Zurcher Kantonalbank Zurich Cantonalbank Boosts Position in Park Hotels & Resorts Inc. (NYSE:PK)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 3.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 89,358 shares of the financial services provider’s stock after buying an additional 2,959 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Park Hotels & Resorts were worth $1,367,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cascade Investment Advisors Inc. increased its position in Park Hotels & Resorts by 1.1% during the 4th quarter. Cascade Investment Advisors Inc. now owns 66,222 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 725 shares in the last quarter. Spire Wealth Management boosted its position in Park Hotels & Resorts by 20.1% during the third 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 in the last quarter. Covestor Ltd increased its holdings 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 acquiring an additional 1,340 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Park Hotels & Resorts by 1.6% during the third quarter. Nisa Investment Advisors LLC now owns 133,328 shares of the financial services provider’s stock worth $1,643,000 after purchasing an additional 2,146 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its position in shares of Park Hotels & Resorts by 3.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 77,052 shares of the financial services provider’s stock worth $949,000 after purchasing an additional 2,786 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Trading Down 2.7 %

Shares of Park Hotels & Resorts stock opened at $16.33 on Friday. 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’s 50-day simple moving average is $16.88 and its 200-day simple moving average is $15.38. The firm 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 52-week low of $11.05 and a 52-week high of $18.05.

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

Park Hotels & Resorts Announces Dividend

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

Wall Street Analyst Weigh In

PK has been the topic of several recent research reports. Truist Financial lifted their target price on shares of 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 target price on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Wells Fargo & Company upped their price target on Park Hotels & Resorts from $17.00 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Citigroup raised shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and boosted their price target for the company from $14.00 to $20.00 in a research report on Friday, March 22nd. Finally, Jefferies Financial Group upgraded shares of Park Hotels & Resorts from a “hold” rating to a “buy” rating and boosted their target price for the company from $14.00 to $21.00 in a report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $17.58.

Park Hotels & Resorts 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.