NewEdge Advisors LLC Purchases Shares of 40,836 Park Hotels & Resorts Inc. $PK

NewEdge Advisors LLC purchased a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 40,836 shares of the financial services provider’s stock, valued at approximately $430,000.

Several other institutional investors have also recently made changes to their positions in PK. Sculptor Capital LP raised its position in shares of Park Hotels & Resorts by 154.1% in the second quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider’s stock worth $66,844,000 after buying an additional 3,962,304 shares in the last quarter. AQR Capital Management LLC grew its position in Park Hotels & Resorts by 76.7% during the second quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock worth $79,230,000 after buying an additional 3,361,382 shares in the last quarter. Bank of America Corp DE grew its position in Park Hotels & Resorts by 34.6% during the second quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider’s stock worth $131,666,000 after buying an additional 3,309,275 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Park Hotels & Resorts in the 3rd quarter worth about $20,905,000. Finally, Donald Smith & CO. Inc. increased its stake in Park Hotels & Resorts by 14.2% in the 4th quarter. Donald Smith & CO. Inc. now owns 14,617,921 shares of the financial services provider’s stock worth $152,903,000 after acquiring an additional 1,813,338 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Down 0.1%

Shares of PK opened at $15.81 on Friday. The firm has a market cap of $3.18 billion, a P/E ratio of -19.05, a P/E/G ratio of 2.09 and a beta of 1.34. The stock has a 50 day simple moving average of $14.73 and a two-hundred day simple moving average of $12.57. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.53 and a quick ratio of 1.53. Park Hotels & Resorts Inc. has a 1 year low of $9.84 and a 1 year high of $15.97.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. The firm had revenue of $680.00 million for the quarter, compared to the consensus estimate of $659.68 million. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. On average, analysts forecast that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 6.3%. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently -120.48%.

Analyst Ratings Changes

Several research firms have weighed in on PK. Wells Fargo & Company raised Park Hotels & Resorts to a “hold” rating in a report on Thursday, July 23rd. Weiss Ratings upgraded shares of Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. raised their target price on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, August 10th. Barclays lifted their target price on shares of Park Hotels & Resorts from $9.00 to $12.00 and gave the company an “equal weight” rating in a research report on Monday, June 1st. Finally, Cantor Fitzgerald boosted their price target on shares of Park Hotels & Resorts from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $13.92.

Park Hotels & Resorts Company Profile

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.