M&T Bank Corp Has $183,000 Position in PENN Entertainment, Inc. (NASDAQ:PENN)

M&T Bank Corp lowered its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 14.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,199 shares of the company’s stock after selling 1,845 shares during the quarter. M&T Bank Corp’s holdings in PENN Entertainment were worth $183,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PENN. Proficio Capital Partners LLC acquired a new stake in PENN Entertainment during the fourth quarter worth approximately $596,000. Swiss National Bank grew its position in PENN Entertainment by 0.6% during the fourth quarter. Swiss National Bank now owns 269,284 shares of the company’s stock worth $5,337,000 after buying an additional 1,500 shares in the last quarter. Lee Danner & Bass Inc. acquired a new stake in PENN Entertainment during the fourth quarter worth approximately $92,000. Virtu Financial LLC acquired a new stake in PENN Entertainment during the fourth quarter worth approximately $272,000. Finally, AXQ Capital LP acquired a new stake in PENN Entertainment during the fourth quarter worth approximately $911,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Stock Down 1.1%

Shares of NASDAQ:PENN opened at $18.05 on Friday. The firm has a market cap of $2.73 billion, a P/E ratio of -29.11 and a beta of 1.61. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 2.35. PENN Entertainment, Inc. has a 12-month low of $13.25 and a 12-month high of $23.08. The business has a fifty day simple moving average of $16.71 and a 200 day simple moving average of $17.64.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $1.71 billion. During the same period last year, the company earned ($0.76) EPS. PENN Entertainment’s revenue for the quarter was up 4.1% compared to the same quarter last year. Analysts predict that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Insider Transactions at PENN Entertainment

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on PENN. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research report on Monday, May 19th. Stifel Nicolaus upped their target price on PENN Entertainment from $17.00 to $19.00 and gave the stock a “hold” rating in a research note on Friday, July 11th. Mizuho cut 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. Canaccord Genuity Group cut their target price on PENN Entertainment from $28.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Finally, Susquehanna restated a “positive” rating and set a $25.00 target price (up from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.18.

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.