Bank of New York Mellon Corp Makes New $16.71 Million Investment in PENN Entertainment, Inc. $PENN

Key Points

• Bank of New York Mellon acquired 782,477 shares of PENN Entertainment worth approximately $16.71 million, representing about 0.58% of the company. Institutional investors collectively own 91.69% of PENN.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $23.53. Ratings range from Goldman Sachs’ $26 buy target to Morgan Stanley’s underperform view.
• PENN shares opened at $16.71 after declining 3.7%; the company’s latest quarterly results exceeded expectations, with EPS of $0.44 versus the $0.37 consensus and revenue up 5.2% year over year to $1.86 billion.

Bank of New York Mellon Corp acquired a new stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 782,477 shares of the company's stock, valued at approximately $16,714,000. Bank of New York Mellon Corp owned about 0.58% of PENN Entertainment at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PENN. Focus Partners Advisor Solutions LLC bought a new stake in PENN Entertainment during the second quarter worth $281,000. State of Wyoming purchased a new stake in shares of PENN Entertainment in the second quarter valued at about $471,000. GSA Capital Partners LLP bought a new position in shares of PENN Entertainment during the second quarter valued at about $502,000. Oppenheimer Asset Management Inc. purchased a new position in PENN Entertainment during the second quarter worth about $295,000. Finally, Assenagon Asset Management S.A. increased its stake in PENN Entertainment by 47.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 180,310 shares of the company's stock valued at $3,851,000 after buying an additional 58,174 shares during the last quarter. Institutional investors own 91.69% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PENN shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PENN Entertainment in a report on Wednesday, June 24th. Zacks Research lowered PENN Entertainment from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Jefferies Financial Group reissued a "hold" rating and issued a $22.00 price target on shares of PENN Entertainment in a report on Friday, August 7th. The Goldman Sachs Group initiated coverage on shares of PENN Entertainment in a research note on Friday, June 26th. They issued a "buy" rating and a $26.00 target price on the stock. Finally, Morgan Stanley restated an "underperform" rating on shares of PENN Entertainment in a research note on Wednesday, August 12th. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.53.

PENN Entertainment Trading Down 3.7%

PENN stock opened at $16.71 on Tuesday. The company has a market capitalization of $2.24 billion, a PE ratio of -2.63, a price-to-earnings-growth ratio of 0.45 and a beta of 1.43. The company's 50 day moving average price is $20.01 and its two-hundred day moving average price is $17.54. PENN Entertainment, Inc. has a one year low of $11.65 and a one year high of $22.36. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.07. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%.The business had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.86 billion. During the same period in the previous year, the firm earned ($0.12) EPS. The business's quarterly revenue was up 5.2% on a year-over-year basis. As a group, analysts predict that PENN Entertainment, Inc. will post 1.19 earnings per share for the current fiscal year.

About PENN Entertainment

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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