JPMorgan Chase & Co. Acquires 636,049 Shares of Park Hotels & Resorts Inc. $PK

JPMorgan Chase & Co. increased its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 21.2% in the third quarter, Holdings Channel reports. The institutional investor owned 3,634,643 shares of the financial services provider’s stock after acquiring an additional 636,049 shares during the period. JPMorgan Chase & Co.’s holdings in Park Hotels & Resorts were worth $40,272,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Parvin Asset Management LLC acquired a new stake in shares of Park Hotels & Resorts in the second quarter worth $26,000. Bessemer Group Inc. raised its position in shares of Park Hotels & Resorts by 359.3% during the 2nd quarter. Bessemer Group Inc. now owns 3,082 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 2,411 shares during the last quarter. Allworth Financial LP lifted its position in shares of Park Hotels & Resorts by 322.4% in the second quarter. Allworth Financial LP now owns 3,920 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 2,992 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in Park Hotels & Resorts by 1,288.9% during the 3rd quarter. Parkside Financial Bank & Trust now owns 8,722 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 8,094 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position in Park Hotels & Resorts by 5,380.2% during the second quarter. Hantz Financial Services Inc. now owns 10,796 shares of the financial services provider’s stock worth $110,000 after acquiring an additional 10,599 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

In other news, Director Christie B. Kelly purchased 2,949 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The shares were acquired at an average cost of $11.19 per share, with a total value of $32,999.31. Following the transaction, the director owned 150,501 shares in the company, valued at approximately $1,684,106.19. The trade was a 2.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.90% of the stock is currently owned by corporate insiders.

Park Hotels & Resorts Stock Performance

Shares of PK opened at $11.70 on Friday. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $12.65. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -8.18 and a beta of 1.45. The company’s 50 day simple moving average is $11.15 and its 200 day simple moving average is $11.08. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 1.34.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Thursday, February 19th. The financial services provider reported ($1.04) EPS for the quarter, missing the consensus estimate of $0.46 by ($1.50). Park Hotels & Resorts had a negative return on equity of 8.56% and a negative net margin of 11.14%.The company had revenue of $629.00 million for the quarter, compared to analyst estimates of $621.79 million. During the same period last year, the company posted $0.39 EPS. The business’s revenue for the quarter was up .6% on a year-over-year basis. Park Hotels & Resorts has set its FY 2026 guidance at 1.730-1.89 EPS. On average, sell-side analysts predict that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.00 annualized dividend and a yield of 8.5%. Park Hotels & Resorts’s dividend payout ratio is currently -69.93%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Truist Financial cut their target price on Park Hotels & Resorts from $12.00 to $11.00 and set a “hold” rating for the company in a research note on Tuesday, February 3rd. Weiss Ratings downgraded shares of Park Hotels & Resorts from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday. Zacks Research upgraded shares of Park Hotels & Resorts from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 19th. Morgan Stanley set a $10.00 price target on shares of Park Hotels & Resorts in a research note on Friday, January 16th. Finally, Wells Fargo & Company reduced their target price on Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, December 1st. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Park Hotels & Resorts currently has a consensus rating of “Reduce” and an average target price of $11.27.

About Park Hotels & Resorts

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.