Penn National Gaming, Inc. (NASDAQ:PENN – Get Rating) – Stock analysts at KeyCorp cut their Q2 2022 earnings per share estimates for Penn National Gaming in a research report issued to clients and investors on Sunday, May 8th. KeyCorp analyst B. Andress now anticipates that the company will post earnings per share of $0.51 for the quarter, down from their previous estimate of $0.61. KeyCorp also issued estimates for Penn National Gaming’s FY2022 earnings at $1.64 EPS and FY2023 earnings at $1.95 EPS.
PENN has been the topic of several other research reports. Loop Capital upgraded shares of Penn National Gaming from a “sell” rating to a “hold” rating and dropped their price objective for the company from $53.00 to $49.00 in a research note on Friday, February 4th. Macquarie upgraded shares of Penn National Gaming from a “neutral” rating to an “outperform” rating and dropped their price target for the stock from $80.00 to $71.00 in a research note on Wednesday, January 26th. Jefferies Financial Group dropped their price target on shares of Penn National Gaming from $62.00 to $49.00 in a research note on Friday, January 21st. Stifel Nicolaus dropped their price target on shares of Penn National Gaming from $73.00 to $59.00 in a research note on Wednesday, January 19th. Finally, Susquehanna Bancshares upgraded shares of Penn National Gaming from a “neutral” rating to a “positive” rating and increased their price target for the stock from $34.00 to $65.00 in a research note on Wednesday, February 9th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Penn National Gaming currently has an average rating of “Buy” and a consensus target price of $67.68.
Penn National Gaming (NASDAQ:PENN – Get Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.14). The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.53 billion. Penn National Gaming had a net margin of 6.16% and a return on equity of 11.39%. The firm’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.55 EPS.
A number of institutional investors have recently modified their holdings of the business. State Street Corp lifted its holdings in shares of Penn National Gaming by 14.7% during the 4th quarter. State Street Corp now owns 5,488,185 shares of the company’s stock worth $284,562,000 after acquiring an additional 703,925 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Penn National Gaming by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 3,112,786 shares of the company’s stock worth $161,147,000 after acquiring an additional 206,254 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Penn National Gaming by 20.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,387,730 shares of the company’s stock worth $173,016,000 after acquiring an additional 400,613 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Penn National Gaming by 10.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,784,473 shares of the company’s stock worth $92,525,000 after acquiring an additional 165,508 shares during the period. Finally, Norges Bank bought a new position in shares of Penn National Gaming during the 4th quarter worth about $74,709,000. 81.28% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Jane Scaccetti purchased 1,975 shares of Penn National Gaming stock in a transaction on Thursday, February 17th. The stock was purchased at an average cost of $49.70 per share, with a total value of $98,157.50. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.10% of the stock is owned by corporate insiders.
Penn National Gaming declared that its board has approved a share repurchase program on Thursday, February 3rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the company to repurchase up to 9.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
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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