Janney Montgomery Scott LLC acquired a new position in Park Hotels & Resorts Inc. (NYSE:PK – Get Rating) during the 3rd quarter, Holdings Channel reports. The fund acquired 66,058 shares of the financial services provider’s stock, valued at approximately $744,000.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Rush Island Management LP lifted its holdings in Park Hotels & Resorts by 340.4% in the 2nd quarter. Rush Island Management LP now owns 4,935,042 shares of the financial services provider’s stock valued at $66,969,000 after purchasing an additional 3,814,459 shares in the last quarter. Long Pond Capital LP purchased a new position in Park Hotels & Resorts in the 2nd quarter valued at about $27,696,000. Millennium Management LLC purchased a new position in Park Hotels & Resorts in the 2nd quarter valued at about $24,904,000. Goldman Sachs Group Inc. lifted its holdings in Park Hotels & Resorts by 87.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,698,915 shares of the financial services provider’s stock valued at $72,239,000 after purchasing an additional 1,729,984 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Park Hotels & Resorts by 53.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,523,930 shares of the financial services provider’s stock valued at $34,250,000 after purchasing an additional 874,573 shares in the last quarter. 89.42% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the stock. 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. Truist Financial reduced their target price on shares of Park Hotels & Resorts to $20.00 in a report on Wednesday, November 16th. StockNews.com initiated coverage on shares of Park Hotels & Resorts in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Barclays dropped their price objective on shares of Park Hotels & Resorts from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 10th. Finally, TheStreet downgraded shares of Park Hotels & Resorts from a “c-” rating to a “d+” rating in a research note on Wednesday, November 23rd. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $18.41.
Park Hotels & Resorts Stock Down 0.2 %
Park Hotels & Resorts (NYSE:PK – Get Rating) last posted its earnings results on Wednesday, November 2nd. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.23). The business had revenue of $662.00 million for the quarter, compared to analyst estimates of $651.62 million. Park Hotels & Resorts had a return on equity of 1.41% and a net margin of 2.67%. Sell-side analysts expect that Park Hotels & Resorts Inc. will post 1.43 earnings per share for the current year.
Park Hotels & Resorts Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 8.06%. The ex-dividend date was Thursday, December 29th. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.01. Park Hotels & Resorts’s dividend payout ratio is currently 344.83%.
Insiders Place Their Bets
In other news, Director Geoffrey Garrett sold 3,000 shares of the stock in a transaction that occurred on Friday, December 16th. The stock was sold at an average price of $11.86, for a total transaction of $35,580.00. Following the completion of the transaction, the director now directly owns 33,604 shares in the company, valued at approximately $398,543.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.09% of the stock is owned by company insiders.
Park Hotels & Resorts Profile
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.
- Get a free copy of the StockNews.com research report on Park Hotels & Resorts (PK)
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