PNC Financial Services Group Inc. Sells 1,146 Shares of PENN Entertainment, Inc. $PENN

PNC Financial Services Group Inc. decreased its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 14.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 6,912 shares of the company’s stock after selling 1,146 shares during the quarter. PNC Financial Services Group Inc.’s holdings in PENN Entertainment were worth $113,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of PENN Entertainment by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock worth $43,000 after purchasing an additional 736 shares during the last quarter. J.Safra Asset Management Corp grew its holdings in shares of PENN Entertainment by 6.7% in the 1st quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company’s stock worth $226,000 after purchasing an additional 877 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of PENN Entertainment by 4.3% in the 1st quarter. Arizona State Retirement System now owns 41,433 shares of the company’s stock worth $676,000 after purchasing an additional 1,707 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of PENN Entertainment by 11.7% in the 4th quarter. Tidal Investments LLC now owns 16,626 shares of the company’s stock worth $330,000 after purchasing an additional 1,738 shares during the last quarter. Finally, Byrne Asset Management LLC grew its holdings in shares of PENN Entertainment by 201.1% in the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company’s stock worth $44,000 after purchasing an additional 1,810 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PENN. Wall Street Zen lowered shares of PENN Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Canaccord Genuity Group decreased their price objective on shares of PENN Entertainment from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Stifel Nicolaus increased their price objective on shares of PENN Entertainment from $17.00 to $19.00 and gave the stock a “hold” rating in a report on Friday, July 11th. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a report on Monday, May 19th. Finally, Susquehanna reissued a “positive” rating and set a $25.00 price objective (up previously from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Eleven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.25.

PENN Entertainment Stock Performance

PENN Entertainment stock opened at $18.52 on Wednesday. The company has a market cap of $2.70 billion, a PE ratio of -33.07 and a beta of 1.60. The company’s 50-day moving average is $17.81 and its two-hundred day moving average is $17.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39. PENN Entertainment, Inc. has a 1 year low of $13.25 and a 1 year high of $23.08.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.14. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. PENN Entertainment’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the company posted ($0.18) EPS. Equities analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Insider Buying and Selling

In other news, Director David A. Handler purchased 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average cost of $16.96 per share, for a total transaction of $339,200.00. Following the transaction, the director directly owned 342,941 shares of the company’s stock, valued at approximately $5,816,279.36. The trade was a 6.19% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jay A. Snowden purchased 34,000 shares of the business’s stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the completion of the transaction, the chief executive officer directly owned 1,082,625 shares in the company, valued at $15,914,587.50. This trade represents a 3.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 64,000 shares of company stock worth $987,300 over the last quarter. 2.67% of the stock is currently owned by corporate insiders.

PENN Entertainment 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.