PENN Entertainment, Inc. $PENN Shares Acquired by Federated Hermes Inc.

Federated Hermes Inc. boosted its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 40.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 810,040 shares of the company’s stock after acquiring an additional 231,981 shares during the period. Federated Hermes Inc. owned 0.55% of PENN Entertainment worth $14,475,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PENN. Parallel Advisors LLC grew its holdings in PENN Entertainment by 152.2% during the 2nd quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock worth $25,000 after acquiring an additional 843 shares in the last quarter. Quarry LP bought a new position in shares of PENN Entertainment during the first quarter worth about $30,000. State of Wyoming acquired a new position in PENN Entertainment in the first quarter worth about $46,000. Ancora Advisors LLC grew its stake in PENN Entertainment by 208.8% in the first quarter. Ancora Advisors LLC now owns 6,855 shares of the company’s stock worth $112,000 after purchasing an additional 4,635 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in PENN Entertainment by 20.9% in the second quarter. PNC Financial Services Group Inc. now owns 8,358 shares of the company’s stock valued at $149,000 after buying an additional 1,446 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors.

PENN Entertainment Price Performance

Shares of NASDAQ PENN opened at $13.78 on Thursday. The company has a debt-to-equity ratio of 3.65, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market capitalization of $1.84 billion, a PE ratio of -2.17 and a beta of 1.40. PENN Entertainment, Inc. has a 1-year low of $13.24 and a 1-year high of $23.08. The business’s fifty day moving average price is $15.81 and its two-hundred day moving average price is $17.30.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.12). PENN Entertainment had a negative net margin of 13.24% and a negative return on equity of 4.59%. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the firm posted ($0.24) EPS. The business’s revenue was up 4.8% compared to the same quarter last year. On average, research analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Insider Activity

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of PENN Entertainment stock in a transaction dated Monday, November 17th. The stock was acquired at an average cost of $14.25 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the director owned 362,941 shares in the company, valued at approximately $5,171,909.25. This represents a 5.83% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jay A. Snowden bought 34,700 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was acquired at an average price of $14.32 per share, for a total transaction of $496,904.00. Following the completion of the transaction, the chief executive officer owned 1,117,325 shares in the company, valued at $16,000,094. This trade represents a 3.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 62,015 shares of company stock worth $882,778 in the last quarter. Company insiders own 2.67% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PENN. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday. Needham & Company LLC restated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 7th. Citizens Jmp decreased their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a report on Friday, November 7th. Wells Fargo & Company initiated coverage on shares of PENN Entertainment in a research note on Tuesday, November 18th. They set an “underweight” rating and a $15.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a research report on Friday, November 7th. Ten analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $21.56.

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.