abrdn plc Buys 869,913 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

abrdn plc lifted its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 1,893.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 915,866 shares of the financial services provider’s stock after acquiring an additional 869,913 shares during the period. abrdn plc owned 0.44% of Park Hotels & Resorts worth $14,013,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PK. FNY Investment Advisers LLC bought a new position in shares of Park Hotels & Resorts in the 4th quarter valued at about $42,000. Spire Wealth Management raised its position in Park Hotels & Resorts by 20.1% in the 3rd quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 860 shares during the period. Covestor Ltd raised its position in Park Hotels & Resorts by 31.5% in the 3rd quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,340 shares during the period. L2 Asset Management LLC purchased a new stake in Park Hotels & Resorts in the 3rd quarter worth about $130,000. Finally, Inspire Advisors LLC purchased a new stake in Park Hotels & Resorts in the 3rd quarter worth about $153,000. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

Shares of PK opened at $16.33 on Friday. The company has a market cap of $3.44 billion, a price-to-earnings ratio of 35.50, a price-to-earnings-growth ratio of 0.86 and a beta of 2.03. Park Hotels & Resorts Inc. has a twelve month low of $11.05 and a twelve month high of $18.05. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.19. The company has a 50 day moving average of $16.88 and a two-hundred day moving average of $15.38.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.49 by $0.39. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. The business had revenue of $657.00 million during the quarter, compared to the consensus estimate of $665.16 million. As a group, analysts predict that Park Hotels & Resorts Inc. will post 2.06 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 6.12%. Park Hotels & Resorts’s payout ratio is currently 217.39%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PK shares. Wells Fargo & Company increased their price objective on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. Truist Financial increased their price objective on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. Jefferies Financial Group raised shares of Park Hotels & Resorts from a “hold” rating to a “buy” rating and raised their target price for the stock from $14.00 to $21.00 in a research report on Tuesday, January 2nd. Barclays raised their target price on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. Finally, Citigroup raised shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and raised their target price for the stock from $14.00 to $20.00 in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Park Hotels & Resorts presently has a consensus rating of “Hold” and a consensus price target of $17.58.

Park Hotels & Resorts Company Profile

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.