M&T Bank Corp boosted its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK – Free Report) by 487.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 73,271 shares of the financial services provider’s stock after acquiring an additional 60,797 shares during the period. M&T Bank Corp’s holdings in Park Hotels & Resorts were worth $766,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in PK. Sculptor Capital LP raised its stake in shares of Park Hotels & Resorts by 154.1% in the 2nd quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider’s stock valued at $66,844,000 after acquiring an additional 3,962,304 shares during the period. AQR Capital Management LLC raised its stake in shares of Park Hotels & Resorts by 76.7% in the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock valued at $79,230,000 after acquiring an additional 3,361,382 shares during the period. Bank of America Corp DE raised its stake in shares of Park Hotels & Resorts by 34.6% in the 2nd quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider’s stock valued at $131,666,000 after acquiring an additional 3,309,275 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Park Hotels & Resorts in the 3rd quarter valued at $20,905,000. Finally, Allianz Asset Management GmbH lifted its stake in shares of Park Hotels & Resorts by 29.9% during the third quarter. Allianz Asset Management GmbH now owns 4,447,474 shares of the financial services provider’s stock worth $49,278,000 after purchasing an additional 1,023,400 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.
Wall Street Analysts Forecast Growth
PK has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Park Hotels & Resorts from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 3rd. Wall Street Zen upgraded Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Sunday, March 1st. Wells Fargo & Company lowered their price objective on shares of Park Hotels & Resorts from $11.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 24th. Truist Financial increased their price objective on shares of Park Hotels & Resorts from $11.00 to $12.00 and gave the company a “hold” rating in a research report on Thursday, March 26th. Finally, Morgan Stanley set a $10.00 price objective on shares of Park Hotels & Resorts in a research report on Friday, January 16th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.50.
Park Hotels & Resorts Stock Performance
Park Hotels & Resorts stock opened at $11.03 on Tuesday. Park Hotels & Resorts Inc. has a 12-month low of $9.84 and a 12-month high of $12.39. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -10.12, a price-to-earnings-growth ratio of 1.54 and a beta of 1.37. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.25 and a quick ratio of 1.25. The firm’s fifty day moving average price is $10.91 and its 200 day moving average price is $10.91.
Park Hotels & Resorts (NYSE:PK – Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.33). Park Hotels & Resorts had a negative return on equity of 6.71% and a negative net margin of 8.49%.The firm had revenue of $622.00 million for the quarter, compared to analysts’ expectations of $609.78 million. During the same period last year, the firm earned $0.46 EPS. The business’s quarterly revenue was down 1.3% on a year-over-year basis. Park Hotels & Resorts has set its FY 2026 guidance at 1.740-1.900 EPS. On average, research analysts forecast that Park Hotels & Resorts Inc. will post 1.74 EPS for the current fiscal year.
Park Hotels & Resorts Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.00 annualized dividend and a yield of 9.1%. Park Hotels & Resorts’s payout ratio is -91.74%.
About Park Hotels & Resorts
Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.
Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.
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