Hsbc Holdings PLC Purchases New Position in Park Hotels & Resorts Inc. $PK

Hsbc Holdings PLC acquired a new position in Park Hotels & Resorts Inc. (NYSE:PK – Free Report) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 377,014 shares of the financial services provider’s stock, valued at approximately $5,372,000.

A number of other hedge funds have also bought and sold shares of PK. Global Retirement Partners LLC bought a new stake in Park Hotels & Resorts during the 2nd quarter valued at $25,000. Danske Bank A S bought a new position in shares of Park Hotels & Resorts in the third quarter worth $25,000. Fifth Third Bancorp boosted its holdings in shares of Park Hotels & Resorts by 68.8% in the first quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 1,061 shares during the period. Advisory Services Network LLC purchased a new position in shares of Park Hotels & Resorts in the third quarter valued at $34,000. Finally, North Star Investment Management Corp. grew its position in shares of Park Hotels & Resorts by 263.2% in the first quarter. North Star Investment Management Corp. now owns 6,210 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 4,500 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

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Park Hotels & Resorts Trading Up 0.8%

Park Hotels & Resorts stock opened at $15.84 on Friday. The stock has a market cap of $3.19 billion, a P/E ratio of -19.08, a PEG ratio of 2.04 and a beta of 1.34. Park Hotels & Resorts Inc. has a fifty-two week low of $9.84 and a fifty-two week high of $16.20. The firm’s fifty day moving average price is $14.86 and its 200-day moving average price is $12.73. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53.

Park Hotels & Resorts (NYSE:PK – Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The business had revenue of $680.00 million for the quarter, compared to analyst estimates of $659.68 million. During the same period in the prior year, the company earned $0.64 EPS. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. Equities research analysts forecast that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 6.3%. Park Hotels & Resorts’s payout ratio is presently -120.48%.

Analyst Ratings Changes

A number of research firms recently issued reports on PK. Truist Financial boosted their price objective on Park Hotels & Resorts from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $18.00 target price on shares of Park Hotels & Resorts in a research note on Friday, August 14th. LADENBURG THALM/SH SH lifted their target price on Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Morgan Stanley upped their price target on Park Hotels & Resorts from $10.50 to $11.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Finally, Barclays increased their price target on shares of Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday. Two investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.08.

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Park Hotels & Resorts Company Profile

(Free Report)

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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