Ameriprise Financial Inc. Reduces Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Ameriprise Financial Inc. reduced its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 8.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 365,878 shares of the company's stock after selling 32,718 shares during the quarter. Ameriprise Financial Inc. owned 0.24% of PENN Entertainment worth $7,254,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. IFP Advisors Inc lifted its position in shares of 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 buying an additional 1,052 shares during the last quarter. Lee Danner & Bass Inc. purchased a new stake in shares of PENN Entertainment during the fourth quarter valued at about $92,000. KBC Group NV lifted its position in shares of PENN Entertainment by 36.5% during the fourth quarter. KBC Group NV now owns 5,501 shares of the company's stock valued at $109,000 after buying an additional 1,470 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of PENN Entertainment by 914.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 6,492 shares of the company's stock valued at $119,000 after buying an additional 5,852 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its position in shares of PENN Entertainment by 51.8% during the fourth quarter. Sterling Capital Management LLC now owns 9,030 shares of the company's stock valued at $179,000 after buying an additional 3,080 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler bought 10,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was acquired at an average price of $14.83 per share, with a total value of $148,300.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jay A. Snowden bought 34,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average cost 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 of the company's stock, valued at approximately $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. Insiders own 2.19% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on PENN shares. Canaccord Genuity Group decreased their price target on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Macquarie reissued an "outperform" rating and set a $26.00 price target on shares of PENN Entertainment in a research report on Friday, February 28th. Morgan Stanley decreased their price target on shares of PENN Entertainment from $17.50 to $16.50 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Wall Street Zen raised shares of PENN Entertainment from a "sell" rating to a "hold" rating in a research report on Monday, March 3rd. Finally, Wells Fargo & Company upped their price objective on shares of PENN Entertainment from $20.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, March 3rd. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $23.10.

PENN Entertainment Stock Performance

NASDAQ:PENN traded up $0.30 during midday trading on Tuesday, hitting $15.38. The company's stock had a trading volume of 3,594,011 shares, compared to its average volume of 4,211,047. PENN Entertainment, Inc. has a fifty-two week low of $13.25 and a fifty-two week high of $23.08. The firm's 50 day moving average is $15.48 and its 200-day moving average is $18.41. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $2.32 billion, a P/E ratio of -4.33, a P/E/G ratio of 1.55 and a beta of 1.81.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the company earned ($0.76) EPS. PENN Entertainment's quarterly revenue was up 4.1% on a year-over-year basis. Equities analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

About PENN Entertainment

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.