Janney Montgomery Scott LLC Cuts Stock Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Janney Montgomery Scott LLC decreased its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 27.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,295 shares of the company’s stock after selling 4,929 shares during the period. Janney Montgomery Scott LLC’s holdings in PENN Entertainment were worth $217,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. M&T Bank Corp lifted its position in PENN Entertainment by 4.7% during the fourth quarter. M&T Bank Corp now owns 13,044 shares of the company’s stock valued at $259,000 after purchasing an additional 584 shares during the period. GAMMA Investing LLC raised its position in PENN Entertainment by 38.7% in the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock worth $43,000 after acquiring an additional 736 shares during the period. Swiss National Bank raised its position in PENN Entertainment by 0.6% in the fourth quarter. Swiss National Bank now owns 269,284 shares of the company’s stock worth $5,337,000 after acquiring an additional 1,500 shares during the period. Tidal Investments LLC raised its position in PENN Entertainment by 11.7% in the fourth quarter. Tidal Investments LLC now owns 16,626 shares of the company’s stock worth $330,000 after acquiring an additional 1,738 shares during the period. Finally, Byrne Asset Management LLC raised its position in PENN Entertainment by 201.1% in the first quarter. Byrne Asset Management LLC now owns 2,710 shares of the company’s stock worth $44,000 after acquiring an additional 1,810 shares during the period. Institutional investors own 91.69% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Jay A. Snowden purchased 34,000 shares of PENN Entertainment stock in a transaction on Thursday, May 22nd. The shares were bought at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the acquisition, the chief executive officer owned 1,082,625 shares in the company, valued at approximately $15,914,587.50. The trade was a 3.24% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Handler purchased 10,000 shares of PENN Entertainment stock in a transaction on Thursday, May 22nd. The stock was bought at an average price of $14.83 per share, for a total transaction of $148,300.00. Following the completion of the acquisition, the director owned 322,941 shares in the company, valued at $4,789,215.03. The trade was a 3.20% increase in their position. The disclosure for this purchase can be found here. Insiders own 2.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PENN shares. Canaccord Genuity Group decreased their price target on shares of PENN Entertainment from $28.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Citigroup upgraded shares of PENN Entertainment to an “outperform” rating in a research report on Thursday, June 26th. Citizens Jmp upgraded shares of PENN Entertainment from a “market perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a research report on Thursday, June 26th. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research report on Monday, May 19th. Finally, Stifel Nicolaus decreased their price target on shares of PENN Entertainment from $22.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, PENN Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $23.15.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN opened at $18.50 on Monday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market cap of $2.79 billion, a P/E ratio of -29.84 and a beta of 1.61. The firm’s fifty day moving average is $16.21 and its two-hundred day moving average is $17.66. PENN Entertainment, Inc. has a 52-week low of $13.25 and a 52-week high of $23.08.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.71 billion. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. PENN Entertainment’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.76) EPS. As a group, analysts anticipate that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

PENN Entertainment Company Profile

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.