Optas LLC Acquires New Position in Park Hotels & Resorts Inc. $PK

Optas LLC acquired a new stake in Park Hotels & Resorts Inc. (NYSE:PK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,415 shares of the financial services provider’s stock, valued at approximately $117,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Spire Wealth Management increased its holdings in Park Hotels & Resorts by 47.1% in the first quarter. Spire Wealth Management now owns 7,625 shares of the financial services provider’s stock valued at $81,000 after buying an additional 2,440 shares during the last quarter. Strs Ohio bought a new position in shares of Park Hotels & Resorts during the first quarter valued at approximately $5,593,000. Parallel Advisors LLC grew its holdings in shares of Park Hotels & Resorts by 374.8% during the second quarter. Parallel Advisors LLC now owns 29,843 shares of the financial services provider’s stock valued at $305,000 after purchasing an additional 23,558 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Park Hotels & Resorts by 47.2% during the first quarter. Advisors Asset Management Inc. now owns 126,739 shares of the financial services provider’s stock valued at $1,354,000 after purchasing an additional 40,666 shares during the last quarter. Finally, Caxton Associates LLP bought a new position in shares of Park Hotels & Resorts during the first quarter valued at approximately $324,000. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Citigroup lowered Park Hotels & Resorts from a “buy” rating to a “neutral” rating and lowered their target price for the company from $13.00 to $12.00 in a report on Tuesday, September 9th. Wall Street Zen lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, July 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Park Hotels & Resorts in a report on Wednesday. Cantor Fitzgerald assumed coverage on Park Hotels & Resorts in a report on Wednesday, October 1st. They set a “neutral” rating and a $12.00 target price for the company. Finally, UBS Group upped their target price on Park Hotels & Resorts from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Monday. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.00.

Park Hotels & Resorts Stock Performance

Shares of NYSE PK opened at $10.48 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.35. The stock has a 50 day simple moving average of $11.35 and a 200-day simple moving average of $10.72. The company has a market cap of $2.10 billion, a PE ratio of 38.82 and a beta of 1.83. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.23.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. The business had revenue of $672.00 million during the quarter, compared to the consensus estimate of $672.37 million. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%.The business’s revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 earnings per share. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. On average, equities research analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 9.5%. The ex-dividend date is Tuesday, September 30th. Park Hotels & Resorts’s dividend payout ratio is 370.37%.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.