Raymond James Financial Inc. Lowers Stock Position in PENN Entertainment, Inc. $PENN

Raymond James Financial Inc. decreased its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 52.8% 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 423,689 shares of the company's stock after selling 474,606 shares during the quarter. Raymond James Financial Inc. owned approximately 0.28% of PENN Entertainment worth $6,910,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PENN. GAMMA Investing LLC grew its stake in shares of PENN Entertainment by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock worth $43,000 after acquiring an additional 736 shares in the last quarter. Byrne Asset Management LLC grew its stake in shares of PENN Entertainment by 201.1% in the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock worth $44,000 after acquiring an additional 1,810 shares in the last quarter. Signaturefd LLC grew its stake in shares of PENN Entertainment by 1,371.6% in the 1st quarter. Signaturefd LLC now owns 7,211 shares of the company's stock worth $118,000 after acquiring an additional 6,721 shares in the last quarter. KBC Group NV grew its stake in shares of PENN Entertainment by 42.2% in the 1st quarter. KBC Group NV now owns 7,824 shares of the company's stock worth $128,000 after acquiring an additional 2,323 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of PENN Entertainment by 56.0% in the 1st quarter. Blue Trust Inc. now owns 8,839 shares of the company's stock worth $144,000 after acquiring an additional 3,174 shares in the last quarter. Institutional investors own 91.69% of the company's stock.

Insider Activity

In other news, Director David A. Handler purchased 20,000 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased at an average cost of $16.96 per share, with a total value of $339,200.00. Following the completion of the acquisition, the director owned 342,941 shares in the company, valued at $5,816,279.36. This represents a 6.19% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PENN shares. JPMorgan Chase & Co. started coverage on shares of PENN Entertainment in a research note on Monday, June 23rd. They issued an "overweight" rating and a $24.00 target price for the company. Needham & Company LLC reduced their price target on shares of PENN Entertainment from $25.00 to $22.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Citigroup restated an "outperform" rating on shares of PENN Entertainment in a research report on Friday, August 8th. Citizens Jmp upgraded shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price target for the company in a research report on Thursday, June 26th. Finally, Morgan Stanley restated a "sell" rating on shares of PENN Entertainment in a research report on Friday, July 11th. Eleven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.25.

PENN Entertainment Stock Performance

NASDAQ:PENN traded up $0.82 on Friday, reaching $20.47. 4,451,542 shares of the company's stock were exchanged, compared to its average volume of 3,281,163. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of -36.55 and a beta of 1.41. PENN Entertainment, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08. The stock has a fifty day simple moving average of $18.51 and a 200-day simple moving average of $17.20.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.14. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the business earned ($0.18) earnings per share. The company's quarterly revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts predict that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

PENN Entertainment Profile

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.