Fifth Third Bancorp Sells 5,445 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Fifth Third Bancorp trimmed its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 17.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,488 shares of the company’s stock after selling 5,445 shares during the period. Fifth Third Bancorp’s holdings in PENN Entertainment were worth $432,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. M&T Bank Corp raised its position in shares of PENN Entertainment by 4.7% during the 4th quarter. M&T Bank Corp now owns 13,044 shares of the company’s stock valued at $259,000 after purchasing an additional 584 shares during the period. GAMMA Investing LLC grew its stake in PENN Entertainment by 38.7% during the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock valued at $43,000 after acquiring an additional 736 shares in the last quarter. CIBC Asset Management Inc grew its stake in PENN Entertainment by 5.8% during the fourth quarter. CIBC Asset Management Inc now owns 14,774 shares of the company’s stock valued at $293,000 after acquiring an additional 813 shares in the last quarter. IFP Advisors Inc grew its stake in PENN Entertainment by 201.5% during the fourth quarter. IFP Advisors Inc now owns 1,574 shares of the company’s stock valued at $31,000 after acquiring an additional 1,052 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its stake in PENN Entertainment by 1.4% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 103,305 shares of the company’s stock valued at $2,048,000 after acquiring an additional 1,426 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

Insider Transactions at PENN Entertainment

In related news, Director David A. Handler acquired 10,000 shares of the firm’s stock in a transaction that occurred 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 acquisition, the director now directly owns 322,941 shares of the company’s stock, valued at $4,789,215.03. This represents a 3.20% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jay A. Snowden acquired 34,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $14.70 per share, with a total value of $499,800.00. Following the acquisition, the chief executive officer now directly owns 1,082,625 shares in the company, valued at $15,914,587.50. This represents a 3.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.67% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on PENN shares. Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Monday, May 19th. Needham & Company LLC cut their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Mizuho cut their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Monday, May 12th. Truist Financial cut 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. Finally, Susquehanna reaffirmed a “positive” rating and set a $25.00 target price (up from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.23.

PENN Entertainment Price Performance

PENN Entertainment stock opened at $16.47 on Wednesday. The firm has a 50-day moving average price of $15.41 and a 200-day moving average price of $17.89. The firm has a market capitalization of $2.49 billion, a PE ratio of -26.56 and a beta of 1.56. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 2.35. 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 earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.76) EPS. As a group, equities research analysts forecast that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

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.