M&T Bank Corp Has $183,000 Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

M&T Bank Corp cut its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 14.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,199 shares of the company’s stock after selling 1,845 shares during the period. M&T Bank Corp’s holdings in PENN Entertainment were worth $183,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. DME Capital Management LP grew its stake in PENN Entertainment by 2.3% in the fourth quarter. DME Capital Management LP now owns 5,748,440 shares of the company’s stock valued at $113,934,000 after acquiring an additional 127,670 shares during the period. Invesco Ltd. grew its stake in PENN Entertainment by 28.0% in the fourth quarter. Invesco Ltd. now owns 3,882,009 shares of the company’s stock valued at $76,941,000 after acquiring an additional 848,066 shares during the period. Geode Capital Management LLC grew its stake in PENN Entertainment by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company’s stock valued at $49,572,000 after acquiring an additional 152,791 shares during the period. Kettle Hill Capital Management LLC grew its stake in PENN Entertainment by 43.1% in the fourth quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company’s stock valued at $35,711,000 after acquiring an additional 542,585 shares during the period. Finally, Long Focus Capital Management LLC grew its stake in PENN Entertainment by 3.0% in the fourth quarter. Long Focus Capital Management LLC now owns 1,545,000 shares of the company’s stock valued at $30,622,000 after acquiring an additional 45,000 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity at PENN Entertainment

In other news, Director David A. Handler bought 10,000 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The shares were bought at an average price of $14.83 per share, with a total value of $148,300.00. Following the completion of the transaction, the director owned 322,941 shares of the company’s stock, valued at $4,789,215.03. This trade represents a 3.20% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jay A. Snowden bought 34,000 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the transaction, the chief executive officer directly owned 1,082,625 shares of the company’s stock, valued at $15,914,587.50. The trade was a 3.24% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by corporate insiders.

PENN Entertainment Price Performance

NASDAQ:PENN opened at $18.05 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 2.35. The stock’s 50 day moving average price is $16.71 and its two-hundred day moving average price is $17.64. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -29.11 and a beta of 1.61. PENN Entertainment, Inc. has a 12-month low of $13.25 and a 12-month high of $23.08.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PENN. JMP Securities upgraded PENN Entertainment from a “market perform” rating to a “market outperform” rating and set a $24.00 price target on the stock in a report on Thursday, June 26th. Barclays cut their price target on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday. Susquehanna restated a “positive” rating and issued a $25.00 price target (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Morgan Stanley restated a “sell” rating on shares of PENN Entertainment in a report on Friday, July 11th. Finally, Benchmark restated a “hold” rating on shares of PENN Entertainment in a report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, PENN Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.18.

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.