Principal Financial Group Inc. Sells 43,616 Shares of PENN Entertainment, Inc. $PENN

Principal Financial Group Inc. trimmed its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 6.1% during the third quarter, HoldingsChannel.com reports. The firm owned 674,304 shares of the company’s stock after selling 43,616 shares during the period. Principal Financial Group Inc.’s holdings in PENN Entertainment were worth $12,987,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cloud Capital Management LLC acquired a new stake in PENN Entertainment during the 3rd quarter worth approximately $54,000. GAMMA Investing LLC increased its position in PENN Entertainment by 22.4% in the 3rd quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock valued at $59,000 after acquiring an additional 556 shares during the period. CWM LLC raised its stake in shares of PENN Entertainment by 89.6% during the third quarter. CWM LLC now owns 7,964 shares of the company’s stock valued at $153,000 after acquiring an additional 3,764 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of PENN Entertainment by 20.9% during the second quarter. PNC Financial Services Group Inc. now owns 8,358 shares of the company’s stock worth $149,000 after purchasing an additional 1,446 shares during the period. Finally, Blue Trust Inc. lifted its holdings in shares of PENN Entertainment by 10.1% during the third quarter. Blue Trust Inc. now owns 10,168 shares of the company’s stock worth $196,000 after purchasing an additional 929 shares during the period. 91.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on PENN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft cut their price objective on PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a research note on Friday, November 7th. Needham & Company LLC reissued a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 7th. Morgan Stanley lowered their price target on shares of PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating for the company in a report on Friday, January 16th. Finally, Citizens Jmp reduced their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating on the stock in a research note on Friday, November 7th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.50.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN opened at $13.88 on Wednesday. PENN Entertainment, Inc. has a twelve month low of $12.19 and a twelve month high of $23.08. The stock’s 50 day moving average is $14.08 and its 200-day moving average is $16.35. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 3.65. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -2.19, a PEG ratio of 0.45 and a beta of 1.39.

Insider Buying and Selling at PENN Entertainment

In other PENN Entertainment news, CFO Felicia Hendrix bought 7,315 shares of the stock in a transaction that occurred on Friday, November 21st. The shares were bought at an average price of $13.79 per share, for a total transaction of $100,873.85. Following the acquisition, the chief financial officer directly owned 119,448 shares of the company’s stock, valued at approximately $1,647,187.92. The trade was a 6.52% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Handler purchased 20,000 shares of the business’s stock in a transaction on Monday, November 17th. The shares were bought at an average price of $14.25 per share, with a total value of $285,000.00. Following the purchase, the director directly owned 362,941 shares in the company, valued at approximately $5,171,909.25. The trade was a 5.83% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 2.67% of the company’s stock.

PENN Entertainment Profile

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.