Fifth Third Bancorp Sells 1,001 Shares of PENN Entertainment, Inc. $PENN

Fifth Third Bancorp lessened its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 3.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,487 shares of the company’s stock after selling 1,001 shares during the quarter. Fifth Third Bancorp’s holdings in PENN Entertainment were worth $455,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PENN. GAMMA Investing LLC grew its stake in shares of 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 purchasing an additional 736 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of PENN Entertainment by 152.2% in the second quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock worth $25,000 after purchasing an additional 843 shares during the last quarter. J.Safra Asset Management Corp grew its stake in shares of PENN Entertainment by 6.7% in the first 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. HighTower Advisors LLC grew its stake in shares of PENN Entertainment by 5.2% in the first quarter. HighTower Advisors LLC now owns 19,327 shares of the company’s stock worth $315,000 after purchasing an additional 953 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of PENN Entertainment by 4.3% in the first 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. Institutional investors own 91.69% of the company’s stock.

Insider Buying and Selling at PENN Entertainment

In related news, Director David A. Handler acquired 20,000 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $16.96 per share, for a total transaction of $339,200.00. Following the completion of the acquisition, the director owned 342,941 shares of the company’s stock, valued at approximately $5,816,279.36. This trade represents a 6.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PENN shares. Susquehanna reissued a “positive” rating and issued a $25.00 price objective (up previously from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. JPMorgan Chase & Co. started coverage on shares of PENN Entertainment in a research note on Monday, June 23rd. They issued an “overweight” rating and a $24.00 price objective on the stock. JMP Securities boosted their price objective on shares of PENN Entertainment from $24.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Morgan Stanley reissued a “sell” rating on shares of PENN Entertainment in a research note on Friday, July 11th. Finally, Needham & Company LLC cut their price target on shares of PENN Entertainment from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. 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 company’s stock. According to data from MarketBeat.com, PENN Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $23.25.

PENN Entertainment Stock Performance

Shares of PENN opened at $19.71 on Tuesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $2.88 billion, a P/E ratio of -35.20 and a beta of 1.41. The firm’s fifty day simple moving average is $18.93 and its two-hundred day simple moving average is $17.19. PENN Entertainment, Inc. has a 12 month low of $13.25 and a 12 month high of $23.08.

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

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.