Fifth Third Bancorp Grows Position in PENN Entertainment, Inc. $PENN

Key Points

• Fifth Third Bancorp boosted its PENN Entertainment stake by 294.5% in Q1, ending with 82,729 shares valued at about $1.24 million.
• Institutional ownership of PENN remains high at 91.69%, and several other investors also recently increased or initiated positions in the stock.
• Wall Street sentiment has improved, with multiple firms upgrading PENN and the consensus rating now at Moderate Buy with an average price target of $22.78.

Fifth Third Bancorp grew its stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 294.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,729 shares of the company's stock after buying an additional 61,757 shares during the quarter. Fifth Third Bancorp owned approximately 0.06% of PENN Entertainment worth $1,243,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PENN. Quarry LP bought a new position in shares of PENN Entertainment during the 4th quarter valued at approximately $36,000. IFP Advisors Inc lifted its holdings in PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock valued at $41,000 after purchasing an additional 1,196 shares in the last quarter. Modus Advisors LLC bought a new position in shares of PENN Entertainment in the fourth quarter worth approximately $47,000. Triumph Capital Management purchased a new stake in shares of PENN Entertainment in the third quarter worth $54,000. Finally, Hantz Financial Services Inc. increased its stake in shares of PENN Entertainment by 385.1% in the fourth quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company's stock worth $55,000 after purchasing an additional 2,954 shares in the last quarter. Institutional investors own 91.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PENN. Jefferies Financial Group reissued a "hold" rating on shares of PENN Entertainment in a report on Thursday, July 2nd. Citigroup upgraded PENN Entertainment from a "hold" rating to an "overweight" rating in a research report on Thursday. Citizens Jmp lifted their target price on PENN Entertainment from $24.00 to $26.00 and gave the company a "market outperform" rating in a research note on Thursday, July 16th. Capital One Financial upgraded PENN Entertainment from an "equal weight" rating to an "overweight" rating and set a $26.00 price target for the company in a research note on Thursday. Finally, Bank of America increased their price objective on shares of PENN Entertainment from $18.00 to $22.00 and gave the company a "neutral" rating in a report on Monday, July 20th. One equities research 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. Based on data from MarketBeat, PENN Entertainment has a consensus rating of "Moderate Buy" and an average target price of $22.78.

PENN Entertainment Trading Up 1.0%

Shares of NASDAQ PENN opened at $20.48 on Friday. PENN Entertainment, Inc. has a 1-year low of $11.65 and a 1-year high of $22.36. The business has a fifty day moving average price of $20.17 and a 200 day moving average price of $16.54. The stock has a market capitalization of $2.74 billion, a P/E ratio of -3.05, a price-to-earnings-growth ratio of 0.38 and a beta of 1.42. The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same period in the prior year, the company posted $0.68 EPS. The firm's quarterly revenue was up 6.4% compared to the same quarter last year. Equities research analysts expect that PENN Entertainment, Inc. will post 1.39 EPS 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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