Cornerstone Wealth Group LLC acquired a new stake in Park Hotels & Resorts Inc (NYSE:PK) in the first quarter, HoldingsChannel.com reports. The firm acquired 28,319 shares of the financial services provider’s stock, valued at approximately $880,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Comerica Bank lifted its position in Park Hotels & Resorts by 3.6% during the first quarter. Comerica Bank now owns 9,505 shares of the financial services provider’s stock valued at $303,000 after purchasing an additional 328 shares during the last quarter. Rehmann Capital Advisory Group lifted its position in Park Hotels & Resorts by 110.2% during the third quarter. Rehmann Capital Advisory Group now owns 807 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 423 shares during the last quarter. Enterprise Financial Services Corp lifted its position in Park Hotels & Resorts by 132.0% during the first quarter. Enterprise Financial Services Corp now owns 819 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 466 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Park Hotels & Resorts by 1.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 54,509 shares of the financial services provider’s stock valued at $1,416,000 after purchasing an additional 582 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Park Hotels & Resorts by 0.9% during the first quarter. State of Alaska Department of Revenue now owns 88,060 shares of the financial services provider’s stock valued at $2,735,000 after purchasing an additional 776 shares during the last quarter.

Shares of NYSE PK opened at $31.19 on Wednesday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.53. Park Hotels & Resorts Inc has a 52 week low of $25.30 and a 52 week high of $34.27. The firm has a market capitalization of $6.65 billion, a P/E ratio of 10.54, a PEG ratio of 2.50 and a beta of 1.27.

Park Hotels & Resorts (NYSE:PK) last issued its earnings results on Monday, May 6th. The financial services provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. Park Hotels & Resorts had a net margin of 17.25% and a return on equity of 8.29%. The company had revenue of $659.00 million for the quarter, compared to the consensus estimate of $655.79 million. During the same period in the previous year, the firm earned $0.65 earnings per share. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, analysts anticipate that Park Hotels & Resorts Inc will post 2.96 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 5.77%. The ex-dividend date of this dividend is Thursday, June 27th. Park Hotels & Resorts’s payout ratio is 60.81%.

Several research analysts have commented on PK shares. JPMorgan Chase & Co. set a $29.00 price target on shares of Park Hotels & Resorts and gave the stock a “hold” rating in a research note on Thursday, February 28th. TheStreet downgraded shares of Park Hotels & Resorts from a “b-” rating to a “c” rating in a research note on Tuesday, January 22nd. Goldman Sachs Group raised shares of Park Hotels & Resorts from a “sell” rating to a “neutral” rating and set a $27.00 price target on the stock in a research note on Thursday, January 10th. Barclays reissued a “buy” rating and set a $35.00 price target on shares of Park Hotels & Resorts in a research note on Sunday, March 3rd. Finally, Nomura lifted their price target on shares of Park Hotels & Resorts from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, February 28th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $33.00.

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About Park Hotels & Resorts

Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 54 premium-branded hotels and resorts with over 32,000 rooms, a majority of which are located in prime United States markets with high barriers to entry.

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

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