Principal Financial Group Inc. Sells 29,355 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Principal Financial Group Inc. lowered its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 4.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 704,485 shares of the company's stock after selling 29,355 shares during the quarter. Principal Financial Group Inc. owned about 0.46% of PENN Entertainment worth $13,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Driehaus Capital Management LLC purchased a new position in shares of PENN Entertainment during the 2nd quarter worth approximately $4,535,000. Virtu Financial LLC purchased a new stake in PENN Entertainment in the first quarter worth $1,098,000. Cetera Advisors LLC raised its holdings in PENN Entertainment by 184.3% in the first quarter. Cetera Advisors LLC now owns 60,708 shares of the company's stock worth $1,105,000 after purchasing an additional 39,356 shares in the last quarter. Axxcess Wealth Management LLC lifted its position in PENN Entertainment by 300.5% during the first quarter. Axxcess Wealth Management LLC now owns 36,975 shares of the company's stock valued at $673,000 after buying an additional 27,743 shares during the period. Finally, Public Sector Pension Investment Board bought a new stake in shares of PENN Entertainment during the 2nd quarter valued at $6,363,000. 91.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on PENN shares. Wells Fargo & Company increased their price target on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 17th. Needham & Company LLC reiterated a "buy" rating and set a $26.00 target price on shares of PENN Entertainment in a report on Friday, November 8th. Barclays cut their price target on PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th. Bank of America began coverage on PENN Entertainment in a research report on Wednesday. They set a "neutral" rating and a $22.00 price objective for the company. Finally, Benchmark reissued a "hold" rating on shares of PENN Entertainment in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $23.29.

PENN Entertainment Stock Performance

Shares of PENN traded down $0.16 during trading hours on Friday, hitting $20.78. The stock had a trading volume of 2,045,595 shares, compared to its average volume of 2,797,888. PENN Entertainment, Inc. has a 12 month low of $13.50 and a 12 month high of $27.20. The firm has a market capitalization of $3.17 billion, a PE ratio of -5.85 and a beta of 2.09. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a fifty day moving average price of $19.26 and a 200 day moving average price of $18.48.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the business posted $1.21 earnings per share. The firm's quarterly revenue was up 1.2% compared to the same quarter last year. Analysts anticipate that PENN Entertainment, Inc. will post -1.53 EPS for the current year.

Insider Transactions at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 54,200 shares of the business's stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now owns 853,045 shares of the company's stock, valued at approximately $15,730,149.80. This trade represents a 6.78 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Anuj Dhanda purchased 15,000 shares of PENN Entertainment stock in a transaction on Friday, September 6th. The stock was bought at an average price of $18.40 per share, with a total value of $276,000.00. Following the transaction, the director now owns 31,523 shares of the company's stock, valued at approximately $580,023.20. This represents a 90.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 79,200 shares of company stock worth $1,450,548 in the last three months. Corporate insiders own 2.19% of the company's stock.

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.