 2.40. The business’s 50-day simple moving average is $44.19 and its 200-day simple moving average is $51.70.

Penn National Gaming (NASDAQ:PENNGet Rating) last released its quarterly earnings data on Thursday, February 3rd. The company reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.20). Penn National Gaming had a net margin of 7.13% and a return on equity of 13.17%. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter last year, the firm earned $0.07 EPS. The company’s revenue for the quarter was up 53.1% on a year-over-year basis. On average, research analysts expect that Penn National Gaming will post 1.87 earnings per share for the current year.

Penn National Gaming declared that its board has authorized a share repurchase program on Thursday, February 3rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 9.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

In other Penn National Gaming news, Director Jane Scaccetti bought 1,975 shares of the firm’s stock in a transaction that occurred on Thursday, February 17th. The shares were acquired at an average cost of $49.70 per share, with a total value of $98,157.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.10% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PENN. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Penn National Gaming by 19.7% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,477 shares of the company’s stock valued at $324,000 after buying an additional 738 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its position in shares of Penn National Gaming by 19.0% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 4,189 shares of the company’s stock valued at $304,000 after acquiring an additional 670 shares during the period. Landsberg Bennett & Dubbaneh LLC bought a new stake in shares of Penn National Gaming during the 3rd quarter valued at $437,000. Independent Advisor Alliance lifted its position in shares of Penn National Gaming by 17.2% during the 3rd quarter. Independent Advisor Alliance now owns 3,669 shares of the company’s stock valued at $266,000 after acquiring an additional 538 shares during the period. Finally, U.S. Capital Wealth Advisors LLC bought a new stake in shares of Penn National Gaming during the 3rd quarter valued at $312,000. 79.40% of the stock is currently owned by hedge funds and other institutional investors.

Penn National Gaming Company Profile (Get Rating)

Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals. It operates through five segments: Northeast, South, West, Midwest, Interactive. The company offers casino gaming, online gaming, live racing, sports betting, and digital sports content.

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