Principal Financial Group Inc. Has $12.99 Million Stock Holdings in PENN Entertainment, Inc. $PENN

Principal Financial Group Inc. decreased its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 6.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 674,304 shares of the company’s stock after selling 43,616 shares during the period. Principal Financial Group Inc. owned approximately 0.46% of PENN Entertainment worth $12,987,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cloud Capital Management LLC bought a new stake in PENN Entertainment in the third quarter valued at about $54,000. GAMMA Investing LLC grew its position in shares of PENN Entertainment by 22.4% during the 3rd quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock worth $59,000 after buying an additional 556 shares during the period. PNC Financial Services Group Inc. grew its position in shares of PENN Entertainment by 20.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,358 shares of the company’s stock worth $149,000 after buying an additional 1,446 shares during the period. CWM LLC increased its stake in shares of PENN Entertainment by 89.6% in the 3rd 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. Finally, Blue Trust Inc. raised its position in shares of PENN Entertainment by 10.1% in the 3rd quarter. Blue Trust Inc. now owns 10,168 shares of the company’s stock valued at $196,000 after acquiring an additional 929 shares during the period. 91.69% of the stock is currently owned by institutional investors.

Insider Activity

In other PENN Entertainment news, CFO Felicia Hendrix purchased 7,315 shares of the business’s stock in a transaction on Friday, November 21st. The stock was acquired at an average price of $13.79 per share, with a total value of $100,873.85. Following the acquisition, the chief financial officer directly owned 119,448 shares of the company’s stock, valued at $1,647,187.92. This trade represents a 6.52% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gupta Vimla Black sold 7,987 shares of the business’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $14.51, for a total value of $115,891.37. Following the completion of the sale, the director owned 25,000 shares of the company’s stock, valued at $362,750. This trade represents a 24.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.67% of the company’s stock.

PENN Entertainment Trading Up 2.1%

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating for the company in a report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday, December 29th. Canaccord Genuity Group lowered their price objective on shares of PENN Entertainment from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 7th. Finally, Morgan Stanley reduced their target price on PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, January 16th. 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. Based on data from MarketBeat.com, PENN Entertainment presently has an average rating of “Hold” and a consensus target price of $20.50.

About PENN Entertainment

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.