Assenagon Asset Management S.A. Grows Stock Position in PENN Entertainment, Inc. $PENN

Key Points

• Assenagon Asset Management increased its PENN Entertainment stake by 47.6% in the second quarter, bringing its holdings to 180,310 shares valued at approximately $3.85 million. Institutional investors and hedge funds collectively own 91.69% of the company.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $23.53, although some firms maintain neutral or bearish views.
• PENN reported quarterly earnings of $0.44 per share, beating estimates of $0.37, while revenue rose 5.2% year over year to $1.86 billion. Shares opened at $19.17, below the consensus target but within a 52-week range of $11.65 to $22.36.

Assenagon Asset Management S.A. raised its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 47.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 180,310 shares of the company's stock after purchasing an additional 58,174 shares during the period. Assenagon Asset Management S.A. owned 0.13% of PENN Entertainment worth $3,851,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of PENN. GAMMA Investing LLC boosted its stake in PENN Entertainment by 19.4% in the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company's stock valued at $118,000 after acquiring an additional 895 shares in the last quarter. Glenmede Trust Co. NA acquired a new stake in shares of PENN Entertainment during the first quarter worth about $176,000. Bank of America Corp DE increased its position in shares of PENN Entertainment by 57.9% during the first quarter. Bank of America Corp DE now owns 4,351,310 shares of the company's stock worth $65,400,000 after purchasing an additional 1,595,502 shares in the last quarter. Seven Six Capital Management LLC lifted its holdings in shares of PENN Entertainment by 61.1% in the 1st quarter. Seven Six Capital Management LLC now owns 258,700 shares of the company's stock valued at $3,888,000 after purchasing an additional 98,100 shares during the last quarter. Finally, California State Teachers Retirement System lifted its holdings in shares of PENN Entertainment by 28.3% in the 1st quarter. California State Teachers Retirement System now owns 166,074 shares of the company's stock valued at $2,496,000 after purchasing an additional 36,637 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on PENN shares. Susquehanna upped their price target on shares of PENN Entertainment from $24.00 to $28.00 and gave the company a "positive" rating in a research report on Wednesday, July 1st. Truist Financial lifted their price objective on shares of PENN Entertainment from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PENN Entertainment in a report on Wednesday, June 24th. Morgan Stanley reiterated an "underperform" rating on shares of PENN Entertainment in a research note on Wednesday. Finally, Wells Fargo & Company lowered their price target on PENN Entertainment from $24.00 to $23.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.53.

PENN Entertainment Stock Up 0.2%

Shares of NASDAQ PENN opened at $19.17 on Thursday. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of -3.01, a price-to-earnings-growth ratio of 0.53 and a beta of 1.43. PENN Entertainment, Inc. has a 52 week low of $11.65 and a 52 week high of $22.36. The firm has a 50-day moving average price of $20.72 and a 200 day moving average price of $17.10. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the prior year, the business posted ($0.12) earnings per share. The firm's revenue for the quarter was up 5.2% compared to the same quarter last year. Equities research analysts anticipate that PENN Entertainment, Inc. will post 1.11 EPS for the current fiscal year.

PENN Entertainment Profile

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source