Wakefield Asset Management LLLP Invests $841,000 in Park Hotels & Resorts Inc. (NYSE:PK)

Wakefield Asset Management LLLP acquired a new position in Park Hotels & Resorts Inc. (NYSE:PK) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 54,683 shares of the financial services provider’s stock, valued at approximately $841,000.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Park Hotels & Resorts by 1.7% during the first quarter. Vanguard Group Inc. now owns 33,696,042 shares of the financial services provider’s stock worth $658,084,000 after purchasing an additional 567,015 shares in the last quarter. BlackRock Inc. grew its holdings in Park Hotels & Resorts by 0.9% during the 1st quarter. BlackRock Inc. now owns 30,213,527 shares of the financial services provider’s stock valued at $373,439,000 after buying an additional 278,266 shares in the last quarter. State Street Corp grew its holdings in Park Hotels & Resorts by 5.4% during the 2nd quarter. State Street Corp now owns 13,036,934 shares of the financial services provider’s stock valued at $177,037,000 after buying an additional 662,640 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Park Hotels & Resorts by 54.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 11,358,377 shares of the financial services provider’s stock worth $145,614,000 after purchasing an additional 4,010,239 shares during the period. Finally, Rush Island Management LP boosted its holdings in shares of Park Hotels & Resorts by 11.3% in the 2nd quarter. Rush Island Management LP now owns 7,020,333 shares of the financial services provider’s stock worth $90,001,000 after purchasing an additional 714,008 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PK. JPMorgan Chase & Co. raised Park Hotels & Resorts from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $11.00 to $16.00 in a research note on Thursday, December 14th. Truist Financial raised their price target on Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, March 14th. Barclays raised their price target on Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. UBS Group raised their price target on Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 6th. Finally, Citigroup raised Park Hotels & Resorts from a “neutral” rating to a “buy” rating and raised their price target for the stock from $14.00 to $20.00 in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.58.

Park Hotels & Resorts Stock Up 1.6 %

Shares of PK stock opened at $17.39 on Monday. Park Hotels & Resorts Inc. has a 1-year low of $11.05 and a 1-year high of $18.05. The stock’s fifty day moving average price is $16.44 and its 200 day moving average price is $14.95. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.30 and a quick ratio of 1.30. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 37.80, a price-to-earnings-growth ratio of 0.67 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.39. The firm had revenue of $657.00 million for the quarter, compared to the consensus estimate of $665.16 million. Park Hotels & Resorts had a return on equity of 2.44% and a net margin of 3.60%. On average, research analysts expect that Park Hotels & Resorts Inc. will post 2 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 5.75%. The ex-dividend date is Wednesday, March 27th. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.15. Park Hotels & Resorts’s payout ratio is presently 217.39%.

About Park Hotels & Resorts

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.