Bank of America Reiterates Hold Rating for Penn National Gaming (PENN)

Bank of America reissued their hold rating on shares of Penn National Gaming (NASDAQ:PENN) in a report issued on Tuesday morning. They currently have a $31.00 target price on the stock.

Other equities analysts have also issued reports about the company. ValuEngine raised Penn National Gaming from a hold rating to a buy rating in a research note on Tuesday, October 2nd. SunTrust Banks started coverage on Penn National Gaming in a research note on Tuesday, October 2nd. They issued a buy rating and a $39.00 price target on the stock. Jefferies Financial Group set a $40.00 price target on Penn National Gaming and gave the company a buy rating in a research note on Friday, July 27th. BidaskClub raised Penn National Gaming from a hold rating to a buy rating in a research note on Friday, June 22nd. Finally, Morgan Stanley boosted their price target on Penn National Gaming from $31.00 to $36.00 and gave the company an equal weight rating in a research note on Tuesday, June 26th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $36.08.

PENN traded down $0.23 during trading on Tuesday, hitting $29.58. The company’s stock had a trading volume of 13,006 shares, compared to its average volume of 2,967,521. Penn National Gaming has a twelve month low of $23.92 and a twelve month high of $36.90. The company has a debt-to-equity ratio of 162.63, a quick ratio of 0.63 and a current ratio of 0.63. The firm has a market cap of $2.75 billion, a PE ratio of 3.31, a price-to-earnings-growth ratio of 1.45 and a beta of 1.61.

Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, July 26th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.08. Penn National Gaming had a return on equity of 268.43% and a net margin of 18.02%. The firm had revenue of $826.91 million for the quarter, compared to analyst estimates of $840.15 million. During the same period in the previous year, the firm earned $0.18 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. Research analysts predict that Penn National Gaming will post 2.06 EPS for the current fiscal year.

In other news, CEO Timothy J. Wilmott bought 100,000 shares of the stock in a transaction dated Wednesday, August 15th. The shares were bought at an average cost of $30.85 per share, with a total value of $3,085,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Saul Reibstein sold 6,694 shares of the company’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $35.00, for a total value of $234,290.00. Following the transaction, the director now directly owns 25,642 shares in the company, valued at $897,470. The disclosure for this sale can be found here. 10.56% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. SeaCrest Wealth Management LLC bought a new stake in Penn National Gaming during the second quarter worth $128,000. Connable Office Inc. bought a new stake in Penn National Gaming during the second quarter worth $208,000. PHH Investments Ltd. bought a new stake in Penn National Gaming during the second quarter worth $252,000. Commonwealth Equity Services LLC bought a new stake in Penn National Gaming during the second quarter worth $275,000. Finally, Meeder Asset Management Inc. grew its holdings in Penn National Gaming by 19.4% during the second quarter. Meeder Asset Management Inc. now owns 10,757 shares of the company’s stock worth $361,000 after buying an additional 1,745 shares in the last quarter. Institutional investors and hedge funds own 99.21% of the company’s stock.

About Penn National Gaming

Penn National Gaming, Inc owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through Northeast, South/West, and Midwest segments. As of December 31, 2017, it operated 27 facilities in 17 jurisdictions, including California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada.

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