Acadian Asset Management LLC Invests $695,000 in Park Hotels & Resorts Inc. (PK)
Acadian Asset Management LLC bought a new stake in Park Hotels & Resorts Inc. (NYSE:PK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 25,785 shares of the financial services provider’s stock, valued at approximately $695,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. APG Asset Management US Inc. increased its position in shares of Park Hotels & Resorts by 66.3% in the second quarter. APG Asset Management US Inc. now owns 1,550,000 shares of the financial services provider’s stock valued at $41,788,000 after buying an additional 618,229 shares during the last quarter. Aperio Group LLC increased its position in shares of Park Hotels & Resorts by 1,065.3% in the second quarter. Aperio Group LLC now owns 413,435 shares of the financial services provider’s stock valued at $11,146,000 after buying an additional 377,955 shares during the last quarter. Adelante Capital Management LLC acquired a new position in shares of Park Hotels & Resorts during the first quarter valued at approximately $2,106,000. State of Alaska Department of Revenue acquired a new position in shares of Park Hotels & Resorts during the second quarter valued at approximately $1,690,000. Finally, Forsta AP Fonden acquired a new position in shares of Park Hotels & Resorts during the second quarter valued at approximately $1,429,000. 97.07% of the stock is currently owned by institutional investors and hedge funds.
Park Hotels & Resorts Inc. (NYSE PK) traded up 0.50% on Friday, reaching $26.10. The company’s stock had a trading volume of 940,282 shares. The firm’s 50 day moving average is $26.83 and its 200-day moving average is $26.56. The firm has a market cap of $5.61 billion and a P/E ratio of 2.24. Park Hotels & Resorts Inc. has a 12 month low of $24.65 and a 12 month high of $30.74.
Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. The business had revenue of $733 million for the quarter, compared to analyst estimates of $716.51 million. The company’s revenue was up 1.1% compared to the same quarter last year. On average, equities research analysts anticipate that Park Hotels & Resorts Inc. will post $11.93 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.43 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 6.59%.
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PK has been the topic of several recent analyst reports. Jefferies Group LLC boosted their target price on Park Hotels & Resorts from $58.00 to $69.00 and gave the stock a “hold” rating in a report on Tuesday, June 20th. Cowen and Company boosted their target price on Park Hotels & Resorts from $61.00 to $70.00 and gave the stock a “market perform” rating in a report on Tuesday, June 20th. Zacks Investment Research raised Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Wednesday, April 19th. Evercore ISI initiated coverage on Park Hotels & Resorts in a report on Wednesday, May 31st. They set an “outperform” rating and a $28.00 price objective on the stock. Finally, Susquehanna Bancshares Inc initiated coverage on Park Hotels & Resorts in a report on Wednesday, April 26th. They set a “neutral” rating and a $28.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $34.80.
In other Park Hotels & Resorts news, Director Stephen I. Sadove purchased 9,600 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were bought at an average price of $25.97 per share, for a total transaction of $249,312.00. Following the completion of the acquisition, the director now owns 20,151 shares in the company, valued at $523,321.47. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Hlt Holdco Iii Prime Llc sold 15,000,000 shares of Park Hotels & Resorts stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total transaction of $390,750,000.00. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.
Park Hotels & Resorts Company Profile
Park Hotels & Resorts Inc is a lodging real estate company. The Company has a portfolio of hotels and resorts. The Company operates through ownership segment, which includes all of its hotel properties. As of December 31, 2016, the Company’s portfolio consisted of 67 hotels and resorts with over 35,000 rooms located in the United States and international markets.
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