December 1, 2016 / 1:22 PM / in a year

BUZZ-Penn National Gaming Inc: Lower on block sale

** Casino operator Penn National Gaming shares down 3 pct in light volume premarket on sale by existing holder(s)

** Market sources say Morgan Stanley re-offering a block of 7 mln shares in range of $12.70-$12.85, a 3.2-4.4 pct discount to stock’s last sale; seller(s) not known at this time

** Transaction represents about 7 days of trading volume; Penn National has about 83.5 mln shares outstanding, according to Thomson Reuters data

** Research sentiment skewed bullish: 9 analysts rate PENN a “buy” or higher, 3 “hold”, no sell recommendations; median PT $18

** Co’s stock closed at $13.28 on Weds, down 17 pct YTD

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