Bank of America Corp DE Acquires New Shares in PENN Entertainment, Inc. $PENN

Key Points

• Bank of America acquired 5.1 million PENN shares worth approximately $108.9 million, representing about 3.8% of PENN Entertainment. Institutional investors collectively own 91.69% of the company.
• PENN reported quarterly EPS of $0.44, beating estimates of $0.37, while revenue reached $1.86 billion—up 5.2% year over year. Despite the earnings beat, the company posted a negative net margin of 12.66%.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $23.53 versus the stock’s quoted price of $16.45.

Bank of America Corp DE acquired a new position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,099,206 shares of the company's stock, valued at approximately $108,919,000. Bank of America Corp DE owned about 3.80% of PENN Entertainment as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Freestone Grove Partners LP purchased a new position in PENN Entertainment in the second quarter worth approximately $21,532,000. Jupiter Topco LLC purchased a new stake in PENN Entertainment during the 2nd quarter worth about $959,000. J. Goldman & Co LP acquired a new position in shares of PENN Entertainment during the 2nd quarter worth about $3,138,000. III Capital Management acquired a new stake in shares of PENN Entertainment during the 2nd quarter worth about $541,000. Finally, Ancora Advisors LLC purchased a new stake in PENN Entertainment during the second quarter worth approximately $1,347,000. Hedge funds and other institutional investors own 91.69% of the company's stock.

PENN Entertainment Stock Performance

NASDAQ:PENN opened at $16.45 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.79. The firm has a 50-day moving average price of $18.92 and a two-hundred day moving average price of $17.92. PENN Entertainment, Inc. has a twelve month low of $11.65 and a twelve month high of $22.36. The company has a market capitalization of $2.21 billion, a P/E ratio of -2.59, a price-to-earnings-growth ratio of 0.45 and a beta of 1.38.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.86 billion. During the same period last year, the company posted ($0.12) EPS. The company's revenue was up 5.2% on a year-over-year basis. As a group, research analysts expect that PENN Entertainment, Inc. will post 1.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

PENN has been the topic of several research analyst reports. Mizuho set a $28.00 price target on shares of PENN Entertainment in a research note on Friday, August 7th. Susquehanna raised their price target on PENN Entertainment from $24.00 to $28.00 and gave the stock a "positive" rating in a research note on Wednesday, July 1st. Citizens Jmp lifted their price target on PENN Entertainment from $24.00 to $26.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. boosted their price objective on PENN Entertainment from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Finally, Benchmark increased their price objective on PENN Entertainment from $21.00 to $22.00 and gave the company a "buy" rating in a report on Friday, August 7th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $23.53.

PENN Entertainment Profile

PENN Entertainment, Inc is an omnichannel provider of gaming, sports betting and entertainment services. The company operates casinos, racetracks and gaming properties offering slot machines, table games, poker, sports wagering, dining, lodging and live entertainment. Its portfolio also includes retail sportsbooks and online gaming platforms.

PENN serves customers primarily across the United States and Canada through its land-based properties and digital operations. Its online offerings have included sports betting, iCasino gaming and related media and technology products, supported by customer loyalty programs and theScore, a digital sports media and betting brand acquired by PENN in 2021.

The company was formerly known as Penn National Gaming and adopted the PENN Entertainment name in 2022 to reflect its broader entertainment and digital strategy.

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