Donald Smith & CO. Inc. bought a new stake in Park Hotels & Resorts Inc. (NYSE:PK – Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 14,534,708 shares of the financial services provider’s stock, valued at approximately $207,120,000. Park Hotels & Resorts comprises about 3.7% of Donald Smith & CO. Inc.’s investment portfolio, making the stock its 7th biggest holding. Donald Smith & CO. Inc. owned approximately 0.07% of Park Hotels & Resorts as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Amundi grew its holdings in Park Hotels & Resorts by 1.9% in the 1st quarter. Amundi now owns 115,143 shares of the financial services provider’s stock valued at $1,119,000 after buying an additional 2,179 shares during the period. Millennium Management LLC lifted its holdings in shares of Park Hotels & Resorts by 849.3% during the 1st quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider’s stock worth $5,595,000 after acquiring an additional 468,668 shares during the period. United Services Automobile Association acquired a new stake in shares of Park Hotels & Resorts in the first quarter worth approximately $152,000. Empowered Funds LLC boosted its position in shares of Park Hotels & Resorts by 10.1% in the first quarter. Empowered Funds LLC now owns 22,380 shares of the financial services provider’s stock worth $239,000 after acquiring an additional 2,058 shares during the last quarter. Finally, Focus Partners Wealth grew its holdings in Park Hotels & Resorts by 30.6% in the first quarter. Focus Partners Wealth now owns 18,646 shares of the financial services provider’s stock valued at $199,000 after purchasing an additional 4,374 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.
Park Hotels & Resorts Trading Down 0.1%
NYSE:PK opened at $15.81 on Friday. The business’s 50-day moving average is $14.73 and its two-hundred day moving average is $12.57. The firm has a market capitalization of $3.18 billion, a PE ratio of -19.05, a price-to-earnings-growth ratio of 2.09 and a beta of 1.34. Park Hotels & Resorts Inc. has a 12 month low of $9.84 and a 12 month high of $15.97. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.53 and a quick ratio of 1.53.
Park Hotels & Resorts Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date is Wednesday, September 30th. Park Hotels & Resorts’s dividend payout ratio is currently -120.48%.
Wall Street Analysts Forecast Growth
PK has been the subject of several research analyst reports. LADENBURG THALM/SH SH upped their price target on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Cantor Fitzgerald lifted their price target on shares of Park Hotels & Resorts from $12.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Morgan Stanley boosted their price objective on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Truist Financial upped their price objective on Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Finally, JPMorgan Chase & Co. increased their target price on Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.92.
Get Our Latest Stock Analysis on Park Hotels & Resorts
Park Hotels & Resorts Company Profile
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.
Featured Articles
- Five stocks we like better than Park Hotels & Resorts
- Blueprint for a Boom: SEC Clears the Crypto Runway
- Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss
- Advance Auto Parts Plunged, But Its Turnaround Is Still Working
- Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates?
Want to see what other hedge funds are holding PK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Park Hotels & Resorts Inc. (NYSE:PK – Free Report).
Receive News & Ratings for Park Hotels & Resorts Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Park Hotels & Resorts and related companies with MarketBeat.com's FREE daily email newsletter.
