Synovus Financial Corp Makes New Investment in PENN Entertainment, Inc. (NASDAQ:PENN)

Synovus Financial Corp acquired a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENNGet Rating) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 8,232 shares of the company’s stock, valued at approximately $217,000.

Several other institutional investors also recently bought and sold shares of the company. Wipfli Financial Advisors LLC purchased a new position in PENN Entertainment during the 3rd quarter worth $39,000. Janney Montgomery Scott LLC increased its holdings in shares of PENN Entertainment by 39.8% in the 3rd quarter. Janney Montgomery Scott LLC now owns 60,037 shares of the company’s stock valued at $1,652,000 after acquiring an additional 17,094 shares during the period. Emerald Advisers LLC purchased a new position in shares of PENN Entertainment in the 3rd quarter valued at $33,000. Fifth Third Bancorp increased its holdings in shares of PENN Entertainment by 97.1% in the 3rd quarter. Fifth Third Bancorp now owns 44,006 shares of the company’s stock valued at $1,211,000 after acquiring an additional 21,677 shares during the period. Finally, Texas Permanent School Fund increased its holdings in shares of PENN Entertainment by 431.4% in the 3rd quarter. Texas Permanent School Fund now owns 114,013 shares of the company’s stock valued at $3,136,000 after acquiring an additional 92,559 shares during the period. 84.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PENN Entertainment

In related news, CEO Jay A. Snowden sold 163,475 shares of PENN Entertainment stock in a transaction dated Tuesday, December 27th. The stock was sold at an average price of $30.12, for a total value of $4,923,867.00. Following the completion of the transaction, the chief executive officer now owns 604,527 shares in the company, valued at approximately $18,208,353.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.50% of the stock is owned by company insiders.

PENN Entertainment Price Performance

Shares of PENN Entertainment stock opened at $31.50 on Thursday. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 1.87. PENN Entertainment, Inc. has a twelve month low of $25.49 and a twelve month high of $51.72. The business has a 50-day moving average price of $33.04 and a 200 day moving average price of $32.23. The firm has a market cap of $4.89 billion, a PE ratio of 22.18, a P/E/G ratio of 1.37 and a beta of 2.18.

PENN Entertainment (NASDAQ:PENNGet Rating) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.34. PENN Entertainment had a return on equity of 6.42% and a net margin of 3.86%. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. Sell-side analysts predict that PENN Entertainment, Inc. will post 1.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PENN. Truist Financial cut their price target on PENN Entertainment from $40.00 to $36.00 in a report on Wednesday. Morgan Stanley began coverage on PENN Entertainment in a research report on Monday, November 21st. They issued an “equal weight” rating and a $36.00 price objective for the company. Canaccord Genuity Group began coverage on PENN Entertainment in a research report on Thursday, October 6th. They issued a “buy” rating and a $50.00 price objective for the company. Jefferies Financial Group cut PENN Entertainment from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $50.00 to $34.00 in a research report on Monday. Finally, Canaccord Genuity Group began coverage on PENN Entertainment in a research report on Thursday, October 6th. They issued a “buy” rating for the company. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, PENN Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $48.61.

About PENN Entertainment

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PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences in North America. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates 44 properties in 20 states; online sports betting in 13 jurisdictions; and iCasino in five under a portfolio of brands, including Hollywood Casino, L'Auberge, Barstool Sportsbook, and theScore Bet.

Further Reading

Institutional Ownership by Quarter for PENN Entertainment (NASDAQ:PENN)

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