Verition Fund Management LLC Increases Stock Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

Verition Fund Management LLC increased its holdings in Park Hotels & Resorts Inc. (NYSE:PKGet Rating) by 76.6% in the first quarter, HoldingsChannel.com reports. The fund owned 48,934 shares of the financial services provider’s stock after acquiring an additional 21,231 shares during the period. Verition Fund Management LLC’s holdings in Park Hotels & Resorts were worth $956,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PK. Rockefeller Capital Management L.P. lifted its position in Park Hotels & Resorts by 166.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,518 shares of the financial services provider’s stock valued at $28,000 after buying an additional 948 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in Park Hotels & Resorts during the fourth quarter valued at $43,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in Park Hotels & Resorts by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,883 shares of the financial services provider’s stock valued at $57,000 after buying an additional 1,022 shares during the period. Prospera Financial Services Inc purchased a new position in Park Hotels & Resorts during the first quarter valued at $133,000. Finally, Wetherby Asset Management Inc. purchased a new position in Park Hotels & Resorts during the fourth quarter valued at $193,000. Hedge funds and other institutional investors own 91.73% of the company’s stock.

Park Hotels & Resorts Stock Down 5.3 %

PK stock opened at $13.00 on Thursday. Park Hotels & Resorts Inc. has a twelve month low of $12.90 and a twelve month high of $21.62. The company has a quick ratio of 3.26, a current ratio of 3.26 and a debt-to-equity ratio of 1.09. The stock has a market cap of $3.03 billion, a P/E ratio of -59.09 and a beta of 1.94. The business’s 50-day moving average price is $14.70 and its 200-day moving average price is $16.54.

Park Hotels & Resorts (NYSE:PKGet Rating) last posted its quarterly earnings data on Wednesday, August 3rd. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.19. Park Hotels & Resorts had a negative return on equity of 1.38% and a negative net margin of 2.93%. The firm had revenue of $695.00 million for the quarter, compared to analysts’ expectations of $661.19 million. On average, equities research analysts forecast that Park Hotels & Resorts Inc. will post 1.49 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.04 dividend on an annualized basis and a yield of 0.31%. Park Hotels & Resorts’s dividend payout ratio is presently -18.18%.

Wall Street Analysts Forecast Growth

PK has been the subject of several recent analyst reports. Wells Fargo & Company raised Park Hotels & Resorts from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $20.00 to $17.00 in a research report on Monday, August 29th. Truist Financial upgraded Park Hotels & Resorts from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $19.00 to $22.00 in a report on Wednesday, June 1st. Evercore ISI reiterated an “in-line” rating and issued a $22.50 price objective on shares of Park Hotels & Resorts in a report on Monday, July 11th. StockNews.com upgraded Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Friday, August 5th. Finally, Sumitomo Mitsui Financial Group downgraded Park Hotels & Resorts from an “outperform” rating to a “neutral” rating and set a $16.00 price objective for the company. in a report on Monday, August 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $19.79.

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.

See Also

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:PKGet Rating).

Institutional Ownership by Quarter for Park Hotels & Resorts (NYSE:PK)

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