Park Hotels & Resorts Inc. (NYSE:PK) Stock Position Raised by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PKGet Rating) by 1,002.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 61,325 shares of the financial services provider’s stock after purchasing an additional 55,760 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Park Hotels & Resorts were worth $690,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the business. Mirabella Financial Services LLP grew its position in shares of Park Hotels & Resorts by 28.6% during the 3rd quarter. Mirabella Financial Services LLP now owns 23,367 shares of the financial services provider’s stock valued at $263,000 after buying an additional 5,194 shares during the last quarter. Wipfli Financial Advisors LLC acquired a new position in Park Hotels & Resorts during the 3rd quarter valued at about $45,000. Janney Montgomery Scott LLC acquired a new position in Park Hotels & Resorts during the 3rd quarter valued at about $744,000. Versor Investments LP acquired a new position in Park Hotels & Resorts during the 3rd quarter valued at about $216,000. Finally, Raymond James & Associates boosted its stake in Park Hotels & Resorts by 48.8% during the 3rd quarter. Raymond James & Associates now owns 39,387 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 12,910 shares during the period. Institutional investors own 89.42% of the company’s stock.

Park Hotels & Resorts Stock Up 4.0 %

PK stock opened at $12.91 on Monday. Park Hotels & Resorts Inc. has a 52-week low of $10.92 and a 52-week high of $20.58. The company’s 50 day simple moving average is $12.15 and its 200-day simple moving average is $13.10. The company has a debt-to-equity ratio of 1.08, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a market capitalization of $2.90 billion, a P/E ratio of 44.52 and a beta of 1.89.

Park Hotels & Resorts (NYSE:PKGet Rating) last released its quarterly 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). Park Hotels & Resorts had a net margin of 2.67% and a return on equity of 1.41%. The firm had revenue of $662.00 million for the quarter, compared to analyst estimates of $651.62 million. As a group, equities research analysts anticipate that Park Hotels & Resorts Inc. will post 1.42 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 7.75%. The ex-dividend date was Thursday, December 29th. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.01. Park Hotels & Resorts’s dividend payout ratio is currently 344.83%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PK shares. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Park Hotels & Resorts from $26.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, October 25th. Morgan Stanley reduced their price target on shares of Park Hotels & Resorts from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 18th. StockNews.com initiated coverage on shares of Park Hotels & Resorts in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Truist Financial reduced their price target on shares of Park Hotels & Resorts to $20.00 in a research note on Wednesday, November 16th. Finally, Barclays reduced their price target 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. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Park Hotels & Resorts currently has a consensus rating of “Hold” and an average target price of $18.41.

Insider Buying and Selling at Park Hotels & Resorts

In other Park Hotels & Resorts news, Director Geoffrey Garrett sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 16th. The shares were sold at an average price of $11.86, for a total value of $35,580.00. Following the transaction, the director now 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 can be accessed through this link. Company insiders own 1.09% of the company’s stock.

Park Hotels & Resorts Profile

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Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.

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

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