Wells Fargo & Company MN increased its position in shares of Park Hotels & Resorts Inc (NYSE:PK) by 4.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 179,050 shares of the financial services provider’s stock after acquiring an additional 7,438 shares during the quarter. Wells Fargo & Company MN owned about 0.09% of Park Hotels & Resorts worth $4,935,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Meridian Wealth Management LLC bought a new position in Park Hotels & Resorts in the first quarter valued at approximately $32,000. Advisory Services Network LLC lifted its stake in Park Hotels & Resorts by 68.5% in the second quarter. Advisory Services Network LLC now owns 1,436 shares of the financial services provider’s stock valued at $40,000 after buying an additional 584 shares in the last quarter. Penserra Capital Management LLC bought a new position in Park Hotels & Resorts in the first quarter valued at approximately $56,000. NEXT Financial Group Inc lifted its stake in Park Hotels & Resorts by 4,000.0% in the second quarter. NEXT Financial Group Inc now owns 2,050 shares of the financial services provider’s stock valued at $56,000 after buying an additional 2,000 shares in the last quarter. Finally, Advisor Group Inc. lifted its stake in Park Hotels & Resorts by 34.2% in the second quarter. Advisor Group Inc. now owns 2,375 shares of the financial services provider’s stock valued at $66,000 after buying an additional 605 shares in the last quarter.
A number of research analysts have weighed in on PK shares. Deutsche Bank set a $33.00 price target on shares of Park Hotels & Resorts and gave the company a “hold” rating in a research note on Wednesday, July 31st. TheStreet lowered shares of Park Hotels & Resorts from a “b-” rating to a “c” rating in a research report on Wednesday, June 5th. Evercore ISI raised shares of Park Hotels & Resorts from an “in-line” rating to an “outperform” rating and cut their price objective for the stock from $33.00 to $31.00 in a research report on Thursday, September 12th. Capital One Financial assumed coverage on shares of Park Hotels & Resorts in a research report on Tuesday, June 25th. They issued an “overweight” rating and a $34.00 price objective on the stock. Finally, Citigroup cut their price objective on shares of Park Hotels & Resorts from $31.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $30.82.
Shares of PK stock traded down $0.13 during trading on Thursday, reaching $25.89. The company’s stock had a trading volume of 45,654 shares, compared to its average volume of 2,068,869. The business has a fifty day moving average price of $24.46 and a 200-day moving average price of $28.34. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.56. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 8.74, a price-to-earnings-growth ratio of 2.32 and a beta of 1.31. Park Hotels & Resorts Inc has a one year low of $23.02 and a one year high of $33.74.
Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.42). The business had revenue of $703.00 million during the quarter, compared to the consensus estimate of $694.08 million. Park Hotels & Resorts had a return on equity of 5.06% and a net margin of 10.52%. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.93 EPS. Research analysts anticipate that Park Hotels & Resorts Inc will post 2.87 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, September 27th. This represents a $1.80 dividend on an annualized basis and a yield of 6.95%. Park Hotels & Resorts’s payout ratio is 60.81%.
Park Hotels & Resorts Company Profile
Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 52 premium-branded hotels and resorts with over 30,000 rooms, a substantial portion of which are located in prime United States markets with high barriers to entry.
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