9,785 Shares in Penn National Gaming, Inc. (NASDAQ:PENN) Bought by M&T Bank Corp

M&T Bank Corp acquired a new position in Penn National Gaming, Inc. (NASDAQ:PENN) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,785 shares of the company’s stock, valued at approximately $711,000.

A number of other large investors have also added to or reduced their stakes in the business. CWM LLC raised its position in Penn National Gaming by 14.5% in the third quarter. CWM LLC now owns 1,670 shares of the company’s stock worth $121,000 after acquiring an additional 212 shares in the last quarter. Modus Advisors LLC raised its position in Penn National Gaming by 4.0% in the third quarter. Modus Advisors LLC now owns 6,092 shares of the company’s stock worth $443,000 after acquiring an additional 233 shares in the last quarter. Trustcore Financial Services LLC raised its position in Penn National Gaming by 75.5% in the third quarter. Trustcore Financial Services LLC now owns 579 shares of the company’s stock worth $42,000 after acquiring an additional 249 shares in the last quarter. Whittier Trust Co. raised its position in Penn National Gaming by 2.1% in the third quarter. Whittier Trust Co. now owns 12,290 shares of the company’s stock worth $893,000 after acquiring an additional 257 shares in the last quarter. Finally, James Investment Research Inc. raised its position in Penn National Gaming by 54.9% in the third quarter. James Investment Research Inc. now owns 880 shares of the company’s stock worth $64,000 after acquiring an additional 312 shares in the last quarter. Hedge funds and other institutional investors own 87.81% of the company’s stock.

Several research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Penn National Gaming from $22.00 to $31.00 and gave the stock a “sell” rating in a research report on Thursday, October 1st. They noted that the move was a valuation call. Jefferies Financial Group raised their price target on Penn National Gaming from $50.00 to $69.00 in a research report on Thursday, October 1st. JPMorgan Chase & Co. cut Penn National Gaming from an “overweight” rating to a “sell” rating and raised their price target for the company from $62.00 to $83.00 in a research report on Wednesday, September 30th. Macquarie cut Penn National Gaming from an “outperform” rating to a “neutral” rating and raised their price target for the company from $56.00 to $66.00 in a research report on Thursday, September 24th. Finally, Barclays raised their price target on Penn National Gaming from $50.00 to $85.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $64.58.

In other Penn National Gaming news, CAO Christine Labombard sold 13,400 shares of the firm’s stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $66.36, for a total value of $889,224.00. Following the sale, the chief accounting officer now directly owns 19,052 shares of the company’s stock, valued at approximately $1,264,290.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Carl Sottosanti sold 63,940 shares of the firm’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $60.23, for a total value of $3,851,106.20. Following the completion of the sale, the executive vice president now directly owns 115,256 shares in the company, valued at $6,941,868.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,340 shares of company stock worth $6,131,330. 1.81% of the stock is owned by corporate insiders.

Penn National Gaming stock opened at $69.88 on Friday. The stock has a 50-day moving average price of $64.41 and a 200 day moving average price of $46.61. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 4.81. Penn National Gaming, Inc. has a 52 week low of $3.75 and a 52 week high of $76.62. The stock has a market cap of $10.85 billion, a PE ratio of -9.48 and a beta of 2.59.

Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.45. Penn National Gaming had a negative return on equity of 15.63% and a negative net margin of 21.16%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the company earned $0.38 EPS. The firm’s quarterly revenue was down 16.6% on a year-over-year basis. On average, equities analysts predict that Penn National Gaming, Inc. will post -0.36 EPS for the current year.

Penn National Gaming Profile

Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through four segments: Northeast, South, West, and Midwest. It also offers live sports betting at its properties in Indiana, Iowa, Mississippi, Nevada, Pennsylvania, and West Virginia; and operates online casino under the name of iCasino in Pennsylvania.

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Institutional Ownership by Quarter for Penn National Gaming (NASDAQ:PENN)

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