Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Park Hotels & Resorts Inc. (NYSE:PK – Get Rating) by 6.2% in the 1st quarter, Holdings Channel reports. The firm owned 93,326 shares of the financial services provider’s stock after buying an additional 5,477 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Park Hotels & Resorts were worth $1,823,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. State of Michigan Retirement System lifted its stake in Park Hotels & Resorts by 1.2% in the fourth quarter. State of Michigan Retirement System now owns 59,965 shares of the financial services provider’s stock worth $1,132,000 after purchasing an additional 700 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Park Hotels & Resorts by 166.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,518 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 948 shares during the last quarter. Crossmark Global Holdings Inc. lifted its stake in Park Hotels & Resorts by 5.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 19,831 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 1,080 shares during the last quarter. Pictet Asset Management SA lifted its stake in Park Hotels & Resorts by 1.9% in the fourth quarter. Pictet Asset Management SA now owns 89,885 shares of the financial services provider’s stock worth $1,697,000 after purchasing an additional 1,692 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in Park Hotels & Resorts by 2.1% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 96,955 shares of the financial services provider’s stock worth $1,865,000 after purchasing an additional 1,961 shares during the last quarter. 90.60% of the stock is owned by institutional investors and hedge funds.
Shares of PK opened at $13.77 on Friday. Park Hotels & Resorts Inc. has a 12-month low of $12.90 and a 12-month high of $21.62. The company has a 50-day moving average of $16.57 and a two-hundred day moving average of $18.08. The stock has a market cap of $3.21 billion, a P/E ratio of -10.05 and a beta of 1.94. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 1.09.
Park Hotels & Resorts (NYSE:PK – Get Rating) last released its quarterly earnings data on Monday, May 2nd. The financial services provider reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.21). Park Hotels & Resorts had a negative return on equity of 7.37% and a negative net margin of 19.45%. The business had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $420.53 million. During the same quarter in the prior year, the firm earned ($0.48) earnings per share. Park Hotels & Resorts’s quarterly revenue was up 190.3% compared to the same quarter last year. As a group, analysts forecast that Park Hotels & Resorts Inc. will post 1.48 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a dividend of $0.01 per share. The ex-dividend date is Wednesday, June 29th. This represents a $0.04 annualized dividend and a yield of 0.29%. Park Hotels & Resorts’s payout ratio is -2.92%.
In other news, Director Thomas D. Eckert purchased 10,000 shares of the stock in a transaction dated Tuesday, June 14th. The stock was acquired at an average price of $15.12 per share, for a total transaction of $151,200.00. Following the completion of the transaction, the director now owns 96,637 shares of the company’s stock, valued at $1,461,151.44. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 1.09% of the stock is currently owned by corporate insiders.
Several research firms have recently weighed in on PK. Barclays decreased their price target on shares of Park Hotels & Resorts from $22.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday. Jefferies Financial Group lowered shares of Park Hotels & Resorts from a “buy” rating to a “hold” rating and cut their price objective for the company from $25.00 to $19.00 in a report on Wednesday, March 30th. StockNews.com raised shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Tuesday, May 3rd. Truist Financial raised shares of Park Hotels & Resorts from a “hold” rating to a “buy” rating and boosted their price objective for the company from $19.00 to $22.00 in a report on Wednesday, June 1st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Park Hotels & Resorts from $26.00 to $28.00 in a research report on Tuesday, May 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $21.29.
About Park Hotels & Resorts (Get Rating)
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 currently consists of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations.
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