Bank of America Corp DE Grows Position in PENN Entertainment, Inc. $PENN

Key Points

• Bank of America increased its PENN Entertainment stake by 57.9% in the first quarter, owning 4.35 million shares valued at approximately $65.4 million. Institutional investors collectively hold 91.69% of PENN’s outstanding stock.
• PENN reported quarterly EPS of $0.44, exceeding the $0.37 consensus estimate, while revenue reached $1.86 billion, up 5.2% year over year and in line with expectations.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $23.35 versus the stock’s $18.85 opening price.

Bank of America Corp DE raised its stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 57.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,351,310 shares of the company's stock after acquiring an additional 1,595,502 shares during the quarter. Bank of America Corp DE owned approximately 3.25% of PENN Entertainment worth $65,400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PENN. Whitebox Advisors LLC acquired a new position in shares of PENN Entertainment in the first quarter valued at approximately $737,000. CWM LLC grew its stake in PENN Entertainment by 1,055.9% in the 4th quarter. CWM LLC now owns 92,056 shares of the company's stock worth $1,358,000 after acquiring an additional 84,092 shares during the period. Sequoia Financial Advisors LLC acquired a new position in PENN Entertainment in the 4th quarter valued at $6,376,000. Hsbc Holdings PLC lifted its stake in shares of PENN Entertainment by 817.8% during the 1st quarter. Hsbc Holdings PLC now owns 68,439 shares of the company's stock worth $1,031,000 after purchasing an additional 60,982 shares during the period. Finally, Seven Six Capital Management LLC boosted its holdings in shares of PENN Entertainment by 61.1% during the first quarter. Seven Six Capital Management LLC now owns 258,700 shares of the company's stock worth $3,888,000 after purchasing an additional 98,100 shares during the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Price Performance

Shares of PENN stock opened at $18.85 on Tuesday. The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89. PENN Entertainment, Inc. has a 1-year low of $11.65 and a 1-year high of $22.36. The firm has a fifty day moving average of $20.75 and a two-hundred day moving average of $17.03. The firm has a market cap of $2.53 billion, a P/E ratio of -2.96, a P/E/G ratio of 0.38 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.37 by $0.07. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%.The business's revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.12) EPS. As a group, research analysts anticipate that PENN Entertainment, Inc. will post 1.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on PENN shares. Zacks Research raised PENN Entertainment from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 13th. Mizuho set a $28.00 target price on shares of PENN Entertainment in a report on Friday. The Goldman Sachs Group assumed coverage on shares of PENN Entertainment in a research report on Friday, June 26th. They set a "buy" rating and a $26.00 price target for the company. Citigroup raised shares of PENN Entertainment from a "hold" rating to an "overweight" rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of PENN Entertainment in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $23.35.

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.

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