Man Group plc Buys New Stake in Park Hotels & Resorts Inc. $PK

Man Group plc purchased a new position in Park Hotels & Resorts Inc. (NYSE:PK) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 1,158,920 shares of the financial services provider’s stock, valued at approximately $16,515,000.

A number of other hedge funds also recently bought and sold shares of the business. Danske Bank A S bought a new stake in shares of Park Hotels & Resorts in the 3rd quarter worth about $25,000. Global Retirement Partners LLC purchased a new stake in shares of Park Hotels & Resorts during the 2nd quarter valued at about $25,000. Fifth Third Bancorp grew its position in Park Hotels & Resorts by 68.8% in the first quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 1,061 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Park Hotels & Resorts during the third quarter valued at approximately $34,000. Finally, North Star Investment Management Corp. raised its position in Park Hotels & Resorts by 263.2% during the first quarter. North Star Investment Management Corp. now owns 6,210 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 4,500 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

PK has been the topic of several analyst reports. BMO Capital Markets reissued a “market perform” rating and set a $14.00 target price on shares of Park Hotels & Resorts in a research report on Friday, June 12th. Truist Financial boosted their price objective on shares of Park Hotels & Resorts from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, May 26th. Barclays increased their target price on shares of Park Hotels & Resorts from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday. Cantor Fitzgerald raised their target price on shares of Park Hotels & Resorts from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Finally, Wells Fargo & Company raised shares of Park Hotels & Resorts to a “hold” rating in a research note on Thursday, July 23rd. Two equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average target price of $14.08.

Park Hotels & Resorts Stock Performance

PK stock opened at $15.73 on Friday. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of -18.95, a PEG ratio of 2.09 and a beta of 1.34. Park Hotels & Resorts Inc. has a twelve month low of $9.84 and a twelve month high of $16.20. The business’s fifty day simple moving average is $14.84 and its two-hundred day simple moving average is $12.71. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The company had revenue of $680.00 million during the quarter, compared to analysts’ expectations of $659.68 million. During the same period in the previous year, the company earned $0.64 EPS. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. Analysts predict that Park Hotels & Resorts Inc. will post 1.8 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.4%. The ex-dividend date is Wednesday, September 30th. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently -120.48%.

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.