Bank of America Corp DE Cuts Stock Holdings in Caesars Entertainment, Inc. $CZR

Key Points

• Bank of America reduced its Caesars Entertainment stake by 13.9% in the first quarter, selling 793,942 shares and retaining 4.92 million shares worth approximately $130.1 million. Institutional investors collectively own 91.79% of the company.
• Caesars reported quarterly revenue of $2.99 billion, up 3% year over year and slightly above estimates, but posted an adjusted loss of $0.30 per share versus expectations for a $0.05 profit. Analysts expect the company to report a full-year loss of $0.90 per share.
• Shares opened at $30.05, near the company’s 52-week high of $30.88. Wall Street maintains a consensus “Hold” rating, with an average price target of $30.71, while insiders sold 293,463 shares worth $8.6 million during the quarter.

Bank of America Corp DE decreased its position in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 13.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,920,961 shares of the company's stock after selling 793,942 shares during the quarter. Bank of America Corp DE owned approximately 2.42% of Caesars Entertainment worth $130,061,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CZR. Ruffer LLP purchased a new position in Caesars Entertainment in the fourth quarter valued at approximately $2,820,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Caesars Entertainment by 246,899,900.0% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,938,000 shares of the company's stock valued at $115,500,000 after acquiring an additional 4,937,998 shares in the last quarter. MUFG Securities EMEA plc bought a new position in shares of Caesars Entertainment in the fourth quarter worth $65,492,000. 1492 Capital Management LLC bought a new stake in shares of Caesars Entertainment during the 1st quarter valued at about $1,020,000. Finally, Janus Henderson Group PLC lifted its position in Caesars Entertainment by 5.8% during the first quarter. Janus Henderson Group PLC now owns 6,529,700 shares of the company's stock valued at $172,582,000 after purchasing an additional 355,760 shares during the last quarter. 91.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Caesars Entertainment news, Director Michael E. Pegram sold 55,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $29.20, for a total transaction of $1,606,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of Caesars Entertainment stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $29.35, for a total transaction of $2,393,962.10. Following the completion of the transaction, the insider directly owned 18,263 shares in the company, valued at approximately $536,019.05. The trade was a 81.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 293,463 shares of company stock worth $8,609,241. Insiders own 1.18% of the company's stock.

Caesars Entertainment Trading Down 0.2%

CZR stock opened at $30.05 on Friday. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of -13.18 and a beta of 1.77. The business has a 50 day simple moving average of $29.74 and a two-hundred day simple moving average of $26.84. Caesars Entertainment, Inc. has a 1-year low of $17.86 and a 1-year high of $30.88. The company has a debt-to-equity ratio of 3.70, a current ratio of 0.85 and a quick ratio of 0.83.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.35). Caesars Entertainment had a negative net margin of 3.99% and a negative return on equity of 7.64%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.98 billion. During the same quarter last year, the business earned ($0.39) EPS. Caesars Entertainment's revenue for the quarter was up 3.0% compared to the same quarter last year. Research analysts anticipate that Caesars Entertainment, Inc. will post -0.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CZR shares. Truist Financial cut Caesars Entertainment from a "buy" rating to a "hold" rating and cut their price objective for the stock from $32.00 to $31.00 in a report on Friday, May 29th. Wells Fargo & Company upped their target price on Caesars Entertainment from $26.00 to $31.00 and gave the company an "equal weight" rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $31.00 target price (down from $35.00) on shares of Caesars Entertainment in a report on Friday, May 29th. Susquehanna raised shares of Caesars Entertainment from a "positive" rating to a "positive" rating in a research report on Friday, May 29th. Finally, Zacks Research raised Caesars Entertainment from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Caesars Entertainment currently has an average rating of "Hold" and an average price target of $30.71.

Caesars Entertainment Profile

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah's by William F.

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