Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Ticker Symbol and Holders of Record
Our common stock is quoted on the NASDAQ Global Select Market under the symbol “PENN.” As of February 19, 2024, there were 1,525 holders of record of our common stock.
Dividends
Since our initial public offering of common stock in May 1994, we have not paid any cash dividends on our common stock. We intend to retain all of our earnings to finance the development of our business, and thus, do not anticipate paying cash dividends on our common stock for the foreseeable future. Payment of any cash dividends in the future will be at the discretion of our Board of Directors and will depend upon, among other things, our future earnings, operations and capital requirements, our general financial condition and general business conditions. In addition, our Amended Credit Facilities and senior unsecured notes limit, among other things, our ability to pay dividends. Future financing arrangements may also prohibit the payment of dividends under certain conditions.
Sales of Unregistered Equity Securities
We have not sold any equity securities during the year ended December 31, 2023 that were not previously disclosed in a quarterly report on Form 10-Q or a current report on Form 8-K that was filed during the year.
31
Table of Contents
On February 17, 2023, the Company issued 2,442,809 shares of our common stock in conjunction with the Barstool Acquisition (as defined and described in Note 7, “Investments in and Advances to Unconsolidated Affiliates” in the notes to our Consolidated Financial Statements). The issuances were exempt from registration pursuant to Section 4(a)(2) of the Securities Act.
Purchases of Equity Securities
On February 1, 2022, our Board of Directors authorized the repurchase of up to $750.0 million of our common stock from time to time on the open market or in privately negotiated transactions (the “February 2022 Authorization”). The repurchase authorization expires on January 31, 2025. On December 6, 2022, our Board of Directors authorized an additional $750.0 million program for such repurchases, which expires on December 31, 2025 (the “December 2022 Authorization”). The Company utilized the capacity under the February 2022 Authorization prior to effecting any repurchases under the December 2022 Authorization. Stock repurchases, if any, will be funded using our available liquidity. The timing and amount of stock repurchases, if any, will depend on a variety of factors, including but not limited to, market conditions and corporate and regulatory considerations. As of December 31, 2023, we have repurchased a total of 5,438,221 shares of our common stock at an average price of $27.54.
We did not repurchase any shares of our common stock during the fourth quarter of the year ended December 31, 2023. As of December 31, 2023, the remaining availability under our December 2022 Authorization was $749.5 million.
32
Table of Contents
Stock Performance Graph
The following graph compares the cumulative total shareholder return for the Company's Common Stock since December 31, 2018 to the total returns of the S&P 500 Index and the Russell 3000 Casino and Gambling Index. The comparative returns shown in the graph assumes the investment of $100 in the Company’s Common Stock, the S&P 500 Index, and the Russell 3000 Casino and Gambling Index on December 31, 2018.
Period Ending December 31,
Index 2018 2019 2020 2021 2022 2023
PENN Entertainment, Inc. $ 100.00 $ 135.74 $ 458.68 $ 275.36 $ 157.73 $ 138.18
S&P 500 $ 100.00 $ 131.49 $ 155.68 $ 200.37 $ 164.08 $ 207.21
Russell 3000 Casino and Gambling Index $ 100.00 $ 144.53 $ 162.37 $ 160.01 $ 119.75 $ 150.70
A. Cumulative total return assumes reinvestment of all dividends paid during the measurement period.
B. The Company has not paid any cash dividends on its Common Stock during this period.
C. The index is reweighted daily using the market capitalization on the previous trading day.
D. If the last day of the applicable year is not a trading day, the preceding trading day is used.
E. Historical returns are not indicative of future returns.
ITEM 6. RESERVED