Trek Financial LLC Takes $246,000 Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Trek Financial LLC acquired a new stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 15,101 shares of the company's stock, valued at approximately $246,000.

Several other institutional investors and hedge funds have also made changes to their positions in PENN. Envestnet Asset Management Inc. boosted its holdings in PENN Entertainment by 8.5% during the first quarter. Envestnet Asset Management Inc. now owns 341,361 shares of the company's stock worth $5,568,000 after buying an additional 26,606 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in PENN Entertainment by 2.4% during the first quarter. Principal Financial Group Inc. now owns 742,899 shares of the company's stock worth $12,117,000 after buying an additional 17,752 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in PENN Entertainment in the 1st quarter worth approximately $344,000. J.Safra Asset Management Corp boosted its stake in PENN Entertainment by 6.7% in the 1st quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company's stock worth $226,000 after purchasing an additional 877 shares during the period. Finally, KBC Group NV boosted its stake in 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 purchasing an additional 2,323 shares during the period. 91.69% of the stock is currently owned by institutional investors.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, CEO Jay A. Snowden bought 34,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was purchased at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the purchase, the chief executive officer owned 1,082,625 shares in the company, valued at approximately $15,914,587.50. The trade was a 3.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David A. Handler purchased 10,000 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average price of $14.83 per share, for a total transaction of $148,300.00. Following the completion of the acquisition, the director owned 322,941 shares of the company's stock, valued at approximately $4,789,215.03. This represents a 3.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PENN has been the subject of a number of research analyst reports. Benchmark reiterated a "hold" rating on shares of PENN Entertainment in a research report on Monday, May 19th. Mizuho decreased their target price on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. Citigroup upgraded PENN Entertainment to an "outperform" rating in a research note on Thursday, June 26th. Citizens Jmp raised PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective on the stock in a report on Thursday, June 26th. Finally, Morgan Stanley decreased their price objective on PENN Entertainment from $17.50 to $16.50 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $23.15.

PENN Entertainment Trading Up 4.6%

Shares of NASDAQ PENN traded up $0.84 during midday trading on Thursday, hitting $19.30. The stock had a trading volume of 9,573,448 shares, compared to its average volume of 3,859,587. The company's 50-day simple moving average is $16.37 and its 200 day simple moving average is $17.67. The firm has a market cap of $2.91 billion, a P/E ratio of -31.13 and a beta of 1.61. PENN Entertainment, Inc. has a fifty-two week low of $13.25 and a fifty-two week high of $23.08. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, topping analysts' consensus estimates of ($0.29) by $0.04. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The business had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.71 billion. During the same period in the previous year, the firm earned ($0.76) earnings per share. The firm's quarterly revenue was up 4.1% compared to the same quarter last year. Research analysts anticipate that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

About PENN Entertainment

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.