Paloma Partners Management Co Purchases New Shares in PENN Entertainment, Inc. (NASDAQ:PENN)

Paloma Partners Management Co purchased a new stake in PENN Entertainment, Inc. (NASDAQ:PENN) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,543 shares of the company’s stock, valued at approximately $228,000.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of PENN Entertainment by 0.4% in the first quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock valued at $269,323,000 after buying an additional 59,897 shares during the last quarter. Earnest Partners LLC raised its holdings in shares of PENN Entertainment by 4.0% in the first quarter. Earnest Partners LLC now owns 3,938,133 shares of the company’s stock valued at $71,713,000 after buying an additional 151,025 shares during the last quarter. Sei Investments Co. raised its holdings in shares of PENN Entertainment by 13.1% in the first quarter. Sei Investments Co. now owns 2,372,277 shares of the company’s stock valued at $43,199,000 after buying an additional 274,074 shares during the last quarter. Norges Bank bought a new position in shares of PENN Entertainment in the fourth quarter valued at about $42,758,000. Finally, ING Groep NV bought a new position in shares of PENN Entertainment in the fourth quarter valued at about $32,556,000. 91.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PENN has been the subject of a number of research reports. Truist Financial lifted their price objective on PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Barclays lowered their price objective on PENN Entertainment from $26.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Morgan Stanley lifted their price objective on PENN Entertainment from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, July 12th. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research report on Tuesday, June 4th. Finally, Susquehanna reiterated a “positive” rating and issued a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $25.03.

PENN Entertainment Price Performance

Shares of PENN traded down $0.18 on Tuesday, hitting $19.44. The company’s stock had a trading volume of 962,191 shares, compared to its average volume of 6,038,164. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.04 and a quick ratio of 1.04. The firm’s fifty day moving average price is $18.23 and its 200-day moving average price is $18.54. PENN Entertainment, Inc. has a fifty-two week low of $13.50 and a fifty-two week high of $29.38.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. On average, analysts predict that PENN Entertainment, Inc. will post -1.35 EPS for the current year.

Insider Activity at PENN Entertainment

In other PENN Entertainment news, CFO Felicia Hendrix acquired 16,157 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was acquired at an average cost of $15.47 per share, for a total transaction of $249,948.79. Following the transaction, the chief financial officer now owns 68,596 shares of the company’s stock, valued at $1,061,180.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director David A. Handler bought 40,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were purchased at an average price of $14.94 per share, for a total transaction of $597,600.00. Following the purchase, the director now owns 283,450 shares of the company’s stock, valued at approximately $4,234,743. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Felicia Hendrix bought 16,157 shares of the business’s stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $15.47 per share, for a total transaction of $249,948.79. Following the purchase, the chief financial officer now directly owns 68,596 shares in the company, valued at approximately $1,061,180.12. The disclosure for this purchase can be found here. In the last three months, insiders acquired 76,157 shares of company stock worth $1,154,949. 2.19% of the stock is owned by company 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.