Bank of New York Mellon Corp Cuts Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Bank of New York Mellon Corp lessened its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 6.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 886,090 shares of the company’s stock after selling 58,953 shares during the period. Bank of New York Mellon Corp owned about 0.58% of PENN Entertainment worth $14,452,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in PENN Entertainment in the 4th quarter worth about $17,804,000. Principal Financial Group Inc. boosted its holdings in shares of PENN Entertainment by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 742,899 shares of the company’s stock worth $12,117,000 after purchasing an additional 17,752 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in shares of PENN Entertainment during the 4th quarter worth approximately $596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of PENN Entertainment by 33.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 264,587 shares of the company’s stock worth $5,244,000 after purchasing an additional 65,596 shares during the last quarter. Finally, Bryce Point Capital LLC acquired a new position in shares of PENN Entertainment during the 4th quarter worth approximately $531,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PENN. JPMorgan Chase & Co. began coverage on PENN Entertainment in a research report on Monday, June 23rd. They issued an “overweight” rating and a $24.00 target price on the stock. Susquehanna reiterated a “positive” rating and set a $25.00 target price (up previously from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. Truist Financial decreased their target price on shares of PENN Entertainment from $23.00 to $20.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd. Mizuho dropped their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Monday, May 12th. Finally, Canaccord Genuity Group cut their price objective on PENN Entertainment from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, May 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, PENN Entertainment currently has an average rating of “Moderate Buy” and an average price target of $23.18.

Insider Activity at PENN Entertainment

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

PENN Entertainment Stock Performance

Shares of PENN stock opened at $18.05 on Friday. PENN Entertainment, Inc. has a 12 month low of $13.25 and a 12 month high of $23.08. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market capitalization of $2.73 billion, a P/E ratio of -29.11 and a beta of 1.61. The company’s fifty day moving average price is $16.71 and its two-hundred day moving average price is $17.63.

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

About PENN Entertainment

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.