California Public Employees Retirement System Sells 11,174 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

California Public Employees Retirement System lowered its holdings in Park Hotels & Resorts Inc. (NYSE:PKGet Rating) by 2.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 469,142 shares of the financial services provider’s stock after selling 11,174 shares during the quarter. California Public Employees Retirement System’s holdings in Park Hotels & Resorts were worth $6,366,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Park Hotels & Resorts in the second quarter valued at approximately $45,000. Lindbrook Capital LLC raised its position in shares of Park Hotels & Resorts by 143.9% during the 2nd quarter. Lindbrook Capital LLC now owns 3,410 shares of the financial services provider’s stock valued at $46,000 after buying an additional 2,012 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Park Hotels & Resorts by 851.0% during the 2nd quarter. Lazard Asset Management LLC now owns 4,080 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 3,651 shares during the last quarter. Prospera Financial Services Inc purchased a new position in Park Hotels & Resorts in the first quarter worth $133,000. Finally, Diversified Trust Co bought a new position in shares of Park Hotels & Resorts during the 2nd quarter valued at about $163,000. Institutional investors own 91.73% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PK. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Park Hotels & Resorts from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, October 25th. BMO Capital Markets cut Park Hotels & Resorts from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $21.00 to $18.00 in a research note on Tuesday, August 16th. Sumitomo Mitsui Financial Group lowered Park Hotels & Resorts from an “outperform” rating to a “neutral” rating and set a $16.00 target price for the company. in a research note on Monday, August 8th. Wells Fargo & Company upgraded Park Hotels & Resorts from an “equal weight” rating to an “overweight” rating and reduced their price target for the stock from $20.00 to $17.00 in a research report on Monday, August 29th. Finally, Compass Point lowered their price objective on Park Hotels & Resorts to $25.00 in a research report on Tuesday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Park Hotels & Resorts has a consensus rating of “Hold” and a consensus price target of $19.38.

Park Hotels & Resorts Stock Performance

Shares of PK stock opened at $12.20 on Friday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.08. The stock has a fifty day moving average of $12.26 and a 200 day moving average of $14.35. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 42.07 and a beta of 1.95. Park Hotels & Resorts Inc. has a 52 week low of $10.98 and a 52 week high of $20.58.

Park Hotels & Resorts (NYSE:PKGet Rating) last posted its earnings results on Wednesday, November 2nd. The financial services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.23). The company had revenue of $662.00 million during the quarter, compared to analysts’ expectations of $651.62 million. Park Hotels & Resorts had a return on equity of 1.41% and a net margin of 2.67%. As a group, research analysts expect that Park Hotels & Resorts Inc. will post 1.43 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Shareholders of record on Friday, September 30th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $0.04 annualized dividend and a yield of 0.33%. Park Hotels & Resorts’s payout ratio is 13.79%.

Park Hotels & Resorts Profile

(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

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

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