Ronald Blue Trust Inc. Trims Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Posted by Defense World Staff on Oct 1st, 2023

Ronald Blue Trust Inc. lowered its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN – Free Report) by 88.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,007 shares of the company’s stock after selling 8,093 shares during the period. Ronald Blue Trust Inc.’s holdings in PENN Entertainment were worth $30,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of PENN Entertainment in the fourth quarter valued at approximately $59,504,000. Renaissance Technologies LLC lifted its stake in shares of PENN Entertainment by 79.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,789,038 shares of the company’s stock worth $75,891,000 after acquiring an additional 791,500 shares during the period. Earnest Partners LLC boosted its holdings in shares of PENN Entertainment by 42.8% in the first quarter. Earnest Partners LLC now owns 1,662,997 shares of the company’s stock valued at $70,544,000 after acquiring an additional 498,084 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of PENN Entertainment by 8,822.2% during the first quarter. Federated Hermes Inc. now owns 453,784 shares of the company’s stock worth $19,250,000 after acquiring an additional 448,698 shares during the period. Finally, First Trust Advisors LP raised its holdings in PENN Entertainment by 170.3% during the first quarter. First Trust Advisors LP now owns 592,576 shares of the company’s stock worth $17,576,000 after purchasing an additional 373,380 shares in the last quarter. 82.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at PENN Entertainment

In related news, CFO Felicia Hendrix bought 11,162 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were acquired at an average cost of $22.41 per share, with a total value of $250,140.42. Following the completion of the transaction, the chief financial officer now owns 27,975 shares of the company’s stock, valued at $626,919.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on PENN shares. Craig Hallum cut PENN Entertainment from a “buy” rating to a “hold” rating and dropped their target price for the stock from $56.00 to $30.00 in a research report on Thursday, August 10th. Barclays raised their target price on PENN Entertainment from $33.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, August 10th. StockNews.com cut shares of PENN Entertainment from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Truist Financial downgraded shares of PENN Entertainment from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $33.00 to $30.00 in a report on Thursday, August 10th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of PENN Entertainment from $30.00 to $29.00 in a research report on Thursday, August 10th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $36.67.

Check Out Our Latest Report on PENN

PENN Entertainment Stock Performance

Shares of PENN opened at $22.95 on Friday. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 5.24, a PEG ratio of 4.32 and a beta of 2.19. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.39 and a current ratio of 1.41. PENN Entertainment, Inc. has a 1 year low of $21.32 and a 1 year high of $39.35. The company’s 50 day simple moving average is $23.73 and its 200 day simple moving average is $25.67.

PENN Entertainment (NASDAQ:PENN – Get Free Report) last posted its quarterly earnings data on Wednesday, August 9th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.09. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.66 billion. PENN Entertainment had a return on equity of 7.10% and a net margin of 11.24%. The business’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 earnings per share. On average, sell-side analysts predict that PENN Entertainment, Inc. will post 1.16 EPS for the current year.

PENN Entertainment Profile

(Free Report)

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